Managers of Wealth Americas

Wall Street firms to pay over $470 million to settle with US regulators over texting

RBC said it would continue to enhance its compliance protocols.

Finra Fines Fired Merrill FA over Crypto Side Gig

John Rollin Revelle also used Merrill's letterhead to falsely verify assets of an individual who was not a client of the wirehouse, Finra alleged.

SEC investigating Wall Street banks over ‘billions’ in lost interest payments

Lenders face scrutiny over ‘sweeping’ idle client cash into other investments and pocketing the difference

JPMorgan ponders legal action over Zelle probe

JPMorgan Chase is considering taking legal action against the Consumer Financial Protection Bureau over an ongoing probe into the abuse of Zelle payments by scammers.

Regulator says it is not a regulated entity and investors should beware

It is recommended that investors should not deal or engage with firms that are not registered as there is no assurance of any investor protections.

Proskauer Named Top Law Firm in Chambers 2024 High Net Worth Rankings

Chambers also recognized five other lawyers from the Private Client Services group as leaders in their fields.

US bank regulator looks to tighten control of asset managers' bank stakes

It is highly inappropriate for the FDIC to abdicate the responsibility Congress entrusted to us to safeguard the ownership and control of the banks we supervise

US regulators seek to limit asset managers’ sway over big banks

Investment groups are alarmed by efforts to curb their influence on governance and strategy at American lenders

IQ-EQ receives five nominations in the HFM U.S. Services Awards 2024

The winners will be announced in New York on September 12.

Chambers HNW 2024 Recognizes Womble Partners in Private Wealth, Art & Cultural Property Law

Published by Chambers & Partners, HNW covers private wealth management work and related specialisms in jurisdictions worldwide, featuring editorial about the leading professional advisers to wealthy individuals and families in each market.

Kirkland Advises KKR on Acquisition of Janney Montgomery Scott

The Kirkland team was led by corporate partners Jennifer Perkins and Colin Zelicof

ACA Survey: Most Advisory Firms Have No Plans To Use AI Tools

Some 64% of advisory firms have no plans to develop or use client-facing artificial intelligence, yet 46% said it was a chief compliance concern, according to the ACA Group's latest survey.

FINRA fines UBS unit $850K for failing to properly monitor customer transactions

In the aftermath, UBS reimbursed approximately $17 million to affected customers, paying the principal plus the amount of appreciation that the third party listed on their statements.

Citi fined $135.6m for ongoing risk management and data governance deficiencies

This order was based on the bank’s unsafe or unsound banking practices

Archegos founder Bill Hwang guilty in multibillion-dollar fraud case

The subsequent collapse of the fund sent shockwaves through the markets and caused $10 billion in losses for Credit Suisse, Nomura, Morgan Stanley and other large financial institutions.

Fed may tweak rule that could save biggest US banks billions

Updating those inputs or "coefficients" would reduce the banks' systemic scores and resulting capital surcharge, said the people who declined to be identified discussing private regulatory issues.

Merrill to Pay $1.5 Million After Brokers Sidestepped Fee Waivers: Finra

Finra said Merrill violated the Securities and Exchange Commission’s Regulation Best Interest

SEC charges Silvergate Capital Corporation, former execs with misleading investors

The firm and two individuals have settled, but CFO will fight to clear his name.

SEC charges Consensys for unregistered sale of securities through its metaMask Staking service

The SEC’s complaint alleges that Consensys engages in the unregistered offer and sale of securities by participating in the distribution of the staking programs and operates as an unregistered broker with respect to these transactions.

SEC, MSRB, FINRA to Hold Hybrid Compliance Outreach Program

The program will provide municipal market participants an opportunity to hear from SEC, MSRB and FINRA staff on timely regulatory and compliance matters for municipal advisors and dealers.

Legal, Regulation & Compliance