The National Association of Insurance and Financial Advisors (NAIFA) would like to thank Securities and Exchange Commission Chairman Jay Clayton for his leadership and service. Clayton has announced that he will leave the agency at the end of 2020. As chairman, Clayton has shown a strong willingness to understand and consider the perspectives of financial professionals. He has met with NAIFA leaders and members on issues of importance to advisors and their clients.
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The Securities and Exchange Commission (SEC) in June began requiring broker-dealers to submit detailed information on securities trades to the SEC’s Consolidated Audit Trail (CAT) database. A similar requirement for options trades went into effect in July. The purpose of the CAT is to allow SEC regulators to identify and analyze irregularities and threats to the securities markets.
Topics: Advocacy Security Press Release Cybercrime SEC
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The Securities and Exchange Commission has issued a Risk Alert warning about an increase in cybercrimes targeting financial professionals and institutions. The document, issued by the SEC’s Office of Compliance Inspections and Examinations (OCIE), says scammers have targeted “broker-dealers, investment advisers, and investment companies” and others in the financial services industry with phishing and ransomware attacks.