12/24/2019
Amended FINRA IPO Allocation Rules to Take Effect on January 1, 2020
The amendments take effect on January 1, 2020.
Legal, Regulation & Compliance
12/24/2019
The SEC Proposes Amendments to the Accredited Investor Definition
The SEC’s proposals represent a valiant attempt to strike a balance among these competing views, by recommending sensible but limited modifications that may be helpful in a variety of exempt offerings.
12/23/2019
Costa Rica: All foreign entities must comply with the filing before the Registry of Ultimate Beneficial Owners
Should the obligated entities fail to comply with the filing by January 31, 2020, they will be subject to penalties and fines that may cause a negative impact on any and all interests born in Costa Rica.
12/23/2019
Further Consolidated Appropriations Act of 2020—A summary and view from SS&C Retirement Solutions
The SECURE Act defines eligible designated beneficiary as a spouse or minor child who is disabled or chronically ill
12/23/2019
Credit Suisse hit with $6.5 million U.S. fine for supervisory lapses
In settling this matter, Credit Suisse neither admitted nor denied the charges, but consented to the entry of FINRA’s and the Exchanges’ findings.
12/22/2019
Ex-Akin Gump Lawyer 'Blindsided' by Allegations She Used Client Funds For Personal Reasons
"The allegations made in the complaint are not an accurate characterization of the work I performed for this client under the supervision of the team," Heidi Liss said in a statement.
12/22/2019
Private Client Services 2019 Year-End Advisory
The federal estate, gift and GST tax rate will remain at 40%.
12/20/2019
Goldman Sachs 'close to $2bn settlement' over 1MDB scandal
Reported deal between bank and US Department of Justice would end investigation
12/20/2019
Akin Gump Lawyers Used Client Money for Cayman Islands Vacation, Broadway Tickets
An internet domain company is seeking at least $25 million, alleging the firm's lawyers took advantage of an impaired CEO.
12/20/2019
SEC proposes to expand definitions of accredited investor and qualified institution buyer to increase private capital markets participation
Corresponding changes are also proposed to the qualified institutional buyer definition for institutions that qualify for accredited investor status when they meet the existing $100 million in securities owned and invested threshold under Rule 144A.
12/19/2019
MetLife Agrees to $10 Million SEC Fine Over Pension-Related Accounting Violations
Lapses resulted in the insurer’s failure to pay thousands of workers their monthly pension benefits
12/19/2019
$722 million cryptocurrency Ponzi scheme
Withers is aware that some of our clients may have invested in BitClub Network, and may be affected by the alleged Ponzi scheme.
12/19/2019
SECURE Act Sets Up Inherited IRA RMD Complexity for Advisors
Both sets of rules are important to know, because existing inherited IRAs are grandfathered into the previous rules.
12/18/2019
Ex-Goldman Sachs director charged in US over 1MDB role
The SEC has issued a penalty of $43.7m in accordance to a separate forfeiture order
12/18/2019
$7 Million Insider Trading Probe Charges IT Staffer At $22 Billion Cybersecurity Company
Palo Alto Networks provides tools to prevent insiders from stealing data. Now one of its own is accused of using confidential information for illegal stock trades
12/13/2019
Laidlaw Wealth Management Boosts Investment Offering With Green Harvest Deal
This new expanded relationship substantially enhances Laidlaw’s investment offering and supports our commitment to provide truly innovative solutions for our clients.
12/13/2019
Rand hits 5-month high on US trade deal
The wave of renewed risk appetite saw the rand opening at R14.44 against the dollar – its strongest level since July.
12/13/2019
PenFed Credit Union Expands Investment Services to More Than 200,000 Members in Puerto Rico
PenFed and CUNA Mutual Group Grow Partnership by Enhancing Wealth Management Services on the Island
12/12/2019
J.P. Morgan Reorganizes U.S. Wealth Unit
The goal of the reorganization is to increase the banking goliath’s paltry share of the global wealth market through more focused management oversight.
12/12/2019
U.S. Anti-Money-Laundering Chief Calls for Beneficial Ownership Registry
Changes to the U.S.’s anti-money-laundering regime also have received support from the White House, which in October released a statement commending the passage of the House bill.