In a blog post today,
Robinhood responded to an attempt by the State of Massachusetts Securities Division to revoke Robinhood’s broker-dealer license in the state thus blocking its ability to operate.
Robinhood said they have filed in Massachusetts State Court a complaint and motion for a preliminary injunction to prevent the Massachusetts Securities Division from proceeding with their administrative case against online investment platform. Robinhood said that the Massachusetts Securities Division’s new Fiduciary Rule exceeds its authority under both Massachusetts state law and federal law.
Noting that they love the state of Massachusetts, Robinhood said the state regulator was attempting to prevent residents from “choosing how they invest is elitist and against everything we stand for.”
Massachusetts Regulators Want To Revoke Robinhood s License To Operate In The State
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Massachusetts wants to pull the plug on Robinhood
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Why Michael Bolton is crooning over discount brokerages
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Roaring Kitty and phishing attacks expose cyber headaches for IBDs
Firm leaders understand the cybersecurity threat is real. But have broker-dealers taken appropriate precautions to protect advisers and their clients?
March 17, 2021 4 MINS
A question at the start of the pandemic was how would broker-dealers, particularly independent B-Ds that operate on thin margins, adjust to technology and supervision of advisers during Covid-19.
It’s clear that firms had plenty of problems making that transition and now those issues are coming to the fore.
For the past 12 months, firm employees have been out of the office, scattered and working from home, the targets of cyber-attacks known as phishing. Advisers, meanwhile, have been reaching out to clients using unsupervised social media platforms.