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Finra’s new exam unit looking to identify rogue registered reps
The self-regulatory organization is planning to investigate 100 to 200 brokers who pose the greatest risk to investors.
More states likely to approve senior financial abuse regulations
The North American Securities Administrators Association's model rule requires that financial advisers report suspected abuse to state and other authorities, allows them to stop disbursements from seniors' accounts and gives them protection from liability.
Lawsuits could be used to delay DOL fiduciary rule
Trump administration could put regulation on hold while courts decide its legality
Two possible routes Trump could take to delay DOL fiduciary rule
The DOL could propose a delay that would be subject to public comment, or the administration could issue an interim rule seeking delay based on "good cause."
SEC confirmation hearings for new chairman should be fast-tracked
Financial industry leaders should urge President Trump and Republican congressional leaders to move quickly on the confirmation hearing…
Financial industry expects quick action from Trump to delay DOL fiduciary rule
Lobbyists say the move could come as soon as Friday afternoon, or Monday, in the form of a directive to acting agency heads to postpone and review regulations that aren't yet operational.
SEC charges two brokers with fraud in excessive-trading scheme
The brokers used an "in-and-out" scheme in roughly two dozen client accounts, which created "enormous losses," according to the SEC.
Former N.Y. State Common Retirement Fund fixed-income director arrested in pay-for-play scheme
Allegations include receiving travel, prostitutes and drugs for steering business to two broker-dealers.
Sen. Elizabeth Warren challenges financial firms to resist efforts to delay DOL fiduciary rule
Letter to 33 companies asks six questions, including whether they support the delay or would reverse course on changes already implemented if a delay occurs.
Opponents want new secretary to scrap Treasury Department estate-tax proposal
It's not clear how President-elect Donald J. Trump's nominee for Treasury secretary, Steven Mnuchin, would approach the Treasury estate-tax rule.
DOL’s new FAQs on fiduciary rule focus on circumventing fiduciary status
The most surprising aspect of the second round of adviser FAQs is they concentrate on behaviors that will legally and appropriately circumvent fiduciary accountability.
Outgoing SEC Chairman Mary Jo White hopes successor picks up fiduciary mantle
Ms. White is departing the agency at noon on Friday, just as President-elect Donald Trump is sworn-in.
Consumer group contends brokerages misrepresent their sales focus
A Consumer Federation of America report says broker-dealers and trade groups claim they are advisers when marketing to the public but salesmen when fighting the DOL fiduciary rule in court.
DOL proposes allowing some insurance intermediaries to use a BICE under fiduciary rule
If granted, the change would make it easier for some indexed annuity distributors to sell commission products under the Labor Department regulation.
Janney Montgomery Scott selects Advicent financial planning software as core of DOL fiduciary fix for advisers
Advicent's Naviplan software will broaden advisers' view of client financial picture.
RIAs could be ultimate winners if DOL fiduciary rule is repealed or delayed
Differentiating themselves from brokers would be easier now that debate has raised investor awareness of the role of a fiduciary
New Finra head Robert Cook wants to publish exam result summaries
CEO says he got the idea by talking to firms during a "listening tour" shortly after taking over the reins of the securities industry regulator.
Adviser barred from industry, must pay $577K for concealing referral fee
Connecticut adviser John W. Rafal obtained a new client with accounts in excess of $100 million, and agreed to pay the referring attorney $50,000 annually from the advisory fees paid, according to the SEC.
Finra targets firms hiring brokers with checkered pasts
The regulator makes it a top priority for 2017, establishing an exam unit to ferret out rogue brokers and scrutinizing how firms supervise them.
SEC bars California adviser for bilking pro athletes
Ash Narayan settles case alleging he accepted $2 million from failing company he recommended to clients
