- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2020-06-16T15:46:00
The SEC confirmed the June 30 compliance date for its Regulation Best Interest rule, in addition to sharing a handful of areas that deserve attention when making recommendations to investors in accordance with new policy.
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Western International Securities and five of its brokers have been charged by the Securities and Exchange Commission with violating Regulation Best Interest when they sold high-risk debt securities to investors who weren’t aware of the risks.
The Securities and Exchange Commission levied penalties totaling $910,092 across settlements with 21 investment advisers and six broker-dealers for failing to timely file and deliver Form CRS to retail investors.
Financial institutions complying with the SEC’s new Regulation Best Interest standard have particularly struggled with training staff and how to identify and eliminate potential conflicts of interest, regulators said during an online forum.
The U.S. Supreme Court extended the statute of limitations for businesses attempting to challenge some federal regulations, allowing regulated entities a longer timeline to appeal a decision.
The Supreme Court of the United States overturned a long-held precedent in which courts deferred to federal agencies in interpreting complex or ambiguous regulations–a decision that could make thousands of federal regulations more vulnerable to legal challenges.
Financial institutions would be required to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs under a new rule proposed by the Treasury Department’s Financial Crimes Enforcement Network.
