Results for "regulation"

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CFP Board eliminates government relations position

April 24, 2015

At a time when the investment advice industry is watching developments in Washington more closely than ever, the Certified Financial Planner Board of Standards Inc. is shelving part of its lobbying function. At the beginning of the month, the...

State Street gets the cold shoulder from financial advisers

April 23, 2015

State Street gets poor marks from financial advisers, despite dedicated efforts to mend fences and build new relationships. A 'notable laggard in adviser support' The U.S. fracking industry is going down the drain in a hurry. Half the industry...

SEC says phony adviser is ripping off members of the military

April 23, 2015

Phony financial advisers are always extremely dangerous. For investors, they pose tremendous risk, due to their creation of potentially fraudulent schemes that will destroy clients' savings and wealth. For financial advisers, a fraudster in...

Financial industry asks DOL for more time on fiduciary rule

April 23, 2015

More than a dozen financial industry groups have asked the Department of Labor to extend the comment period for a proposal that would raise investment-advice standards for retirement accounts. Last week, the agency released the rule, which is...

Finra bars Wells Fargo broker who ran Miami nightclub

April 23, 2015

The Financial Industry Regulatory Authority Inc. has barred a Wells Fargo adviser-turned-Miami socialite who engaged in a several undisclosed outside businesses, including allegedly running a hip hop dance club in South Beach, according to a...

State regulators to require continuity plans

April 22, 2015

State securities regulators have advanced a model rule outlining policies investment advisers should have in place to respond to natural disasters or the death or incapacitation of an executive. The rule, developed by the North American Securities...

How advisers can avoid Finra scrutiny over personal liens, judgments, or bankruptcies

April 21, 2015

You're a financial adviser with a clean record and a solid book of business. Unfortunately, along the way, you had some personal tax issues and, despite your best efforts to resolve them, the Internal Revenue Service filed a series of tax liens...

Regulators' caution on complex products masks value

April 20, 2015

Alternative investment products require more education and transparency rather than a regulatory crackdown, as investors turn to them to boost portfolio returns, proponents say. Last week, SEC Commissioner Luis Aguilar called for a stronger...

Shifting focus is in brokers' best interests

April 19, 2015

Brokers lost a round in their battle against being held to a fiduciary standard last week when the Department of Labor proposed a new regulation defining who must act in their clients' best interests. The Office of Management and Budget has...

In Labor Department's fiduciary proposal, a nod to passive investing

April 17, 2015

Brokers who sell index funds may get a leg up from newly proposed requirements that would impose more stringent standards for professionals who provide advice on retirement accounts. The Department of Labor proposal would require brokers to...

Finra board approves changes to public communication rules

April 16, 2015

Finra will streamline rules governing how brokers communicate with the public, the organization's board decided Thursday. The Financial Industry Regulatory Authority Inc., the industry-funded broker-dealer regulator, will release the proposal...

DOL fiduciary rule fails by only focusing on fees and expenses

April 15, 2015

About 10 years ago, one of the law firms involved with some of the first class-action lawsuits against 401(k) plan sponsors and service providers met with me to see if I would consider serving as an expert witness. I asked the legal team, why...

Brokers get a mixed review on how they treat older investors

April 15, 2015

More than a third of brokerage firms examined by regulators made one or more potentially unsuitable recommendations of variable annuities to senior investors, a report issued Wednesday found. The greatest issue regarding these sales was whether...

Expect tumult for broker-dealers if DOL fiduciary plan goes through

April 15, 2015

It's early days, but retirement plan experts predict a major shake-up in the way broker-dealers do business with small retirement plans and IRAs — all thanks to a prohibited transaction exemption in the Labor Department's new fiduciary duty...

What it takes to be a fiduciary

April 15, 2015

The Department of Labor's Conflict of Interest proposal is significant on many fronts, not the least of which is how it redefines what it means to be a fiduciary. Instead of the five-part test laid out in 1975, the new proposal offers a four-part...

Finra bars owner of B-D that sells equipment-leasing funds

April 14, 2015

Finra has barred Kimberly Springsteen-Abbott, owner of a broker-dealer that packages and distributes illiquid equipment-leasing funds, from the securities industry for misusing investor funds by improperly allocating expenses to the funds that...

Labor Department proposes controversial fiduciary rule

April 14, 2015

The Department of Labor proposed a highly anticipated and controversial rule Tuesday that would require brokers working with retirement accounts to act in the best interest of clients. The higher standard for brokers is at the heart of a regulation...

Merrill seeks to be leader on fiduciary

April 14, 2015

Bank of America Merrill Lynch executive John Thiel's move last week to call for a “best interest” standard of care and for working with the Labor Department marks a turning point in the debate over a fiduciary standard, industry observers...

Regulation is only part of the solution

April 12, 2015

Recently I spoke on a panel in Australia with Joel Cohen, the prosecuting attorney depicted in the movie “The Wolf of Wall Street.” Mr. Cohen, the other panelists and I were asked how our industry — particularly holistic advisory professionals...

What a Hillary Clinton presidency would mean for financial advisers

April 10, 2015

It wasn't quite as interminable as the wait for Godot, but Hillary Rodham Clinton is finally arriving on the presidential election scene. At least, if the scuttlebutt today is true: that she's going to announce her candidacy Sunday. What a Hillary...

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