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SEC adopts amendments to broker-dealer Customer Protection Rule
Certain broker-dealers must now compute customer and reserve deposit requirements, making required deposits into reserve accounts on a daily rather than weekly basis.
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GRIP Extra: McKinsey slapped with $650m fine for pharma work, CFPB goes after Zelle
Other news includes a startling fact about North Korean crypto theft, a damning report about the management of Credit Suisse, and a potential Honda-Nissan merger.
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SEC charges Express with failing to disclose $1m in perks to former CEO
The SEC said the company understated the “All Other Compensation” portion of its CEO’s compensation by an average of 94 percent over three fiscal years.
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SEC dings Becton Dickinson $175m for misrepresenting product risks
The company failed to properly inform investors about regulatory challenges it was experiencing with the FDA.
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SEC modernizes submission of some forms and filings
The rule requires broker-dealers, securities-based swap dealers, exchanges, clearing agencies, and other SROs to submit forms in certain electronic formats.
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Nasdaq board diversity rules vacated
In a narrowly-obtained decision, the Fifth Circuit determined that approving the rule exceeded the SEC’s power.
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SEC panel explores pros, cons of RIA ability to require arbitration
Contractual provisions to arbitrate disputes can be less-than-transparent and restrictive — but also sometimes cheaper and less burdensome than litigation.
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Morgan Stanley Smith Barney fined $1.5m for inadequate supervision
Firm found to have no policy or procedure in place that could have detected misappropriation of $10m.