On Jan. 2, UK FCA issued conflict of interests policy document. Conflict of Interests Policy exists to protect employees, the FCA, the PSR and public. Work must be carried out in an environment free from conflict or improper influence. Must be able to publicly defend actions of those who work for it, in relation to…
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US Treasury Disclosure Update
On Dec. 27, US Treasury conformed recordkeeping to SEC rules. Treasury rule conformed recordkeeping and reporting requirements for registered government securities brokers, dealers if cross-reference existing SEC regulations. Technical Changes Technical amendments to Treasury recordkeeping rules, Form G-405 on reporting extraordinary gain and loss, cumulative effect of changes in accounting principles. Comprehensive income on annual…
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CAL INS Wells Fargo $10mn Fine
On Jan. 2, CAL INS fined Wells Fargo $10mn re insurance sales. Wells Fargo agreed to pay a $10mn penalty, as part of a settlement agreement. Follows 2017, accusation to revoke insurance license for practices. Alleged Violations Improper insurance sales practices related to online insurance referral program. Consumers were signed up and charged for insurance…
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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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