SEC

The SEC has charged Thrivent Investment Management for failing to comply with Regulation Best Interest's care and compliance obligation in connection with recommendations to retail investors in 529 Savings Plans.

The U.S. District Court for the Southern District of California entered a final judgment against Matthias O'Meara and Choice Advisors, fining them $312,572 and $187,337, respectively.

The Commission approved changes to MSRB Rule G-14 on customer transaction reporting, paving the way for dealers and stakeholders to work with the MSRB to establish a reasonable path forward.

"It's great people are thinking about creative solutions, but don't forget the rules still apply," said the SEC's Dave Sanchez.

The commission charged the municipal advisors $1.3 million in penalties due to recordkeeping failures stemming from use of unmonitored communications, such as text messages, to conduct business.

The agencies are overstepping their statutory authority in trying to force the market to adopt a new securities identifier, says the American Bankers Association.

The House Financial Services Committee held a hearing Tuesday examining the practices of proxy advisors and their relationship with ESG investing.

Tensquare and its partner Karl Jentoft were charged for acting as an unregistered municipal advisor in eight offerings for charter schools in Minnesota.

The state's year-old rules ban broker-dealers and investment advisors from using non-financial criteria in investment strategies.

A new classification scheme would allow market participants, both on the buy and sell sides, to correctly identify the source and nature of credit risk in their holdings and to aggregate such risk into meaningful sectors that share common risk drivers.