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SEC appeals own judge's decision in case on custodians' payments to advisers for fund picks

June 29, 2015

The Securities and Exchange Commission is fighting a decision by an in-house agency judge to dismiss charges accusing two financial advisers of not informing clients they were paid by Fidelity Investments to sell certain mutual funds. In a filing...

Finra income soars due to increased fines, rising regulatory fees

June 29, 2015

Increased revenue, including a doubling of money raised through fines, helped Finra significantly increase net income in 2014, according to the regulator's annual report. The Financial Industry Regulatory Authority Inc., an industry-funded organization,...

More advisers simulating SEC exams to expose gaps before regulators come knocking

June 29, 2015

Additional regulatory scrutiny of investment advisers has led more advisory firms to conduct mock exams to root out any compliance problems before examiners show up. About 52% of advisers have had internal staff or a third party run their firms...

Insurance industry wants DOL to telegraph changes to fiduciary

June 29, 2015

If an investor calls her broker today regarding holdings in her individual retirement account linked to Greece, the broker's answer could count as fiduciary advice under a proposed Department of Labor rule. “That's an example of the breadth...

Custodians' payments to RIAs for fund picks raise eyebrows

June 26, 2015

Registered investment advisers like to promote themselves as being on the side of investors, but a growing number are quietly accepting money from custodians in exchange for recommending certain mutual funds — usually funds that are more expensive...

Momentum to defund DOL fiduciary rule seems unstoppable

June 25, 2015

Momentum in Congress to thwart a Labor Department proposal to raise investment advice standards for retirement accounts by cutting funding seems unstoppable. But proponents are looking to the history of the fight around the fiduciary duty and...

Lawmakers consider lower tax rate for intellectual property housed in the U.S.

June 24, 2015

U.S. lawmakers are exploring a new corporate tax break that would benefit companies already adept at avoiding taxes. The idea — known as a patent box or innovation box — would grant a lower tax rate on income generated from patents and other...

Perez calls out variable annuities in argument for DOL fiduciary rule

June 24, 2015

When he goes to Capitol Hill and other venues to advocate for a rule that would raise investment-advice standards for retirement accounts, Labor Secretary Thomas Perez uses an anecdote that highlights the dangers of variable annuities. He tells...

House committee cuts funding for DOL's fiduciary rule

June 24, 2015

The Department of Labor would be unable to spend any money to update its fiduciary rule under a House Appropriations Committee budget approved Wednesday. The legislation, which would also defund Obamacare, President Barack Obama's Patient Protection...

RIAs could be required to report suspected money laundering

June 23, 2015

After more than a decade of deliberation, registered investment advisers are one step closer to having to monitor and report suspicious activity related to money laundering, according to a rule proposal from the Treasury Department's Financial...

Senate joins House in effort to deny DOL fiduciary funding

June 23, 2015

The Senate joined the House on Tuesday in trying to shut down a rule proposed by the Department of Labor to raise investment advice standards for retirement accounts. A Senate Appropriations subcommittee approved a bill that included language...

SEC exams target advisers' retirement-saving guidance

June 22, 2015

Securities regulators announced Monday a program to examine the retirement-planning guidance provided by financial advisers, placing new scrutiny on an industry already debating requirements that brokers act in the best interest of investors....

Finra homes in on supervisory failures tied to rogue brokers

June 22, 2015

Sending a message that brokerage firms may need to step up their monitoring for rogue brokers, the Financial Industry Regulatory Authority Inc. said Monday it had reached a nearly $1 million settlement with two firms for failing to supervise...

DOL Secretary Perez touts Wealthfront as paragon of low-cost, fiduciary advice

June 19, 2015

In his effort to build support for a proposal to raise investment advice standards for retirement accounts, Department of Labor Secretary Thomas Perez often uses a prominent robo-adviser as a talking point. When he appeared at a June 17 congressional...

SEC's Gallagher says agency unfairly cracks down on compliance officers

June 18, 2015

Securities and Exchange Commission member Daniel M. Gallagher said the agency unfairly targeted chief compliance officers in recent enforcement actions and is leaving them unsure of the extent of their responsibility for firm behavior. Mr. Gallagher...

MetLife files suit to fight 'too big to fail' status

June 17, 2015

MetLife takes big issue with its “Too Big To Fail” status by filing suit against the Financial Stability Oversight Council. Charging FSOC with acting as 'judge, jury and executioner' Looking past the fact the Fed is not expected to announce...

Perez assures lawmakers DOL will make fiduciary rule work

June 17, 2015

Secretary of Labor Thomas Perez assured lawmakers Wednesday that the agency is listening to concerns about a controversial investment advice proposal and will “make it work.” In an appearance before a subcommittee of the House Education...

SEC alleges Boston adviser defrauded clients and lost over $12 million

June 17, 2015

A Massachusetts financial adviser defrauded investors and lost up to $12 million of their money investing in Canadian penny stock companies he had undisclosed financial stakes in, regulators said. Hans Peter Black, founder of Boston-based Interinvest...

Finra arbitration panel hits Robert W. Baird & Co. with $17.8 million penalty

June 17, 2015

A Financial Industry Regulatory Authority Inc. arbitration panel has slapped Robert W. Baird & Co. and 20 of its employees with a fine of $17.8 million plus interest, awarded to Gleacher & Co., a dissolved investment firm, for alleged unfair...

Wells Fargo faces major test of broker liability for selling F-Squared

June 17, 2015

A Wells Fargo Advisors client has asked arbitrators to recover money he says he lost investing with F-Squared Investments Inc., his lawyer said Wednesday, testing whether investors can challenge brokerage firms who sold the troubled asset manager's...

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