JPMorgan to Pay More Than $135 Million for Improper Handling of ADRs

The Securities and Exchange Commission today announced that JPMorgan Chase Bank N.A. will pay more than $135 million to settle charges of improper handling of “pre-released” American Depositary Receipts (ADRs).

ADRs – U.S. securities that represent fo…

Agencies Invite Comment on a Proposal to Exclude Community Banks from the Volcker Rule

Five federal financial regulatory agencies on Friday invited public comment on a proposal that would exclude certain community banks from the Volcker Rule, consistent with the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA).

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Martha Miller Named Advocate for Small Business Capital Formation

The Securities and Exchange Commission today announced that Martha Legg Miller has been named as the first Advocate for Small Business Capital Formation.

The position and the new Office of the Advocate for Small Business Capital Formation were created…

Two Advisory Firms, CEO Charged With Mutual Fund Share Class Disclosure Violations

The Securities and Exchange Commission today announced settled charges against two New York-based investment advisers and the CEO of one of the advisers who selected mutual fund share classes inconsistent with their disclosures to clients. The firms an…

SEC Charges Audit Firm and Suspends Accountants for Deficient Audits

The Securities and Exchange Commission today filed settled charges against national audit firm Crowe LLP, two of its partners, and two partners of a now-defunct audit firm for their significant failures in audits of Corporate Resource Services Inc., wh…

SEC Staff Encourages Continued Engagement on Impact of MiFID II Research Provisions

Earlier this year, significant new rules relating to research became effective in the European Union (EU).  In an effort to assist market participants regarding their U.S.-regulated activities as they engage in efforts to comply with the EU’s Markets i…

SEC Charges Two Robo-Advisers With False Disclosures

The Securities and Exchange Commission today instituted settled proceedings against two robo-advisers for making false statements about investment products and publishing misleading advertising.  The proceedings are the SEC’s first enforcement actions …

SEC Office of Compliance Inspections and Examinations Announces 2019 Examination Priorities

The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) today announced its 2019 examination priorities. OCIE publishes its exam priorities annually to promote transparency of its examination program and provid…

SEC Adopts Transaction Fee Pilot for NMS Stocks

The Securities and Exchange Commission today announced that it has voted to adopt new Rule 610T of Regulation NMS to conduct a Transaction Fee Pilot in NMS stocks. The pilot is designed to generate data that will help the Commission analyze the effects…

SEC Adopts Final Rules to Allow Exchange Act Reporting Companies to Use Regulation A

The Securities and Exchange Commission adopted final rules to allow reporting companies to rely on the Regulation A exemption from registration for their securities offerings.  

“Regulation A provides an exemption from registration under the Securitie…

SEC Charges Additional 13 Unregistered Brokers Who Sold Woodbridge Securities to Retail Investors

The Securities and Exchange Commission today announced charges against an additional 13 individuals and 10 companies for unlawfully selling securities of Woodbridge Group of Companies LLC to retail investors. Woodbridge collapsed into bankruptcy in Dec…

SEC Proposes Rule Changes for Fund of Funds Arrangements

The Securities and Exchange Commission today voted to propose a new rule and related amendments designed to streamline and enhance the regulatory framework for fund of funds arrangements. Funds of funds are created when a mutual fund or other type of f…