Tag: Securities and Exchange Commission

Securities and Exchange Commission proposes Transaction Fee Pilot for NMS Stocks
March 23, 2017 BY Valentina Kirilova

SEC adopts T+2 Settlement Cycle for securities transactions

The Securities and Exchange Commission (SEC) adopted an amendment to shorten by one business day the standard settlement cycle for most broker-dealer securities transactions. Currently, the standard settlement cycle for these transactions is three business days, known as T+3. The amended rule shortens the settlement cycle to two business days, T+2. The amended rule is designed…

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February 24, 2017 BY Valentina Kirilova

SEC staff issues investor bulletin on robo-advisers

The Securities and Exchange Commission (SEC) published information and guidance for investors and the financial services industry on the fast-growing use of robo-advisers, which are registered investment advisers that use computer algorithms to provide investment advisory services online with often limited human interaction. Because of the unique issues raised by robo-advisers, the Commission’s Division of…

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Securities and Exchange Commission proposes Transaction Fee Pilot for NMS Stocks
January 31, 2017 BY Valentina Kirilova

OCIE Director Marc Wyatt leaves SEC next month

The Securities and Exchange Commission (SEC) announced another Director is leaving next month and that is Marc Wyatt, Director of the Office of Compliance Inspections and Examinations. Mr. Wyatt joined the SEC in December 2012 as a senior specialized examiner and co-founded the Private Fund Unit within OCIE. He was named Deputy Director in October…

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Securities and Exchange Commission proposes Transaction Fee Pilot for NMS Stocks
January 31, 2017 BY Valentina Kirilova

Associate Director in the Division of Trading and Markets, Wenchi Hu, leaves SEC

The Securities and Exchange Commission announced that Wenchi Hu, an Associate Director in the Division of Trading and Markets, will leave the agency in early February. Ms. Hu has headed the division's Office of Clearance and Settlement Supervision since August 2015, after serving three months as its Acting Associate Director. The office oversees registered clearing…

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sec building
January 24, 2017 BY Valentina Kirilova

SEC announces fraud charges, asset freeze in alleged nursing home investment scheme

The Securities and Exchange Commission (SEC) announced fraud charges and an emergency asset freeze obtained against a businessman in South Carolina accused of siphoning funds he raised from investors for the purpose of purchasing or renovating senior housing facilities. The SEC alleges that Dwayne Edwards improperly commingled money from several different municipal bond offerings and…

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sec whistleblower award
January 24, 2017 BY Valentina Kirilova

SEC awards $7 million to whistleblowers

The Securities and Exchange Commission (SEC) announced an award of more than $7 million split among three whistleblowers who helped the SEC prosecute an investment scheme. One whistleblower provided information that was a primary impetus for the start of the SEC’s investigation. That whistleblower will receive more than $4 million. Two other whistleblowers jointly provided…

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Securities and Exchange Commission proposes Transaction Fee Pilot for NMS Stocks
January 19, 2017 BY Valentina Kirilova

General Counsel Anne K. Small to leave SEC

The Securities and Exchange Commission (SEC) announced that General Counsel Anne K. Small will leave the agency later this month. Ms. Small has served as the SEC’s General Counsel since April 2013. As the agency’s chief legal officer, Ms. Small has provided counsel on virtually all of the legal and policy issues before the Commission.…

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January 19, 2017 BY Valentina Kirilova

SEC fines General Motors $1 million

The Securities and Exchange Commission (SEC) announced that General Motors (NYSE:GM) has agreed to pay a $1 million penalty to settle charges that deficient internal accounting controls prevented the company from properly assessing the potential impact on its financial statements of a defective ignition switch found in some vehicles. According to the SEC’s order, when…

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January 10, 2017 BY Valentina Kirilova

SEC charges two brokers with defrauding customers

The Securities and Exchange Commission (SEC) charged two New York-based brokers with fraudulently using an in-and-out trading strategy that was unsuitable for customers in order to generate hefty commissions for themselves. The SEC’s complaint alleges that Gregory T. Dean and Donald J. Fowler did no reasonable diligence to determine whether their investment strategy involving frequent…

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sec whistleblower award
January 09, 2017 BY Valentina Kirilova

SEC awards $5.5 million to whistleblower

The Securities and Exchange Commission (SEC) announced an award of more than $5.5 million to a whistleblower who provided critical information that helped the SEC uncover an ongoing scheme. According to the SEC’s order, the whistleblower was employed at the company involved in the wrongdoing and reported the information directly to the SEC, which brought…

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