"Firms are on notice," and should expect "a lot more scrutiny," Rufino said. "We're going to be more aggressive."
Finra has called on financial service firms to supervise sales and ensure sales material discloses relevant risks.
The SEC is also looking at investment sales practices. The head of the agency's enforcement division this summer announced the creation of specialized units focused on complex areas of securities law. One of the five initial units will focus on derivatives and financial products, including collateralized debt obligations and securitized products. Another will focus on investment advisors, investment companies, hedge funds and private equity funds.
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