- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2020-10-27T15:34:00
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.
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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.
SEC Investor Advocate Rick Fleming said online platforms designed to make stock trading more easily accessible and exciting “expose what may be a significant flaw in Reg BI” regarding unsolicited transactions.
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.
Any product that uses AI needs to be safety assessed for its entire lifespan under new rules that went into effect recently across the EU. Experts warned companies using AI to tailor products could be classed as “manufacturers” and face the same duty of care as developed.
When lawmakers slam the U.K.’s chief financial regulator as “incompetent,” it not only opens the doors for others to pile criticism on it, but it sparks a debate about how the organization can be improved–or removed.
The U.K. Financial Conduct Authority apologized to investors in peer-to-peer investment firm Collateral for not acting swiftly enough to prevent Collateral from defrauding its customers.
