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SEC penalizes 13 firms for improper sales of Puerto Rican bonds

November 3, 2014

The Securities and Exchange Commission on Monday fined 13 financial firms for improperly selling Puerto Rican bonds to retail clients. Under an SEC rule, municipal bonds can only be sold in a “minimum denomination” of $100,000 per transaction...

Money managers scraping to catch up to record stock market

November 3, 2014

Your mutual fund manager, flush with cash, might be in a bind. Record S&P 500 runs away from mutual funds trailing index More bad news for Nicholas Schorsch and his real estate empire? RCS drops plan to Buy Cole Capital from American Realty...

Who's spending what on political candidates?

November 3, 2014

In advance of voters going to the polls tomorrow to determine control of the Senate, brokerage and insurance industry interest groups have increased their political contributions while financial adviser organizations are holding steady at substantially...

Will missteps menace Schorsch's empire?

October 31, 2014

With at least one major independent broker-dealer forecasting a potential slowdown in the sale of nontraded real estate investment trusts, the revelation this week of accounting errors that went intentionally uncorrected at Nicholas Schorsch's...

Finra names new head of arbitration

October 30, 2014

The Financial Industry Regulatory Authority Inc. has selected Richard W. Berry, a 19-year veteran of the organization, to head its arbitration system. Mr. Berry will become executive vice president and director of dispute resolution on Dec....

Brokers warned to beef up training on complex products

October 30, 2014

It's not just clients who ask brokers to explain the increasingly complicated financial products they're selling. Sometimes regulators inquire — and listen carefully for fumbling and stumbling answers. If a broker doesn't grasp the product,...

CEO Mark Casady apologizes to LPL Financial shareholders for compliance missteps

October 30, 2014

LPL Financial chief executive Mark Casady on Thursday apologized to shareholders for taking so long to straighten out its compliance issues, which have cost the nation's largest independent broker-dealer millions of dollars in fines, restitution...

New rules for annuities and target date funds inspire products race

October 30, 2014

Retirement plan service providers are revving up their product development engines now that the Treasury and Labor departments are paving the way for annuities to be paired with target date funds in 401(k) plans. Plan service providers have...

LPL's former star adviser finds a home

October 30, 2014

Former star LPL Financial adviser James “Jeb” Bashaw has finally found a home. After LPL Financial terminated Mr. Bashaw near the end of September for allegedly "selling away,” he was temporarily registered in October with Wunderlich Securities...

Liquid alts get warning from SEC's Norm Champ

October 29, 2014

An alternative mutual fund may consider a number of ways to exceed market returns, but it should identify the ones it's most likely to use, a Securities and Exchange Commission official told members of the industry on Wednesday. Norm Champ,...

Firms pumping millions into their compliance departments to keep regulators at bay

October 26, 2014

After a series of embarrassing and expensive compliance and regulatory failures, LPL Financial hired David P. Bergers, a rising star from the Securities and Exchange Commission, as its chief legal officer. Mr. Bergers came with a hefty price...

Finra's CARDS plan is likely to be a game changer

October 26, 2014

Released for public comment Sept. 30, CARDS Version 2.0 is an ambitious effort by the Financial Industry Regulatory Authority Inc. to develop mega-data on the brokerage industry and its millions of customer accounts for enforcement purposes....

Spike in Finra, SEC regulation leaves star brokers exposed

October 24, 2014

Star financial advisers, the cocky big producers in the corner offices, have long been treated with kid gloves by management at brokerage firms. The financial advice industry, particularly the large securities houses, have an unspoken tradition...

Analysts question whether LPL is out of the regulatory woods

October 23, 2014

Analysts said LPL Financial Holdings Inc. still has plenty of questions hanging over it after cutting its third-quarter earnings forecast by 11 cents a share Tuesday to satisfy regulatory concerns. LPL now expects its broker dealer, LPL Financial,...

Social Security cost-of-living adjustment to rise less than 2% again in 2015

October 22, 2014

Social Security benefits will rise 1.7% next year for the nation's 58 million beneficiaries, or about $20 a month for the typical retired worker, the Social Security Administration said on Wednesday. This cost-of-living adjustment for 2015 is...

Money managers to redraw battle plans after SEC nixes batch of nontransparent ETFs

October 22, 2014

Active fund managers will have to redraw battle plans in their years-long push to bring new products to exchanges after regulators delivered a public rebuke to two proposals for so-called “non-transparent” ETFs. In a 60-page preliminary...

Wunderlich and fired LPL broker part ways

October 22, 2014

A former star broker and branch manager who was dismissed last month by LPL Financial and who appeared to be headed for Wunderlich Securities Inc. will not be hired, a spokeswoman for the firm, Kathy Ridley, confirmed. Memphis, Tenn.-based Wunderlich,...

What the SEC's enforcement numbers really tell us

October 22, 2014

The Securities and Exchange Commission's approach to enforcement reflects a workplace adage: What the boss wants, the boss gets. Last week, the SEC announced it filed a record 755 enforcement actions in fiscal 2014, which ended Sept. 30, and...

LPL cuts profit forecast to cover higher-than-expected regulatory costs

October 21, 2014

Indicating it still had unfinished and costly business with regulators, LPL Financial Holdings Inc. cut its third-quarter earnings forecast by 11 cents a share after the markets closed Tuesday. In afternoon trading Wednesday, LPL shares were...

Borzi taking a back seat on fiduciary

October 21, 2014

The leading player in the Department of Labor's effort to raise investment advice standards for retirement plans is patiently waiting on the sidelines while her boss talks to opponents of the measure. Labor Secretary Thomas Perez has been meeting...

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