While it is pretty likely that anyone reading this is already familiar with the Wells process, I am going to start with a short history lesson.
Way back in 1972, the SEC created an Advisory Committee to take an objective
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FINRA Examiners Are Unfairly Manipulating Non-Complaining Customers To Trigger Complaints
By Alan Wolper
I have watched enough medical shows over the years, from the awesome St. Elsewhere to the never-ending Grey’s Anatomy, to have heard umpteen times that the Hippocratic Oath includes the admonition that doctors “do no harm.” While, apparently (according to…
The SEC’s Krackdown On Staking-As-A-Service
By Nathan Lamb
Well hello again, and Happy Valentine’s Day! Sorry for the long hiatus, but glad to be back with this piece from Nathan, who is too modest to call himself Mr. Crypto…but if the shoe fits…. Not saying I always understand…
The High Price Of Fighting – And Beating – The SEC Can Make Settling An Acceptable Solution
By Alan Wolper
When I am engaged to defend a case, whether it’s a customer arbitration or a regulatory complaint, my clients typically get to the point, sooner or later, where they ask me two questions: (1) what do I think about their…
FINRA’s First Reg BI Enforcement Action Stuns Industry With Its Adoption Of A Standard Of Conduct That . . . Is Exactly Like The Old Standard
By Alan Wolper
So, after all the hubbub about how Reg BI was going to turn the brokerage industry on its head, given the new standard of conduct – more like that of a fiduciary – that it was imposing on BDs and…
Time Never Matters To Regulators, Until It Does
By Alan Wolper
As the song goes, time keeps on slipping, slipping, slipping into the future. While Steve Miller may not have had FINRA and the SEC in mind when he wrote that lyric, the shoe certainly fits. Because here’s the thing about…
So You Received A Rule 4111 Letter From FINRA Informing You That You’re Presumptively A “Restricted Firm.” Now What??
By Alan Wolper
It’s always exciting to watch something that you just know will be deemed by later generations to be an historic event. I mean, I distinctly remember watching Neil Armstrong on TV taking his first steps on the moon, or the…
Determining Chief Compliance Officer Liability Isn’t Really That Confounding
By Alan Wolper
About a month ago, the SEC announced a settlement in a modest little case that has, nevertheless, managed to garner a lot of attention. This is a result of the fact that one of the respondents was the CCO, i.e.,…
Equitable’s Settlement With The SEC Demonstrates That A Single Customer Complaint Can Serve As Notice Of A Systemic Issue
By Alan Wolper
Last week I posted a blog about the dangers of not heeding findings made during a regulatory exam, at least findings of clear, undisputable compliance issues that cannot be meaningfully defended. Today I am writing to highlight a corollary rule:…
Barclays AWC Teaches Important Lessons About The Price To Pay For Not Heeding Exam Findings
By Alan Wolper
There is no question in my mind that the quality of FINRA examiners is a bit uneven. Some are smart and insightful and helpful; others are, well, not. Most of the time, they do know what they’re talking about. That…