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District judge sets deadline in DOL fiduciary rule case

July 10, 2018

The Department of Labor's fiduciary rule continues its legal and procedural death throes, as three financial services industry lobbying groups opposing the regulation notified a federal court in Texas on Monday that they would seek no more action...

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...

House introduces bill targeting elder financial abuse

July 10, 2018

The House Financial Services Committee will vote Wednesday on a bill to establish an interdivisional task force at the Securities and Exchange Commission to protect senior investors. Introduced by Rep. Josh Gottheimer, D-N.J., the National Senior...

Supreme Court nominee Brett Kavanaugh voted to strike down 'Merrill Rule'

July 10, 2018

A federal judge nominated by President Donald J. Trump on Monday to fill a Supreme Court vacancy once cast a deciding vote in a case crucial to the evolution of investment advice standards. Judge Brett M. Kavanaugh of the U.S. Circuit Court...

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...

Judge dismisses stock-drop suit against Allergan

July 9, 2018

A federal judge has dismissed a complaint by participants in an Allergan defined-contribution plan, rejecting allegations that company and plan executives violated their fiduciary duties by offering company stock in the plan menu. The plaintiffs...

New tools to protect elderly from fraud, exploitation

July 7, 2018

Late last year, Fidelity Investments became concerned that an elderly client in the Atlanta area was suffering from diminished mental capacity and was being taken advantage of by a neighbor. To protect her, Fidelity froze her accounts, which...

Finra arbitrator awards $1.5 million in damages to oil and gas investor

July 6, 2018

A Finra arbitrator has ordered Texas E&P Partners and its principal, Mark Plummer, to pay a former customer $1 million in punitive damages and $521,000 in compensatory damages. The customer, Eli Garza, claimed the firm and Mr. Plummer breached...

Even after SEC's additional guidance, custody remains complicated rule for investment advisers

July 6, 2018

Recent guidance from the Securities and Exchange Commission about investment advisers' custody of client funds cleared up one aspect of the regulation but didn't go far enough to illuminate the complicated rule, according to compliance experts....

Credit Suisse to pay $77M to settle bribery probes

July 5, 2018

Credit Suisse Group AG agreed to pay $77 million to settle U.S. bribery probes claiming the lender's Hong Kong unit attempted to win banking business by offering jobs to friends and family of Chinese officials. In a seven-year period, the bank...

Finra set to strengthen background checks for new registered rep hires

July 5, 2018

Finra will soon step up its background checks on newly hired brokers. Beginning Monday, the regulator will conduct a review of public financial records within 15 days of a brokerage submitting a registration application, known as a Form U4....

Former Bank of America employee files Finra arbitration claim

July 5, 2018

Former Bank of America Corp. employee Joe Voboril filed an arbitration claim against the firm, claiming he was wrongfully terminated after an investigation into another banker's alleged inappropriate sexual conduct, according to Mr. Voboril's...

SEC charges Virginia firm with $5 million Ponzi scheme

July 3, 2018

The Securities and Exchange Commission charged a Virginia investment adviser firm and its owner with operating a nearly $5 million Ponzi scheme. The SEC was granted an order to freeze the assets in more than 30 brokerage and bank accounts controlled...

Better Markets blasts Finra's proposal to strengthen supervision of high-risk brokers as too weak

July 3, 2018

Better Markets, a group that promotes financial reform, blasted Finra's proposals to crack down on firms that employ high-risk brokers, calling them too weak. In an April 30 regulatory notice, the Financial Industry Regulatory Authority Inc....

State court ruling on broker protocol could greatly affect job seekers

July 3, 2018

Financial advisers counting on an industry pact to switch jobs safely with clients in tow could run into obstacles after a ruling by a Georgia state court last week. The decision, involving advisers who jumped to Morgan Stanley from Aprio Wealth...

Galvin: 10 broker-dealers to be scrutinized

July 2, 2018

Ten broker-dealers based in Massachusetts will be scrutinized by the state in connection with their practices around private-placement sales, according to a release from William F. Galvin, the state's chief securities regulator. The firms involved...

Charles Schwab says it settled SEC suit on reporting failures

July 2, 2018

Charles Schwab Corp. said it settled a lawsuit with the Securities and Exchange Commission over claims that the company failed to file reports on suspicious transactions by independent investment advisers that Schwab terminated from its platform....

Alexander Capital, censured by SEC, will pay $411,000 for failure to supervise

June 29, 2018

The Securities and Exchange Commission has censured Alexander Capital, a New York-based broker-dealer, and charged two of its managers with failing to supervise three brokers who churned accounts and made unsuitable recommendations and unauthorized...

Morgan Stanley to pay $3.6 million penalty for failure to supervise adviser

June 29, 2018

Morgan Stanley has agreed to a settlement with the SEC in which it will pay a $3.6 million penalty for its failure to protect four advisory clients from the actions of one of its representatives, who misused or misappropriated approximately...

When it comes to the proposed SEC advice rule, words matter

June 29, 2018

Words matter. As the Securities and Exchange Commission collects comments on its proposal to revamp the standard of conduct for brokerage firms, officially known as Regulation Best Interest, key terms — what they mean, how they are used, and...

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