Regulatory Alerts2019-09-30
Added · Updated
Fall 2019 Securities Bulletin
The Connecticut Department of Banking’s Securities and Business Investments Division issued interpretive guidance prohibiting investment advisory personnel from accessing client accounts using the clients' own usernames and passwords. The bulletin details enforcement actions including consent orders and stipulations against entities such as Safe Harbour LLC, Prophet Financial Planning, LLC, and several investment advisers for violations like unregistered securities sales, failure to file notice filings, and false representations. Sanctions imposed include fines ranging from $2,000 to $20,000, bars from offering securities for up to seven years, and requirements for compliance consultants and client notifications. The document also provides quarterly statistical summaries of licensing, examinations, investigations, and monetary relief for the third quarter of 2019.