On Feb. 13, FINRA warned new phishing email targeting firms. Brokers reported receiving suspicious emails targeting compliance personnel. Phishing Email The email appears to be from legitimate credit union trying to notify the firm about potential money laundering involving purported client of the brokerage. Recipient is directed to open attachment —that may contain virus or…
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U.S. – House Bipartisan Insider Trading
On Jan. 28, 2019, Waters spoke on House floor in support of bipartisan proposal. Cited bipartisan nature, urged members to vote for bill, as will improve situation. Bill passed by vote of 413-3, if becomes law, SEC has to issue report in one year. Waters also spoke on HR 56, financial technology protection act, passed…
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FR AMF Monitoring Of Marketing
On Jan. 22, FR AMF announced investor panel to aid monitoring. To aid AMF active monitoring of marketing practices for products within its scope. AMF set up panel of investors who will pass on information disseminated to them. Are non-professional individuals with diversified portfolios of financial instruments. CSA institute is to collect documents addressed to…
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FINRA 2019 Exam Risk Priorities
On Jan. 22, FINRA issued 2019 risk monitoring, exam priorities. Highlights priorities, identifies areas of ongoing concern, to help firms to assess areas relevant to business, prepare for examinations, have adequate monitoring. Addresses older risks from sales practice; hiring, supervision of APs with history. Including cybersecurity; fraud, insider trading, and manipulation across markets. FINRA also…
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MEMX Wall Street Run Exchange
On Jan. 7, MEMX exchange was announced by group of large firms. Group of large banks, brokers, market makers revealed plans to launch exchange. Named Members Exchange, to compete with established NYSE, Nasdaq exchanges. By: Bank of America, UBS, Citadel, Fidelity, E*TRADE, M. Stanley, TD, UBS, Virtu. Critique Responded to claims of unjustified price level…
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SEC OCIE 2019 Exam Priorities
On Dec. 20, SEC exam focus on cyber, crypto, retail investors. Put emphasis on digital assets, cybersecurity, retail investor issues, including fees, expenses, and conflict of interest potentially heightened risk to investors, markets. Retail Investors For seniors saving for investment exams, to focus on disclosure and calculation of fees, expenses, and other charges supervision of…
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