On August 20, 2018, the U.S. Securities and Exchange Commission (“SEC”) announced it adopted amendments to Rule 15c2-12 of the Securities Exchange Act (“Rule 15c2-12”). Rule 15c2-12 requires brokers, dealers, and municipal...more
On June 29, 2018 Judge Halil Suleyman Ozerden of the Southern District of Mississippi entered judgments against Malachi Financial Products, Inc., and its president and sole shareholder, Porter B. Bingham, for alleged...more
7/12/2018
/ Conflicts of Interest ,
False Billing ,
MSRB ,
Municipal Advisers ,
Municipal Bonds ,
Permanent Injunctions ,
Public Finance ,
Registration ,
Rule G-17 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Violations
On February 15, 2018, the Municipal Securities Rulemaking Board (“MSRB”) published Notice 2018-03, requesting comment on draft frequently asked questions and proposed responses (“FAQs”). The draft FAQs address duties of...more
On February 7, 2018, the Office of Compliance Inspections and Examinations (“OCIE”) of the U.S. Securities and Exchange Commission (“SEC”) published its 2018 examination priorities. OCIE’s examination priorities are...more
2/13/2018
/ Anti-Money Laundering ,
Banking Sector ,
Broker-Dealer ,
Financial Industry Regulatory Authority (FINRA) ,
Investment Adviser ,
MSRB ,
Municipal Advisers ,
OCIE ,
Policies and Procedures ,
Qualification Standards ,
Securities and Exchange Commission (SEC)
The SEC charged registered municipal advisor Malachi Financial Products, Inc. and its principal Porter B. Bingham with violations of Sections 15B(a)(5) and 15B(c)(1) of the Securities Exchange Act of 1934 (“Exchange Act”) and...more
1/8/2018
/ Aiding and Abetting ,
Breach of Duty ,
Fiduciary Duty ,
MSRB ,
Municipal Advisers ,
Municipal Bonds ,
Permanent Injunctions ,
Registration ,
Rule G-17 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Violations
On September 12, 2016, the Municipal Securities Rulemaking Board (“MSRB”) began offering the Municipal Advisor Representative Qualification Examination (the “Series 50 Exam”). Municipal advisor professionals must pass the...more
On June 13, 2016, the Securities and Exchange Commission (SEC) accepted the settlement offers made by two firms and three executives charged with using deceptive business practices in dealing with five school districts. As...more
7/22/2016
/ Bids ,
Cease and Desist ,
Civil Monetary Penalty ,
Confidential Information ,
Corporate Executives ,
Dodd-Frank ,
Enforcement Actions ,
Fiduciary Duty ,
Injunctive Relief ,
MSRB ,
Municipal Advisers ,
Rule G-17 ,
School Districts ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Settlement Offer ,
Unfair or Deceptive Trade Practices
Rule G-44, proposed earlier this year by the Municipal Securities Regulation Board (MSRB) and approved by the Securities and Exchange Commission (SEC) this month, requires that municipal advisors develop internal supervisory...more