Results for "compliance"

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When it comes to regulating AI in financial services, murky waters are ahead

August 17, 2018

Amid all the excitement about the potential uses of artificial intelligence in financial advice, there is still a lot of uncertainty about how this new technology will fit into the existing regulatory framework governing financial services firms....

Gotcha! 10 lessons from brokers gone bad

August 13, 2018

How many activities can regulators scrutinize to nab brokers and advisers? Let us count the ways. Actually, Cipperman Compliance Services has already done so. Read here 10 cases of endemic broker misconduct Cipperman has examined, and what it...

Something everyone agrees on with SEC advice rule? Client disclosure needs redo

August 9, 2018

As the comment deadline on the Securities and Exchange Commission’s investment advice reform package closed Tuesday, it was clear there was no consensus on whether the agency’s proposal would raise the standard of care for brokers. Although...

Cybersecurity remains top RIA compliance concern

July 25, 2018

The biggest compliance concern at RIA firms is cybersecurity, according to a survey of 454 registered investment advisory firms conducted by the Investment Advisers Association and ACA Compliance Group. For the fifth year in a row cybersecurity...

Complect wants to make outsourcing compliance easier and more affordable

July 10, 2018

It's like Angie's List, but for compliance consultants. That's the elevator pitch for Complect, a technology startup that wants to help connect financial advice practices with compliance and regulatory risk professionals. On Tuesday, Complect...

Finra censures Cetera for lax supervision of brokers' outside activities

July 10, 2018

The Financial Industry Regulatory Authority Inc. has censured Cetera Financial Specialists and fined the firm $200,000 for supervisory failures in connection with its brokers' outside business activities. Finra said that between January 2012...

Merrill adds Zelle to wealth management app to let clients make payments

June 26, 2018

Merrill Lynch is updating its mobile app with some modern features that are increasingly popular among consumers. Clients can now scan and send documents to their Merrill Lynch adviser using their smartphone camera, view activity in their Bank...

Betterment slapped with $400,000 fine from Finra

June 22, 2018

The Financial Industry Regulatory Authority Inc. has fined the digital advice company Betterment $400,000 for violating the customer protection rule and not properly maintaining its books and records. From October 2013 through January 2015,...

Supreme Court ruling on SEC judges unlikely to upend advice industry

June 21, 2018

The Supreme Court's ruling on Thursday against the Securities and Exchange Commission could help some financial advisers who are currently engaged in legal battles with the agency, but will likely have little impact on new cases, according to...

ProEquities introduces cybersecurity to protect even the least tech-savvy advisers

June 14, 2018

ProEquities, an independent RIA and broker-dealer hybrid with $16 billion in client assets, is rolling out a new cybersecurity platform to improve protection for the firm's 700 financial advisers. (More: Fintech leaders address adoption and...

Cyber assailants targeted in important new security sweep

June 7, 2018

According to compliance and cybersecurity experts, financial industry regulators are embarking on a new cybersecurity sweep, with a focus on registrants' data loss prevention, oversight of third-party service providers and incident response...

Finra bars rep under investigation for client forgery

June 4, 2018

The Financial Industry Regulatory Authority Inc. has barred former Northwestern Mutual Life Insurance Co. representative Donnell Noah Bowen for failing to provide requested information and for failing to appear at a Finra hearing. (More: NY...

RIA in a Box acquired by private equity firm Aquiline Capital

May 23, 2018

Software service provider RIA in a Box has been acquired by the private equity firm Aquiline Capital Partners. While the terms of the deal were not disclosed, this represents the latest in a growing trend of P-E investors adding exposure to...

The Rising Cost of Risk

May 2, 2018

As increasing regulations continue to strain resources, entrepreneurs who once viewed an independent RIA as a path to greater independence are discovering the costs and risks can often outweigh the rewards. After seeing a continually growing...

Finra institutes disciplinary proceedings against broker over alleged improper variable annuity sales

April 3, 2018

The Financial Industry Regulatory Authority Inc. has instituted disciplinary proceedings against Frederick David Holloway, the owner of Holloway & Associates Inc., to disgorge alleged ill-gotten gains from recommendations he made to clients...

SEC blasts Wedbush for ongoing failure to supervise

March 27, 2018

The Securities and Exchange Commission has charged Wedbush Securities Inc. with failing to supervise a broker and ignoring "numerous red flags" that she was involved in a long-running pump-and-dump scheme. In a release, the SEC said its action...

Finra bars former Morgan Stanley rep for unauthorized trades

March 20, 2018

The Financial Industry Regulatory Authority Inc. has barred former Morgan Stanley rep Thomas Alan Meier for engaging in unauthorized trades in his customers' accounts. Mr. Meier resigned from Morgan Stanley March 15, 2016 while the firm was...

Fiduciary rule shifts power to broker-dealer compliance departments

March 14, 2018

The DOL fiduciary rule was a wake-up call for many broker-dealers, some of which had paid little attention to defined contribution plans like 401(k)s in the past. Even broker-dealers that had focused on DC plans have made significant changes...

CAT implementation uncertainty gives broker-dealers strategic options

March 8, 2018

Broker-dealers have been encouraged by the efforts of CAT NMS — a consortium of 22 self-regulatory organizations — to extend the effective date for implementation of the SEC's Rule 613 consolidated audit trail reporting. By replacing a variety...

Finra releases proposal to relieve broker-dealers of supervision of unaffiliated RIAs

February 28, 2018

Brokerage firms would not have to supervise work their registered representatives do for unaffiliated registered investment advisers under a Finra proposal released this week. The rule would streamline brokerages' obligations for monitoring...

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