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China's stock market freefall has only just begun

August 6, 2015

China's stock market rout is being described as just the beginning, according to the analyst that called the April top. 'There are some big moves coming' Can we call it a market top when Citadel is re-emerging as a likely IPO? History has not...

LPL says competitors could be on hot seat with regulators

August 5, 2015

Top executives at LPL Financial expect rival broker-dealers to face the same host of regulatory and compliance issues that LPL has confronted over the past few years. The firm recently has taken its lumps from regulators, amassing a number of...

SEC commissioner: DOL fiduciary rule would create 'a mess'

August 4, 2015

Securities and Exchange Commission member Daniel Gallagher Jr. warned Tuesday that a Labor Department proposal to reduce conflicts of interest for brokers working with retirement accounts would create “a mess” in the regulation of investment...

Finra fines Aegis Capital nearly $1 million over penny stock sales

August 3, 2015

Aegis Capital Corp., a New York-based broker-dealer with roughly 415 registered brokers, has agreed to pay $950,000 as part of a settlement with the Financial Industry Regulatory Authority Inc. over allegations of improper sales of billions...

Prepare clients now for an extended period of abnormally low portfolio returns

July 31, 2015

There are times when expectations don't square well with reality. Today, the expectations many investors have baked into their financial plans for the future are based upon recent or historic returns. But the reality is that we are likely to...

'Dissident' candidate defeats Finra's hand-picked nominee for board seat

July 30, 2015

An executive of an independent broker-dealer won a seat on the Finra board Thursday after waging what he called a “dissident” campaign. Brian Kovack, president and co-founder of Kovack Securities Inc., was elected to a mid-size firm seat...

Under regulatory pressure, Voya restricts sales of more variable annuities

July 29, 2015

Voya Financial Advisors has restricted sales of variable annuities for the second time in two months, as the brokerage firm faces increased pressure from regulators questioning the suitability of the products for retirement savers. On Monday,...

LPL Financial CEO Mark Casady says firm close to finish line with fines and settlements

July 28, 2015

LPL Financial, at last, is near the finish line with fines and settlements stemming from securities regulators' actions. “We are pretty close to being done with our regulatory build-out and regulatory work that relates to settlements,” said...

Morgan Stanley ordered to pay $2.4M arbitration award over former broker's trades

July 28, 2015

A Finra arbitration panel has ordered Morgan Stanley to pay at least $2.4 million in the latest round of claims by clients of a former Mississippi broker who has repeatedly been accused of mishandling investments, . A group of physicians and...

Rep. Ann Wagner gets three other House members to call on DOL to withdraw fiduciary proposal

July 28, 2015

Bipartisan lawmakers in the House of Representatives are trying to stop a Labor Department rule that would require brokers to act in the best interests of their clients when working with retirement accounts. Rep. Ann Wagner, R-Mo., and three...

Fired by Merrill, now barred by Finra: Thomas Buck stops here

July 28, 2015

The other shoe has dropped for former top Bank of America Merrill Lynch broker Thomas Buck, who was fired for the firm in March amid a number of allegations, including failing to discuss pricing alternatives with clients. The Financial Industry...

'Culture clash' led to $2.5 billion Merrill firing: Lawyer

July 24, 2015

A $2.5 billion Bank of America Merrill Lynch broker who was fired this month for “inappropriate workplace behavior,” according to employment records, may have been too bullheaded for the thundering herd, his attorney said. Flip-flops in...

Broker groups step up political spending early in election cycle

July 24, 2015

Groups representing brokers and investment firms have stepped up their political spending this year, while adviser advocates have slowed down their campaign contributions. The Securities Industry and Financial Markets Association, the major...

Ex-Oppenheimer brokerage chief settles with SEC in penny stock case

July 23, 2015

The former head of Oppenheimer & Co. Inc.'s private client group, a former branch manager at the firm and an ex-broker have agreed to bans and a combined $175,000 fine to settle claims tied to illegal unregistered sales of billions of shares...

The countdown for DOL to advance its fiduciary rule ticks loudly

July 23, 2015

After collecting 805 comment letters, many of them voluminous and offering myriad suggestions, the Labor Department will now be working under pressure to complete its fiduciary rule before it leaves office in 18 months – a deadline some industry...

Senate Republicans plan new tactic for undermining Dodd-Frank

July 22, 2015

Republicans this week may try a new strategy for easing Dodd-Frank Act rules. After seeking for months to win support from Democrats for legislation sponsored by Senator Richard Shelby that narrows the reach of the law, Republicans are considering...

Labor Department's fiduciary proposal is unworkable

July 22, 2015

Since the Labor Department issued its revised proposal to expand the definition of “fiduciary” under ERISA to include any financial adviser who provides guidance to investors in retirement accounts, the Financial Services Institute has been...

Perez says DOL fiduciary debate shifts from whether to how

July 21, 2015

Secretary of Labor Thomas Perez told lawmakers on Tuesday that the debate surrounding a proposal to raise investment-advice standards for retirement accounts has evolved from whether it's necessary to how to put the fiduciary measure into practice....

Where key players align in the DOL fiduciary fight

July 20, 2015

For Against For Against AARP Rule would reduce bad investment advice that costs retirement savers $17 billion annually. "Consumers deserve advice in their best interests, not advice that benefits the adviser." — Nancy LeaMond,  chief advocacy...

SIFMA's advice to DOL on the fiduciary rule: Start over

July 20, 2015

If a major industry trade group has its way, the Labor Department would rip up its proposal to raise investment advice standards for brokers working with retirement accounts and start over. In comment letters filed Monday about the DOL fiduciary...

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