While it is pretty likely that anyone reading this is already familiar with the Wells process, I am going to start with a short history lesson. Way back in 1972, the SEC created an Advisory Committee to take an objective look...more
LPL may be the biggest BD in the country, with 21,500 reps operating out of almost 13,000 branch offices. Heaven knows how much money it brings in every year, but, goodness, it must be a lot. And good thing, too, given how...more
1/20/2021
/ Annual Reports ,
Board of Directors ,
Broker-Dealer ,
Comptroller ,
Financial Industry Regulatory Authority (FINRA) ,
Investment Adviser ,
OCC ,
Regulatory Oversight ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
Supervision
My young boys will sometimes chase me around the house, catch me, and yell “gotcha” as they drag me off to their pretend jail. No matter how much I plead that I’ve done nothing wrong, I always end up in jail, despite having...more
12/19/2019
/ Broker-Dealer ,
Conflicts of Interest ,
Disclosure Requirements ,
Failure To Disclose ,
Investment Adviser ,
Investment Management ,
Investors ,
Lack of Interpretive Guidance ,
Regulation Best Interest ,
Regulation BI ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Securities Transactions
What is it with big firms and fingerprints? You may recall back in October 2017, J.P. Morgan entered into an AWC with FINRA in which it agreed to pay a $1.25 million fine for the following, as described in FINRA’s press...more
I am hardly saying that SEC Regulation S-P is the sexiest of regulations. I mean, has any customer is history actually read one of those exciting statement stuffers that discloses in some dense font a BD’s privacy policy?...more
4/24/2019
/ Broker-Dealer ,
Civil Monetary Penalty ,
Customer Information ,
Cybersecurity ,
Data Privacy ,
Data Protection ,
Data Security ,
Encryption ,
Enforcement Actions ,
Incident Response Plans ,
Investment Adviser ,
Notice Requirements ,
OCIE ,
Opt-Outs ,
Personally Identifiable Information ,
Policies and Procedures ,
Popular ,
Privacy Policy ,
Regulation S-P ,
Regulatory Requirements ,
Risk Alert ,
Risk Assessment ,
Securities and Exchange Commission (SEC)