Regulation and Compliance issues for Wealth Professionals can be challenging to navigate especially when the SEC is involved. Catch the latest news and analysis on compliance updates that impact financial advisors.
The commission said Wells Fargo failed to properly train and oversee brokers and advisors who didn't understand the ETF was not designed for long-term buy-and-hold investors.
One investor group argues the state’s final rule, going into effect March 6, has been significantly weakened to mirror some of the worst aspects of Reg BI. Meanwhile, industry groups are concerned with how fast the rule has been finalized.
The latest Reg BI guidance addressed whether clients can 'waive' the rule's protections, whether affiliated firms can submit separate CRS forms, and whether firms have to build entirely new systems and processes to be in compliance.
Groups such as the Heritage Action for America, FreedomWorks, Americans for Tax Reform and the National Black Chamber of Commerce call the SEC's proposal an "expensive 'solution'" to a "potentially non-existent 'problem.'"