In a May 2023 Report, the Federal Reserve Board identified significant risks to the stability of the U.S. financial system.

A broker-dealer settled FINRA charges for failing to properly monitor outside brokerage accounts opened by its representatives.

A broker-dealer and a former representative settled FINRA charges for suitability and supervisory failings concerning recommendations involving Unit Investment Trusts and preferred stock of a real estate investment trust.

The SEC set a comment deadline of May 30, 2023 for an MSRB rule proposal to (i) extend remote office inspection relief until June 30, 2024 and (ii) remove references to expired pandemic-related relief for brokers-dealers and municipal securities dealers.The proposal was published in the Federal Register.

The SEC filed charges against an investment adviser of a mutual fund, as well as several of its trustees, for investments in illiquid assets that exceeded the amount allowed under the Liquidity Rule. The enforcement action is the first ever for the SEC involving Liquidity Rule violations.