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Top 5 Regulatory Alerts – Q2 2019

Here are our Top 5 Regulatory Alerts for Q2 2019 (April-June), ranked by significance.  We have also included the Top 5 most read Alerts.

 

Top 5 Regulatory Alerts – Q2 2019

  1. SEC ADOPTS REGULATION BEST INTEREST, RAISING BROKER STANDARD OF CARE (6/6/19)
  2. SEC ALERTS RIAS/BDS TO CLOUD PROVIDER MONITORING OBLIGATIONS (5/24/19)
  3. SEC SAYS THAT ICO IS NOT A SECURITIES OFFERING (4/4/19)
  4. LARGE CUSTODY BANK TO PAY $89 MILLION FOR MARKING UP OUT-OF-POCKET EXPENSES (6/28/19)
  5. HEDGE FUND FINED $5 MILLION FOR WEAK VALUATION PROCEDURES (6/5/19)

 Most Read – Q2 2019

  1. ADVISER FACES INDUSTRY DEATH PENALTY AND CRIMINAL PROSECUTION FOR IGNORING CUSTODY RULE (4/1/19)
  2. BIG 4 FIRM FINED $50 MILLION FOR STEALING EXAM ANSWERS (6/18/19)
  3. CHIEF COMPLIANCE OFFICER STOLE EMPLOYEE INFORMATION TO BID AT AUCTIONS (6/4/19)
  4. DUAL-HAT PRINCIPAL/CCO CAUSED MULTIPLE COMPLIANCE VIOLATIONS (5/29/19)
  5. FRAT BRO RAN PONZI SCHEME (6/11/19)

Top 5 Regulatory Alerts – January 2019

Here are our Top 5 Regulatory Alerts for January 2019, ranked by significance.  We have also included the Top 5 most read Alerts.

Top 5 Regulatory Alerts – January 2019

  1. FINRA EXAMINATION PRIORITIES LETTER FOCUSES ON REGTECH AND DIGITAL ASSETS (1/23/19)
  2. ROBO FALSELY COMPARED PERFORMANCE WITH OTHER ROBOS (1/9/19)
  3. PRIVATE EQUITY FIRM OVERCHARGED CLIENTS FOR 16 YEARS (1/3/19)
  4.  RIA PLATFORM WILL PAY $1.1 MILLION TO SETTLE FUND SHARE CLASS CHARGES (1/14/19)
  5. FINRA REPORT RECOMMENDS CYBERSECURITY BEST PRACTICES (1/8/19)

 Most Read – January 2019

  1. ACCOUNTING FIRM CAUSED CUSTODY RULE VIOLATIONS (1/29/18)
  2. FINRA WHACKS LARGE BD WITH $10 MILLION FINE FOR AML COMPLIANCE FAILURES (1/25/19)
  3. FINRA REPORT RECOMMENDS CYBERSECURITY BEST PRACTICES (1/8/19)
  4. RIA PLATFORM WILL PAY $1.1 MILLION TO SETTLE FUND SHARE CLASS CHARGES
  5. PRIVATE EQUITY FIRM OVERCHARGED CLIENTS FOR 16 YEARS (1/3/19)

Top 5 Regulatory Alerts – November 2018

  1. SEC FILED 32% MORE ENFORCEMENT CASES AGAINST ADVISERS AND FUNDS IN FISCAL 2018 (11/5/18)
  2. CCOS LIABLE FOR FAILING TO “MEANINGFULLY” IMPLEMENT COMPLIANCE PROGRAMS (11/12/18)
  3. SEC IS EXAMINING REGISTERED FUNDS AND ETFS FOR OVERSIGHT, POLICIES, AND CONFLICTS (11/9/18)
  4. FEDERAL COURT RULES THAT THE SEC MUST PROVE THAT DIGITAL TOKENS ARE SECURITIES (11/28/18)
  5. SEC WARNS ADVISERS ABOUT SOLICITATION RULE VIOLATIONS (11/1/18)

  

Most Read – November 2018

  1. CCOS LIABLE FOR FAILING TO “MEANINGFULLY” IMPLEMENT COMPLIANCE PROGRAMS (11/12/18)
  2. INSUFFICIENT COMPLIANCE RESOURCES COST FIRM AND CEO (11/8/18)
  3. SEC WARNS ADVISERS ABOUT SOLICITATION RULE VIOLATIONS (11/1/18)
  4. SEC IS EXAMINING REGISTERED FUNDS AND ETFS FOR OVERSIGHT, POLICIES, AND CONFLICTS (11/9/18)
  5. ADVISORY CLIENTS DID NOT RECEIVE PROMISED FEE BREAKS (11/20/18)

Top 5 Regulatory Alerts – October 2018

Here are our Top 5 Regulatory Alerts for October 2018, ranked by significance.  We have also included the Top 5 most read Alerts.

