FINANCIAL INDUSTRY AND REGULATION

Alts 2024 Fundraising Hits $109.4 Billion: The DI Wire reports that alternative investment fundraising totaled approximately $109.4 billion through November led by non-traded business development companies at an estimated $32.3 billion, interval funds at $26.7 billion and other private placements, including infrastructure and private equity offerings, at $20 billion, says Robert A. Stanger & Company Inc.

UBS Hit by $3.5 Million FINRA Fine: The Financial Industry Regulatory Authority has fined UBS Financial Services Inc. $3.5 million for failing to establish and maintain a supervisory system designed to assess whether its registered representatives recommended unsuitable short-term trades of syndicate preferred stocks to retail customers, reports The DI Wire.

Three Firms Fined $8.2 Million to Settle Mutual Fund Fee Charges: Wealth Management reports that FINRA is requiring Edward Jones, Osaic and Cambridge Investment Research to collectively pay more than $8.2 million in restitution to customers after the firms allegedly failed to monitor whether their clients could benefit from fee waivers or rebates on certain mutual fund sales.

SEC Adopts Consumer Protection Rule Change: The DI Wire reports that the Securities and Exchange Commission adopted amendments last month to its customer protection rule, Rule 15c3-3, requiring certain broker-dealers to change the frequency of their net cash computations from weekly to daily.

DOL Fiduciary Rule Architect to Leave: One of the architects of the Department of Labor’s latest fiduciary rule, Ali Khawar, DOL’s Employee Benefits and Security Administration principal deputy assistant secretary, will be stepping down effective Jan. 20, 2025, as President Trump takes office, PLANADVISER reports.

DOL Lost & Found Database Now Live: DOL’s Employee Benefits Security Administration on Dec. 27 launched the public Retirement Savings Lost and Found Database, a tool designed to help America’s workers and beneficiaries search for retirement plans that may still owe them benefits, PLANADVISER reports.

SEC Has Written Off Billions in Uncollected Fines: The Wall Street Journal reports that over the past 10 years, the SEC has written off almost $10 billion in penalties, according to data obtained under the Freedom of Information Act.

POLICY AND LEGISLATION

Court Puts Corporate Transparency Law on Hold: The implementation of the Corporate Transparency Act — a law aimed at getting shell companies to disclose their true ownership — was paused again just days before a reporting deadline was set to take effect, as a federal appeals court handed the case to a panel for further consideration, The Wall Street Journal reports.

Editor's note: As of Dec. 26, 2024, the Fifth Circuit Court of Appeals reinstated a nationwide preliminary injunction that halts the enforcement of the CTA's reporting requirements. This means that businesses are not required to comply with the reporting obligations that were set to take effect on Jan. 1, 2025, and subsequently extended to Jan. 13, 2025. Compliance with the CTA is now voluntary; The Fifth Circuit is scheduled to hear arguments related to the case on March 25, 2025. 

Congress Finalizes Social Security Boost for Some: The Hill reports that Congress finalized legislation to boost Social Security benefits for more than 2 million Americans, repealing two statutes that have reduced payouts to state and local police, firefighters, teachers and other public sector workers and their spouses for years.

Congress Extends Government Spending Until March: The Wall Street Journal reports that Congress approved stopgap spending legislation at the last moment to avert a government shutdown until March 14.

Big Changes Coming to SEC, DOL Under Trump: Pensions & Investments reports that the second Trump administration is likely to bring big changes to both the DOL and SEC as major Biden administration rules could be overruled in courts, walked back, or replaced entirely given Republicans’ penchant for deregulation.