CFP Board Issues New Procedural Rules Supporting June 30 Enforcement of Final Fiduciary Rule. And FINRA Is Gearing Up for Reg BI
on

By George H. Friedman, SAA Editor-in-Chief

As the June 30 enforcement date of the SEC’s Regulation Best Interest (“Reg BI”) approaches, various preparatory steps are rolling out by the regulators.

...Read More

Post Image
Unsuitability Ruled Unsuitable for a Rule 10b-5 Action: Robertson v. MetLife Securities
on

By Jill I. Gross

A recommendation of an unsuitable security cannot be the basis for a federal securities fraud claim,

...Read More

Post Image
Explained Award: Anderson v. Allegis Investment Advisors, LLC
on

EXPLAINED AWARD: ANDERSON v. ALLEGIS INVESTMENT ADVISORS, LLC, AAA ID #01-16-0005-0320 (Salt Lake City, UT, 1/8/18).

This 21-page AAA Explained Award,

...Read More

Post Image
Explained Award: Tullis v. Ameriprise Financial Services, Inc.
on

EXPLAINED AWARD: TULLIS v. AMERIPRISE FINANCIAL SERVICES, INC., FINRA ID #16-01261 (Portland, OR, 6/27/17).

This Award includes a so-called “Dissenting Decision” that is largely a concurrence fleshing out in detail the majority’s one paragraph “Findings” in favor of the customer claimants;

...Read More

Post Image
Executing Investment Adviser’s Trades Without Informing Customer Triggers Broker-Dealer’s Suitability Duty to Customer: Milliner v. Mutual Securities, Inc.
on

By Paul J. Dubow

Registered representatives who effect transactions on a customer’s behalf without informing the customer have implicitly recommended those transactions,

...Read More

Post Image
Explained Award Features an Explained Dissent: Schneider v. Khalsa
on

Explained Award: Schneider v. Khalsa, FINRA ID #16-00680 (Albuquerque, NM, 11/23/16).

Expungement recommendations by three-member panels are almost always unanimous,

...Read More