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California governor backs best-interest bill for annuity sales
Gov. Newsom’s signing of SB 263 makes California the 44th state to adopt the NAIC's controversial model for annuity transactions.
Ameriprise bracing for $50 million penalty over messaging
'There's no rhyme or reason regarding how these penalties are determined,' one industry executive says.
IRS targets those with high incomes who haven’t filed tax returns, some since 2017
The amount of unpaid tax is estimated to be hundreds of millions of dollars.
SEC announces new director for investment division
Natasha Vij Greiner has been with the regulator for two decades.
Social media scams, crypto fraud on the rise: NASAA report
State securities regulators investigated 8,538 cases in 2022, up from 7,029 in 2021, according to the report.
Minnesota advisor charged in alleged $1.6M wire fraud
An FBI investigation finds the advisor embezzled money meant for clients’ investment accounts to finance her house-flipping business.
New Fidelity benefit aims to help relieve student loan burden
The program enables employers to match workers' student loan repayments with contributions to their 401(k) accounts to help them save for retirement while paying down student debt.
Michigan workers could gain retirement lifeline with auto-IRA proposal
The state is the latest to move to fill the gap in employer-sponsored retirement programs.
Don’t rush to open private equity floodgates
Change is in the air over what constitutes an accredited investor but how far should the industry go?
SEC wants LPL to pony up $50 million over messaging apps, texts
'The large size of such fines underscores the point that regulators want this behavior to change quickly,' a compliance executive notes.
Financial crime compliance costs reach $61B for financial institutions
LexisNexis report reveals almost all firms in the US and Canada are affected.
SEC bars financial advisor indefinitely
Connecticut-based Andrew Komarow had been barred by Finra in June.
A government site for all your 401(k) data?
The Government Accountability Office wants Congress to mandate a national 401(k) dashboard.
‘Legal’ insurance tax break blasted
Senate Finance Committee targets private placement life insurance as a 'booming tax dodge' for the wealthy.
Regulatory change could bring ‘thousands’ of new ETFs
A number of other asset managers have asked the SEC to allow them to replicate the fund model, used exclusively by Vanguard for more than two decades, that lets an ETF be listed as a share class of a broader mutual fund.
Most financial services firms preempting crypto regulations with employee policies
Almost half of firms say they already have a policy, and more intend to add one this year.
Finra names new members to its board
Finra's new governors include Vanguard’s first-ever global CIO and the president of UBS Americas.
Gensler cites risks where banks and non-banks meet
The SEC chair talks about the outlook for implementing the rest of his regulatory agenda.
JPMorgan expects to pay more than $350M for trade-reporting lapses
The firm will settle claims with two US regulators that it failed to feed information on trades into market surveillance systems.
SEC orders TIAA to pay $2.2M for violating Reg BI
Disclosure failures at the organization’s broker-dealer arm led to nearly $1 million in unnecessary costs for retail customers in IRAs.