On April 17, 2020, the SEC announced it has settled charges against three firms that self-reported as part of the Division of Enforcement’s Share Class Selection Disclosure Initiative. The SEC’s orders found Merrill Lynch, Pierce, Fenner & Smith Inc. (MLPFS) and Eagle
SEC Charges California Trader for Manipulative Trading Scheme Involving COVID-19 Claims
On June 9, 2020, the SEC charged a penny stock trader in California with conducting a pump-and-dump scheme using the stock of a biotech company. According to the complaint, the trader attempted to drive up the stock price of Arrayit Corporation by
Municipal Advisors Granted Relief under SEC’s Temporary Conditional Exemption
On June 16, 2020, the Securities and Exchange Commission announced a Temporary Conditional Exemption for municipal advisors (MAs), which provides an exemption from certain broker registration requirements under Section 15 of the Securities Exchange Act of 1934. This order is in response
OCIE Risk Alerts: Have You Implemented Regulation BI and Form CRS?
In an April 7, 2020 press release, the SEC Office of Inspections and Examinations (OCIE) issued two risk alerts. The first, involving examinations, focuses on compliance with Regulation Best Interest, and the second focuses on compliance with Form CRS. OCIE has released
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