The SEC has narrowed the exemption from Section 15(b)(8) of the Securities Exchange Act of 1934, which requires broker or dealers to become a member of a registered national securities association in certain circumstances, in order to enhance off-exchange and cross-market oversight.
The SEC has adopted new rules and amendments to enhance the regulation of private fund advisers and protect investors, including requiring quarterly statements detailing fees, expenses and performance, and an annual financial statement audit.
The SEC has charged former New Jersey State Correctional Police Officer John A. DeSalvo with fraudulently raising funds and misappropriating investor funds through the unregistered offering of a crypto asset security.
The SEC charged Wells Fargo Clearing Services and Wells Fargo Advisors Financial Network for overcharging more than 10,900 investment advisory accounts in excess of $26.8 million in fees, resulting in a settlement of a $35 million civil penalty.
The Securities and Exchange Commission has reopened the comment period on its proposed rule to enhance protections of customer assets managed by registered investment advisers, with comments due 60 days after the publication of the reopening release in the Federal Register.
The SEC announced insider trading charges against Romero Cabral da Costa Neto for profiting off of confidential information he gained access to as a visiting attorney at a global law firm, resulting in a profit of more than $42,000.
3M Company agreed to pay more than $6.5 million to settle charges that they violated the books and records and internal controls provisions of the Foreign Corrupt Practices Act by providing Chinese government officials with overseas tours as inducement for purchasing 3M products.