Posts by Essential Edge Compliance Outsourcing Services, LLC

“Customers should use regulated industries to their advantage and hire career specialists in each area of their lives,” said one industry executive. A former insurance agent who posed as a securities broker – without the appropriate licenses – has become the target of the Maryland Securities Commissioner after he took $100,000 from elderly customers and…

Much to the delight of wordsmiths, a new entry into the annals of denominalization has come to the fore. Last month, millions of computers and their users worldwide were “crowdstruck†by a software defect that triggered the most significant global IT outage ever. While verbing is not new, the far-reaching impact of the CrowdStrike computer glitch took…

A ‘pay-to-play’ rule could chill campaign donations to Democratic ticket from some financial advisers and firms Vice President Kamala Harris’ selection of Minnesota Gov. Tim Walz as her running mate could boost the Democratic ticket’s Midwest appeal but it might slow donations from Wall Street. Financial advisers who contribute to the Harris-Walz campaign could risk violating securities…

Pros, Cons And Strategic Needs Present A Complex Picture For Remote Work Environments And Recruiting The COVID pandemic that began four years ago altered wealth management forever as it changed office and work culture across the world. Today, Zoom calls are as common as phone calls and C-suite executives frequently live in different states from…

“No one has ever gone hungry working for Finra,” said one compliance executive. The total compensation and benefits for the 4,300 employees at the Financial Industry Regulatory Authority Inc. in 2023 was – on average – $233,500 per worker, according to the self-regulatory organization’s annual report. That’s an increase of 4.7% when compared to a year…

Firms must take reasonable steps to avoid financial advisors’ selling away, one compliance expert noted. Two Raymond James Financial Services Inc. financial advisors on Monday were barred from the securities industry for not cooperating in investigations, according to the Financial Industry Regulatory Authority Inc.; both had previously been flagged by Raymond James for selling products…

‘Extraordinarily large’ sums prompt American Securities Association’s lawsuit, which asks commission to turn over documents showing how those amounts were reached. A lawsuit filed today against the SEC seeks information about how the agency has calculated billions of dollars in fines against brokerdealers for off-channel communications record keeping failures.Since 2021, the Securities and Exchange Commission…

‘Brokerage firms must broaden their horizons about what’s under scrutiny by regulators and what isn’t,’ one compliance executive says. The Securities and Exchange Commission on Thursday barred a former broker who told clients he was investing money into crypto assets but allegedly used the money to pay credit card bills as well as funneling cash…

The Financial Industry Regulatory Authority (FINRA) has issued a statement clarifying that it is not the culprit in Wall Street’s push to get workers and advisors to come back into the office after the pandemic. While new Finra rules go into effect June 1 requiring firms to provide a list of locations, including home offices,…

‘Sophisticated hackers for last 10 years have constantly improved their ability to breach systems,’ compliance consultant says. Just as the Securities and Exchange Commission is sharpening its focus on cybersecurity breaches at broker dealers and registered investment advisors, Interactive Brokers is reporting private client information has been targeted. In January, Interactive Brokers, which specializes in equities and options trading,…