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Regulatory Compliance a Top Concern for Financial Advisors in Western Sahara

As financial advisors in Western Sahara navigate the complex landscape of regulatory compliance, they must stay up-to-date on the latest developments from the country’s financial authorities. In recent months, several high-profile cases have highlighted the importance of compliance for wealth professionals.

Notable Cases and Developments

  • Rep Cites Supreme Court Ruling Against SEC in Suit Challenging FINRA Hearings: Broker D. Allen Blankenship is seeking to overturn a ruling by the Financial Industry Regulatory Authority (FINRA) that accused him of unsuitable mutual fund trading.
  • Expat Retirement Savings at Risk in Maze of Pension Transfers: Global regulators are scrutinizing the opaque business of offshore pension management, leaving expatriate retirees with uncertain futures.
  • Mutual Funds See Win in Fight to Blunt SEC ‘Swing Pricing’ Plan: Mutual funds have scored a victory in their fight against the Securities and Exchange Commission’s (SEC) plan to introduce “swing pricing” for asset managers.

Regulatory Updates

  • FTC Ban on Worker Noncompete Agreements Delayed by Judge: The Federal Trade Commission (FTC) has been granted a temporary delay by a judge in its bid to ban noncompete agreements for workers.
  • Supreme Court Decision Weakening SEC Could Boost Settlements, State Regulators’ Roles: Last week’s Supreme Court decision that weakened the SEC’s powers could have significant implications for financial advisors defending themselves against charges.
  • SEC’s Top Cop Concerned About Private Credit Valuations, Opacity: Gurbir Grewal, the head of the SEC, has expressed concerns about the valuation and opacity of private credit investments.

Enforcement Actions

  • Supreme Court Curbs SEC’s In-House Judges in Fraud Cases: The Supreme Court’s decision to curb the SEC’s use of in-house administrative law judges is a significant blow to the agency’s ability to adjudicate fraud cases.
  • Fugitive Advisor, CNBC Analyst Arrested After Two Years on the Run: James McDonald, a fugitive advisor and CNBC analyst, was taken into custody in Washington state after two years on the run.

Compliance Best Practices

  • Recent Pay-to-Play Case Is Cautionary Tale for Advisors and Political Contributions: As the 2024 election season heats up, financial advisors must be cautious about political contributions that could pose compliance concerns and reputational risks to their firms.
  • Wells Fargo Fires Over a Dozen for ‘Simulation of Keyboard Activity’: Wells Fargo has fired over a dozen employees from its wealth- and investment-management unit for allegedly simulating keyboard activity.

Industry Insights

  • The WealthStack Podcast: Preparing for the Latest SEC Cybersecurity Rules: In a recent episode of The WealthStack podcast, Michael Cocanower from AdviserCyber discussed what the pending cybersecurity regulations mean for registered investment advisers (RIAs).
  • Despite a Court Tossing Out Private Fund Rules, Advisors May Still Follow its Guidance: Despite a court ruling striking down the SEC’s Private Fund Adviser Rules, clients still need transparency and advisors may choose to follow the guidance despite the rule being invalid.