SEC Risk Alert – Investment Adviser Principal and Agency Cross Trading Compliance Issues

      Overview On September 4, 2019, the  Office of Compliance Inspections and Examinations (“OCIE”) issued a Risk Alert related to principal trading and agency cross transactions under Section

July 2019 FINRA Disciplinary Actions

      The following disciplinary actions were taken against both firms and individuals due to violations of FINRA rules, federal securities laws and MSRB rules: Firm Fined Midtown Partners

SEC Risk Alert – RIAs Fail to Vet, Disclose Advisor History: SEC

      Overview The Office of Compliance Inspections and Examinations (“OCIE”) conducts a series of examinations assessing SEC RIAs business practices, with the purpose in protecting retail investors. The

June 2019 FINRA Disciplinary Actions

  The following disciplinary actions were taken against both firms and individuals due to violations of FINRA rules, federal securities laws and MSRB rules: Firm Fined Wilson-Davis & Co., Inc.

May 2019 Disciplinary Actions

      The following disciplinary actions were taken against both firms and individuals due to violations of FINRA rules, federal securities laws and MSRB rules: Firm Fined Great Point

April 2019 FINRA Disciplinary Actions

      Firms Suspended CSSC Brokerage Services, Inc The Firm was fined $120,000, suspended for one year from participating in private securities offerings and required to pay $130,000 in

Regulation S-P: Risk Alert

      The Office of Compliance Inspections and Examinations (“OCIE”) conducts the SEC’s National Exam Program with a mission to protect investors by improving compliance, preventing fraud, monitoring risk

SEC Approves Electronic Signatures for Discretionary Accounts

      Beginning May 6, 2019, the SEC will permit an amendment to FINRA Rule 4512 allowing authorized individuals to use electronic signatures for discretionary accounts held at member

March 2019 FINRA Disciplinary Actions

      The following disciplinary actions were taken against both firms and individuals due to violations of FINRA rules, federal securities laws and MSRB rules: Firms Fined Advisory Group

Wedbush Securities, Inc. SEC Enforcement Action March 2019

      The following disciplinary action was taken against both Wedbush Securities, Inc and one of its registered representatives, (“RR”) due to violations of Section 17(a)(1) and (3) of

February 2019 FINRA Disciplinary Actions

      The following disciplinary actions were taken against both firms and individuals due to violations of FINRA rules, federal securities laws and MSRB rules: Firms Fined Cetera Advisor

January 2019 Disciplinary Actions

      The following disciplinary actions were taken against both firms and individuals due to violations of FINRA rules, federal securities laws and MSRB rules. Firms Fined Third500, LLC

December 2018 Disciplinary Actions

      Firms Fined Ascensus Financial Services, LLC. The Firm was fined $35,000 for failing to meet net capital requirements by not including the complete value of 12b-1 fees

2019 SEC Examination Priorities

      The Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission (SEC) released its 2019 examination priorities. The protection of retail investors, including

SEC Risk Alert: Electronic Communications

    Overview On Friday December 14, 2018, the Securities and Exchange Commission (“SEC”) published a Risk Alert advising Registered Investment Advisers (“RIAs”) of their obligation to revise written policies

November 2018 Disciplinary Actions

    The following disciplinary actions were taken against both firms and individuals due to violations of FINRA rules, federal securities laws and MSRB rules. Firms Fined Lincoln Investment Planning,

October 2018 Disciplinary Actions

      The following disciplinary actions were taken against both firms and individuals due to violations of FINRA rules, federal securities laws and MSRB rules. Firms Fined Seven Points

September 2018 Disciplinary Actions

      The following disciplinary actions were taken against both firms and individuals due to violations of FINRA rules, federal securities laws and MSRB rules. Firms Fined Cetera Financial

SEC Charges Firm with Cyber and Identity Theft Prevention Failures

      The Securities and Exchange Commission (“SEC”) settled charges against Voya Financial Advisors Inc. (VFA”), a dual FINRA member broker-dealer and SEC registered investment adviser for its failure

SEC Staff Issues Guidance on Third-Party Record keeping Services

      Overview Earlier today FINRA issued Regulatory Notice 18-31 to provide member firms with information relative to the recent guidance issued by staff of the SEC’s Division of

October 1st Deadline – Principal Financial Officer and Principal Operations Officer Requirement

      As of October 1st, 2018, all Firms must have a designated Principal Financial Officer (“PFO”) and a designated Principal Operations Officer (“POO”). All designees must have the

July 2018 Disciplinary Actions

      The following disciplinary actions were taken against both firms and individuals due to violations of FINRA rules, federal securities laws and MSRB rules. Firms Fined EFG Capital

Qualification and Registration Examinations

      Examination Restructuring Effective October 1, 2018, the SEC is restructuring the representative-level qualification examinations by creating a general knowledge examination called the Securities Industry Essentials (“SIE”) and

June 2018 FINRA Disciplinary Actions

      The following disciplinary actions were taken against both firms and individuals due to violations of FINRA rules, federal securities laws and MSRB rules. Firms Fined The firm

Digital Assets

      On Friday July 6, 2018 FINRA published Regulatory Notice 18-20 with respect to its efforts to ascertain the extent in which its members or its associated persons,

Web CRD Enhancements and Changes Pursuant to the 2018 FINRA Conference

      At the 2018 FINRA Conference this past May, panelists introduced a new version of Web CRD that is going to be unveiled in the coming months. This

Enhancements to FINRA’s Disclosure Review Process Relating to Public Records

      A few years ago, (see Asgard Regulatory Brief – Late Disclosure Review May 15, 2015), FINRA had conducted a retrospective review related to judgements and liens that

2018 SEC Examination Priorities

      On Wednesday, February 7, 2018, the Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission (SEC) released its 2018 examination priorities. The

Revised Form ADV effective October 1, 2017

      Overview The SEC approved during the summer of 2016 revisions to Form ADV effective on October 1, 2017 (the “Compliance Date”).  The changes are designed to increase

CYBERSECURITY: Ransomware Alert

      Overview The SEC issued a risk alert on May 17, 2017 in response to the widespread ransomware attack, known as WannaCry.  This widespread cyberattack affected numerous companies