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JPMorgan asks judge to throw out lawsuit over Jeffrey Epstein
U.S. Virgin Islands claims the bank turned a blind eye to Epstein sex-trafficking, calling the allegation a 'masterclass in deflection.'
Brokerages need to update tech systems to show Reg BI work to SEC
An SEC risk alert this week warned firms that surveillance systems fell short in ensuring reps consider costs and reasonably available alternatives. Will enforcement be next?
Inside the mind of the SEC
Last year, the agency managed to examine about 16% of all advisors, but it aims to do more exams in 2023.
Legislation lets funds delay redemptions if transfer involves senior abuse
The bill sails through House, 419-0, on a fast track. Its author, Rep. Ann Wagner, R-Mo., hopes the Senate acts this time around.
DOL’s ESG rule hit with long-shot lawsuit
A legal challenge to the agency's rule on investments in retirement plans was inevitable, lawyers say.
Expatriate advisor finds a home and client base in France
Robert Levitt has traded Florida for the French Riviera, where he sees a wide-open market in the 250,000 Americans living there who need financial advice.
SEC staff finds B-Ds lack policies needed to comply with Reg BI
Broker-dealers are falling short in identifying and mitigating conflicts of interest, the agency said.
Finra bars ex-UBS broker in Texas who sold phony annuities
According to Robert Earl Turner's BrokerCheck profile, UBS has settled six disputes with his customers for close to $12 million.
Advisors skeptical about replacing income tax with national sales tax
The House Republican bill is likely to hit a wall in the Democratic-majority Senate. There might be a better chance to extend some 2017 tax cuts set to expire in 2025,
More advisors are jumping on the bitcoin bandwagon
With the cryptocurrency's price up 40% so far this year, a new report shows a doggedly bullish outlook among investors and advisors willing to look past extreme volatility.
Advisor Group firms settle with Finra over 529 plan rollovers
According to Finra, the broker-dealers fell short in giving some clients breaks when rolling over 529 plans from one state to another.
FPA takes CFP Board at its word that it won’t crowd onto association’s turf
The CFP Board's decision to split itself into two nonprofits would allow it to establish a membership organization, but groups like FPA don't expect it to do so.
Morgan Stanley fines bankers over $1 million each for using unapproved messaging platforms
The firm is the latest bank to require individual staff to bear some of the burden of an unprecedented regulatory investigation.
Democrats launch sustainable investment caucus
The effort comes as Republicans have increasingly supported an anti-ESG push, largely led by the states, including Texas and Florida.
Wisconsin advisor pulled $1.9 million fraud on clients
The advisor, Anthony B. Liddle, 40, was barred from the securities industry last June by the Financial Industry Regulatory Authority Inc.
CFP Board creates separate arm to promote planning careers, hiring of planners
The group is setting up a 501(c)(6) organization that will give it more latitude to talk to students about the benefits of becoming a CFP and to the public about the benefits of working with one.
Bloomberg pays $5 million to settle SEC charges regarding fixed-income valuations
The agency alleged that from 2016 through last October, the company's BVAL failed to disclosed that valuations could be based on a single data input, rather than other methodologies it presented.
IARs in 10 states, D.C. must complete continuing education by year-end
The CE requirements are the first for investment advisors, who must take 12 credit hours of courses in products and practice as well as ethics.
Questioning the SEC’s outsourcing proposal
For advisors who don’t do their homework, the possibility of a regulatory slap on the wrist may be less of a deterrent than a whack in the wallet from aggressive attorneys.
Crypto lender Nexo pays $45 million in fines to SEC, states
The SEC said Nexo's Earn Interest Product amounted to a security that should have been registered with the agency.