 

Top 5 Regulatory Alerts – October 2018

  1. SEC WARNS FIRMS TO TAKE ACTION AGAINST CYBER-FRAUDS (10/18/18)
  2. SEC ALLOWS FUND BOARDS TO RELY ON CCO FOR EXEMPTIVE RULE COMPLIANCE (10/15/18)
  3. PRIVATE FUND FIRM FAILED TO TIMELY DELIVER FINANCIALS TO LPS (10/4/18)
  4. SERVICE PROVIDERS ACCOUNTABLE FOR DESTRUCTION OF BROKER-DEALER RECORDS (10/30/18)
  5. STATE SECURITIES REGULATORS REPORT SIGNIFICANT INCREASES IN CRIMINAL PENALTIES (10/11/18)

 

Most Read – October 2018

  1. SEC WARNS FIRMS TO TAKE ACTION AGAINST CYBER-FRAUDS (10/18/18)
  2. PRIVATE FUND FIRM FAILED TO TIMELY DELIVER FINANCIALS TO LPS (10/4/18)
  3. LARGE FUND COMPANY PAYS OVER $2 MILLION FOR ALLOWING CROSS-TRADES (10/1/18)
  4. SEC ALLOWS FUND BOARDS TO RELY ON CCO FOR EXEMPTIVE RULE COMPLIANCE (10/15/18)
  5. ACCOUNTING FIRM FOLLOWED THE WRONG INDEPENDENCE STANDARDS (10/9/18)

Top 5 Regulatory Alerts – August-September 2018

Here are our Top 5 Regulatory Alerts for August-September 2018, ranked by significance.  We have also included the Top 5 most read Alerts.

 

Top 5 Regulatory Alerts – August-September 2018

  1. LARGE ASSET MANAGER PAYS $97 MILLION FOR OVER-RELYING ON FAULTY QUANT MODELS (8/28/18)
  2. HACKERS IMPERSONATED REPS TO GAIN ACCESS TO CLIENT INFO (9/27/18)
  3. BROKER/CUSTODIAN FAILED TO FILE SARS FOR TERMINATED ADVISERS (9/25/18)
  4. PRIVATE EQUITY MANAGER LOWBALLED PURCHASE OFFER TO LPS (9/10/18)
  5. GLOBAL FIRM GUTTED VALUATION CONTROL FUNCTION (8/17/18)

 

Most Read – August-September 2018

  1. SEC WITHDRAWS LETTERS THAT ALLOWED ADVISERS TO RELY ON PROXY VOTING FIRMS (9/18/18)
  2. ASSET MANAGER FINED $1.9 MILLION OVER HYPOTHETICAL BACK-TESTED PERFORMANCE (9/5/18)
  3. CCO BLAMED FOR SIGNING CERTIFICATIONS THAT FACILITATED UNLAWFUL SECURITIES LENDING (8/2/18)
  4. COMPLIANCE FAILURES LEAD TO FIRM’S DEMISE (8/27/18)
  5. ADVISER FAILED TO STOP RADIO HOST FROM GIVING TESTIMONIALS (9/24/18)

Top 5 Regulatory Alerts – July 2018

Here are our Top 5 Regulatory Alerts for July 2018, ranked by significance.  We have also included the Top 5 most read Alerts.

 

Top 5 Regulatory Alerts – July 2018

  1. ADVISERS FAILING BEST EXECUTION COMPLIANCE OBLIGATIONS (7/16/18)
  2. FUND MANAGERS FINED FOR DISQUALIFYING POLITICAL CONTRIBUTIONS (7/11/18)
  3. BROKER/CUSTODIAN SHOULD HAVE FILED SARS TO REPORT ADVISERS ACT VIOLATIONS (7/10/18)
  4. SEC CHARGES VIOLATIONS OF TESTIMONIAL RULE (7/12/18)
  5. SEC SEEKS EXPANSION OF WHISTLEBLOWER PROGRAM (7/2/18)

 

Most Read – July 2018

  1. PRIVATE EQUITY FIRM FAILED TO DELIVER FINANCIALS WITHIN 120 DAYS (7/19/18)
  2. ADVISERS FAILING BEST EXECUTION COMPLIANCE OBLIGATIONS (7/16/18)
  3. PORTFOLIO MANAGER MADE PERSONAL LOAN TO CEO TO GET ON BOARD (7/17/18)
  4. PRIVATE EQUITY EXEC BARRED FROM INDUSTRY FOR PERSONAL TRANSACTION WITH PORTFOLIO COMPANY (7/27/18)
  5. BROKER-DEALER FINED $1.25 MILLION FOR DELETING PHONE CALLS AND INADEQUATE RECORDS RETENTION (7/18/18)

Top 5 Regulatory Alerts – April-June 2018

 

Here are our Top 5 Regulatory Alerts for April-June 2018, ranked by significance.  We have also included the Top 5 most read Alerts.

