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Compliance Newsflashes

Scotia Capital Deploys BT Voice Trading Systems with Built-In BCP; Schwab Settles Mutual Fund Charges with SEC; Mantas Releases AML, Trading Compliance and Broker Compliance Applications

Schwab Settles Mutual Fund Charges with SEC

The Securities and Exchange Commission (SEC) this week announced it instituted settled enforcement proceedings against San Francisco-based broker-dealer Charles Schwab & Co. Inc. The SEC charged that Schwab allowed investment adviser customers to change mutual fund orders after the 4 p.m. EST market close, creating the risk that such customers could unfairly capitalize on late-breaking news at the expense of other mutual fund investors. Schwab consented to the entry of an order that it cease and desist from such violations and pay a $350,000 civil penalty. "Schwab failed to ensure that their personnel knew and understood the mutual fund pricing rules," said Marc Fagel, assistant district administrator for the SEC's San Francisco office in a statement.

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Stressed Out by Compliance, Reputational Damage & Fines?
Stressed Out by Compliance, Reputational Damage & Fines?
Financial services executives are living in a "regulatory pressure cooker." Here's how executives are preparing for the new compliance requirements.