Managers of Wealth Americas

Finra Hits Another Veteran Broker Over UIT Sales

Stifel itself agreed in May to pay more than $3.6 million for allegedly giving inaccurate information on the costs of rollovers and related supervisory violations.

Wells Fargo executives charged with disclosure of false and misleading KPIs and certifications

According to the Order and the complaint, for several years, Wells, Stumpf and Tolstedt publicly touted Wells’ cross-selling strategy as key to Wells’ successful growth

US tax rules for a Delaware LLC

These non-US resident tax members are responsible for assessment on any net profits at 30% of their US-sourced income.

Offshore Cheat Sheet: How to Navigate LatAm's New Regulatory Minefield

US firms should consider the impact of the law, as well as AML concerns that may arise from any transactions with institutions in the country.

Pulling “Shadow Banking” Out of the Shadows: FSB Report on March 2020 Turmoil Signals Increased Regulatory Scrutiny of Non-Bank Financial Intermediation

The Report also recommends that, based on the FSB’s analysis, the international efforts to boost the resiliency of NBFI focus on three main areas

Silicon Valley Newsletter | November 2020

So as your teams are getting reoriented after the election here in the US, we’d love to talk to you about your international plans for 2021.

SECs OCIE Issues Warning to Registrants Regarding Complex ExchangeTraded Products

The orders against each firm found that the firm failed to implement written policies and procedures reasonably designed to prevent violations of the Investment Advisers Act of 1940 and the rules thereunder.

SEC Charges Five Firms With Improperly Selling Volatility-Linked ETPs

More than $3 Million to be Returned to Harmed Retail Investors as Part of Ongoing Risk-Based Initiative

SEC Awards Over $1.1 Million to Whistleblower for Independent Analysis

The SEC has awarded more than $720 million to 113 individuals since issuing its first award in 2012.

The MD of Wells Fargo warns of the difficulties facing the dollar.

Schumacher blames the Federal Reserve’s recent interest rate decision, in addition to its deafness, on the weakening trend of the dollar.

Ogier in Guernsey advises Burford Capital on its dual New York Stock Exchange and London Stock Exchange listing

Burford is the leader in its field and we congratulate them on this success.

Former Wells Fargo CEO barred from industry, to pay $17.5 million for sales scandal

The SEC’s filings include settled charges against Stumpf, who agreed to pay a $2.5 million penalty, and a litigated action alleging Tolstedt committed fraud.

New rule complicates private equity’s ESG push

US Labor Department rule on impact investments was opposed by asset managers

JPMorgan to Reveal Bankers Who Approved Suspicious Transfers

Lawyers for JPMorgan and the Nigerian government said at the end of a London court hearing Thursday that the bank would clarify who was involved in the decisions on the payments. The trial is expected in early 2022.

Eight Practices and 19 Canadian Lawyers Named in The Legal 500 Canada 2021

Their research is based on feedback from 300,000 clients worldwide, submissions from law firms and interviews with leading private practice lawyers, and a team of researchers with unrivalled experience in the legal market.

FINRA Launches Targeted Exam of Fund Fee Waivers

The targeted exam was prompted by a June 4 settlement with Merrill Lynch.

Goldman Sachs Got Caught

Goldman Sachs has to deal with unprecedented punishment for bribery.

FBI Arrests Head of Wealth Management Firm for Fraud

Terrence Chalk, aka Dr. Cash, allegedly hid his criminal past to defraud investors out of more than $4 million.

Canada Life makes WeCare a permanent service

Canada Life has announced it is making its recently launched ‘WeCare' a permanent support service available to all new and existing customers on CLASS, Canada Life's online group insurance platform.

Julius Baer reaches agreement to resolve FIFA matter in the US

Julius Baer has reached an agreement in principle with the U.S. Department of Justice to settle an investigation in the FIFA matter.

Legal, Regulation & Compliance