RJF · 10-Q · 2026Q2 · Full report

Regulatory Risk

RAYMOND JAMES FINANCIAL INC · 2026-08-05 · Importance 44 · Surprise 60 · In source text

Beginning in August 2024, the SEC Division of Enforcement requested information about Raymond James’ cash sweep programs for investment advisory clients, and the firm continues to cooperate. Three putative federal class actions filed in August and December 2024 alleged breaches of fiduciary duties or agreements concerning rates paid to clients in those programs; the cases were consolidated. The court dismissed some claims on March 27, 2026, two named plaintiffs voluntarily dismissed their claims on July 16, 2026, and the remaining case continues with two named plaintiffs after the plaintiffs’ May 21, 2026 motion for class certification.

Key facts

• Beginning in August 2024, the SEC’s Division of Enforcement requested information regarding our practices related to cash sweep programs for investment advisory clients; the firm has been cooperating with this inquiry. source
• The VREQ imposed on Raymond James Investment Services Limited in August 2023 that prohibited onboarding new branches or financial advisors without FCA consent was lifted in January 2026. source
• During the three months ended June 30, 2026, RJ&A adopted the SEC’s amendments to Rules 15c3-3 and 15c3-1 requiring large clearing/carrying broker-dealers to calculate reserve requirements and make reserve deposits on a daily basis rather than weekly; we implemented enhancements to processes and controls to support compliance and the adoption did not have a material impact on results of operations, financial condition, or liquidity. source
• Issuer and senior long-term debt credit ratings: Fitch A- (Outlook Stable), Moody’s A3 (Outlook Stable), S&P A- (Outlook Stable) as of the most current report. source

Impact estimates