The Financial Industry Regulatory Authority and the Securities and Exchange Commission are penalizing Merrill Lynch, Pierce, Fenner & Smith Inc. for failures in its anti-money laundering efforts. FINRA said it imposed a fine of $6 million on the company for not...
Representing financial professionals, financial institutions and investors in investment loss, employment and disclosure matters, and in regulatory investigations nationwide.
Month: July 2023
UBS agrees to pay $2.5 million to settle bondholders lawsuit
A settlement has been reached in connection with a class-action lawsuit filed by clients of UBS Financial Services, AdvisorHub reports. UBS agreed to pay $2.5 million to settle the lawsuit filed by bondholders who asserted common law claims for breach of contract and...
FINRA sends amended proposal on remote locations to SEC
New proposals on remote work locations have been filed by the Financial Industry Regulatory Authority, according to ThinkAdvisor. FINRA filed its proposed rule changes earlier this month with the Securities and Exchange Commission for amendments to Rule 3110. Under...
Bank of America to pay $250 million settlement over illegal fees, fake accounts
Federal regulators took enforcement action against Bank of America for practices that were deemed harmful to consumers, InvestmentNews reports. The Consumer Financial Protection Bureau (CFPB) accused Bank of America of double-dipping on fees imposed on customers with...
SEC approves amendments to bolster money market industry
The Securities and Exchange Commission has adopted amendments to certain rules governing the money market industry, according to InvestmentNews. The changes are aimed at reducing the risk of investor runs on money market funds during times of market stress, the SEC...
