Securities and Futures Commission says inadequate controls may have compromised investor suitability
Amendments detail the general obligations for dealers and reps to assess suitability of client leverage
FSA concerned about suitability of sales to unsophisticated investors
Fund salesman’s recommendations had “devastating consequences” for clients, panel says
Final report does not “accurately reflect” U.S. law
The goal of the nine principales is to promote investor protection
Retired client with limited investment knowledge invested in higher risk securities
MFDA panel finds rep recommended leverage strategies that were unsuitable for clients
Amendments require securities commission approval before they take effect
Poor knowledge of the product and its risks lead to $30,000 fine