 

Top 5 Regulatory Alerts – April-June 2018

  1. SEC PROPOSES BROKER BEST INTEREST STANDARD (4/19/18)
  2. SEC PROPOSES ETF RULE (6/29/18)
  3. INTERNET COMPANY PAYS $35 MILLION FOR FAILING TO TIMELY DISCLOSE HACK OF CUSTOMER INFO (4/25/18)
  4. SEC OFFICIAL SAYS THAT A CRYPTOCURRENCY IS NOT A SECURITY, ABSENT A SPONSORED OFFERING (6/15/18)
  5. SEC FINES 13 FIRMS FOR FAILING TO FILE FORM PF (6/4/18)

 

Most Read – April-June 2018

  1. SEC WARNS ADVISERS ABOUT FEE AND EXPENSE PRACTICES (4/13/18)
  2. BROKER-DEALER FINED FOR FAILING TO PRODUCE EMAILS (5/22/18)
  3. LAWYER CHARGED WITH PREPARING MISLEADING REGISTRATION STATEMENT (5/14/18)
  4. SEC CHARGES HEDGE FUND FIRM WITH INFLATING VALUATIONS TO SLOW REDEMPTIONS (5/10/18)
  5. FUND ADMINISTRATOR LIABLE FOR MISCALCULATING FUND NAV (4/27/18)

Top 5 Regulatory Alerts – February-March 2018

 

Here are our Top 5 Regulatory Alerts for February-March 2018, ranked by significance.  We have also included the Top 5 most read Alerts.

 

Top 5 Regulatory Alerts – February-March 2018

  1. FIFTH CIRCUIT VACATES FIDUCIARY RULE (3/19/18)
  2. OCIE RELEASES 2018 EXAM PRIORITIES (2/8/18)
  3.  SUPREME COURT RULES THAT WHISTLEBLOWER MUST REPORT TO SEC (2/22/18)
  4. SEC ISSUES CYBERSECURITY COMPLIANCE AND DISCLOSURE GUIDANCE (2/23/18)
  5. COMPLIANCE OFFICER CHARGED WITH SECURITIES FRAUD (3/15/18)

 

Most Read – February-March 2018

  1. SEC ISSUES CYBERSECURITY COMPLIANCE AND DISCLOSURE GUIDANCE (2/23/18)
  2. COMPLIANCE OFFICER CHARGED WITH SECURITIES FRAUD (3/15/18)
  3. BD PRESIDENT SANCTIONED FOR FAILING TO SUPERVISE INEXPERIENCED CCO (2/21/18)
  4. SEC PROSECUTES CURRENT AND FORMER COMPLIANCE OFFICERS FOR AML FAILURES (3/29/18)
  5. SEC OFFICIAL QUESTIONS REGISTRATION EXEMPTION FOR ETF INDEX PROVIDERS (3/21/18)

Top 5 Regulatory Alerts – January 2018

Here are our Top 5 Regulatory Alerts for January 2018, ranked by significance.  We have also included the Top 5 most read Alerts.

 

Top 5 Regulatory Alerts – January 2018

  1. FINRA RELEASES ANNUAL EXAM PRIORITIES LETTER (1/9/18)
  2. SEC RAISES CRYPTOCURRENCY FUND QUESTIONS (1/22/18)
  3. FUND ADMINISTRATOR PAYS FOR CLIENT’S FRAUD (1/24/18)
  4. BANK-AFFILIATED BD HIT WITH A $13 MILLION FINE FOR AML MONITORING FLAWS (1/12/18)
  5. SEC FINES AND BARS FUND MANAGER IN SERIES TRUST (1/8/18)

 

Most Read – January 2018

  1. SEC FINES AND BARS FUND MANAGER IN SERIES TRUST (1/8/18)
  2. FUND ADMINISTRATOR PAYS FOR CLIENT’S FRAUD (1/24/18)
  3. FINRA RELEASES ANNUAL EXAM PRIORITIES LETTER (1/9/18)
  4. SEC FINES AND BARS TWO ADVISERS FOR SELLING AWAY PRIVATE EQUITY FUND (1/16/18)
  5. SEC PROSECUTES DE-REGISTERED ADVISER FOR PRIOR COMPLIANCE FAILURES (1/4/18)

Top 5 Regulatory Alerts – December 2017

 

Here are our Top 5 Regulatory Alerts for December 2017, ranked by significance.  We have also included the Top 5 most read Alerts (other than Best of the Web and Top 5).

 

Top 5 Regulatory Alerts – December 2017

  1. LARGE PRIVATE EQUITY FIRM TO PAY $12.8 MILLION FOR ACCELERATED PORTFOLIO MONITORING FEES (12/26/17)
  2. FINRA ISSUES EXAMINATIONS FINDINGS REPORT (12/7/17)
  3. SEC’S CYBER UNIT STOPS VIRTUAL CURRENCY OFFERING (12/5/17)
  4. SEC FINES AND BARS CCO FOR IGNORING COMPLIANCE PROBLEMS (12/27/17)
  5. IA/BD FAILED TO SUPERVISE ITS CEO/CCO (12/12/17)

 

Most Read – December 2017

  1. SEC FINES AND BARS CCO FOR IGNORING COMPLIANCE PROBLEMS (12/27/17)
  2. FINRA ISSUES EXAMINATIONS FINDINGS REPORT (12/7/17)
  3. THREE FIRMS FINED FOR MARKETING HYPOTHETICAL THIRD PARTY PERFORMANCE (12/11/17)
  4. DUAL-HAT PRINCIPAL/CCO IGNORED SEC’S COMPLIANCE DEFICIENCIES (12/18/17)
  5. IA/BD FAILED TO SUPERVISE ITS CEO/CCO (12/12/17)