July 28, 2014
SEC Brings Rule 206(4)-7 Case Against Dually Registered Adviser/Broker-Dealer for Inadequate Best Execution Procedures
The SEC brought an administrative action against Dominick & Dominick LLC and Robert Reilly, its Chief Operating Officer, for failing to adopt and implement written best execution policies and procedures reasonably designed to ensure compliance with the Advisers Act. The SEC found that Dominick & Dominick’s written advisory best execution policies and procedures made little mention of any actual policies or procedures. They referred only to fixed income transactions and made no mention of any other securities transactions. Moreover, the policies and procedures did not consider commissions charged to advisory clients as part of its overall best execution analysis.
July 2, 2014
The SEC brought an administrative action against SignalPoint Asset Management, LLC (SAM), and several related individuals (Principals) for failing to disclose the individuals’ control of SAM and their conflicts of interest. SAM is headquartered in Springfield, Missouri.