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Finra bars former rep who provided 'inaccurate auto-loan information'

March 27, 2018

The Financial Industry Regulatory Authority Inc. has barred former State Farm mutual fund rep Cody Rock for failing to provide information requested in an investigation into his auto loans. In a letter of acceptance, waiver and consent, Finra...

DOL fiduciary rule death meets 'Back to the Future' is a must-watch

March 27, 2018

In a shocker, on March 15 the 5th Circuit Court of Appeals decided to vacate the DOL fiduciary rule. If left to stand, the pre-June 2017 definition of fiduciary would once again be in effect, as would the earlier prohibited transaction exemption...

SEC blasts Wedbush for ongoing failure to supervise

March 27, 2018

The Securities and Exchange Commission has charged Wedbush Securities Inc. with failing to supervise a broker and ignoring "numerous red flags" that she was involved in a long-running pump-and-dump scheme. In a release, the SEC said its action...

Finra panel awards firm $780,424 against broker to repay legal costs

March 27, 2018

It's not just investors who can get stiffed by brokers who lose arbitration cases. It's possible their firms could get the short end of the stick, too. A Finra arbitration panel awarded $780,424 in compensatory damages to Alliance Affiliated...

Finra bars former Morgan Stanley adviser over hearing no-show

March 27, 2018

The Financial Industry Regulatory Authority Inc. has barred former Morgan Stanley broker Matthew Singer for failing to appear at a hearing in connection with a Finra investigation. The regulator was looking into whether Mr. Singer and others...

Finra bars no-show former broker fired over fund sales

March 27, 2018

The Financial Industry Regulatory Authority, Inc. has barred Lawrence Fawcett, Jr., a former broker with WestPark Capital, for failure to appear at a hearing looking into his trading activity. In December, Mr. Fawcett consented to a Finra finding...

Key lawmaker sees disclosure as most important part of investment-advice standard

March 27, 2018

Rep. Bill Huizenga, R-Mich., acknowledges that clients are sometimes harmed by their financial advisers, but he doubts that conflicted advice is rampant. "I don't believe that there's a systemic and widespread issue," Mr. Huizenga said in a...

Finra bars no-show broker discharged for unauthorized trading

March 26, 2018

The Financial Industry Regulatory Authority Inc. has barred Sanders Spangler, a former LPL broker, for not appearing at a Finra hearing looking into his trading activity on behalf of clients. In February 2017, LPL discharged Mr. Spangler after...

DOL fiduciary rule lawsuit withdrawn by fixed annuities group in DC federal court

March 26, 2018

The National Association of Fixed Annuities withdrew its lawsuit late last Friday against the Labor Department's fiduciary rule that was pending in the D.C. Circuit Court of Appeals. NAFA said the recent decision by the 5th Circuit Court of...

Bank of America $42 million fine renews push for more info on where orders go

March 26, 2018

Bank of America Corp.'s $42 million fine for misleading clients prompted fresh calls for better insight into where investor orders go in the U.S. stock market. It settled with New York Attorney General Eric Schneiderman over accusations of bad...

DOL fiduciary rule: Don't abandon compliance just yet

March 24, 2018

So now we wait … patiently … for the next move … in the ongoing saga … of the DOL fiduciary rule. The momentum generated by courts upholding various aspects of the Department of Labor's conflicts-of-interest regulation, as the Trump...

Finra bars former Fortune Financial rep over document denial

March 23, 2018

The Financial Industry Regulatory Authority has barred former Fortune Financial broker Michael Giokas for failure to provide information in connection with his October 2017 arrest on fraud charges. Shortly before his arrest, Mr. Giokas resigned...

Business development company language added to spending bill allows for increased leverage

March 23, 2018

Legislation that would allow business development companies to increase their use of debt and potentially boost returns became law Friday afternoon. The BDC measure was included in a $1.3 trillion appropriations bill approved by the House on...

Bank of America to pay $42 million to NY over electronic trading probe

March 23, 2018

Bank of America Corp.'s corporate and investment banking division agreed to pay $42 million to settle a New York state probe into a so-called masking scheme in which it misled clients about who was seeing and filling their orders and who was...

Investment Adviser Association, Schwab press lawmakers for tax-reform adjustments to help advisers

March 22, 2018

Advocates for investment advisers are pushing for changes to last year's sweeping tax-reform legislation that they say will benefit advisers and their clients. The Investment Adviser Association and Charles Schwab & Co. Inc. recently launched...

Here's how the top indexed, variable annuity sellers did last year

March 22, 2018

Indexed annuities' decade-long joy ride came to an end last year. The products saw their first year-over-year sales decline since 2007, dipping 5.4% to $57.6 billion, according to the LIMRA Secure Retirement Institute. Eleven of the top 15 insurance...

F-Squared's former president ordered to pay $12.4 million over false statements

March 21, 2018

A federal judge in Boston has ruled that the former head of what was once the largest ETF portfolio management firm must pay more than $12.4 million for lying to investors. In October, Howard Present, former chief executive of F-Squared Investments,...

Finra bars former Northwestern rep for impersonating customers

March 21, 2018

The Financial Industry Regulatory Authority Inc. has barred a former Northwestern Mutual broker over a scheme that involved impersonating investors and creating accounts away from his firm. According to Finra and details supplied by Northwestern...

What to watch for next with the DOL fiduciary rule

March 21, 2018

A harrowing journey for the Labor Department's fiduciary rule has become even more treacherous in the last few days, following a decision by the 5th Circuit Court of Appeals to strike down the regulation. Here are some developments to watch:...

DOL fiduciary rule: 5th Circuit decision could be big win for indexed annuities

March 21, 2018

Indexed annuities — and the intermediaries that sell them — appear to be the biggest benefactors of an appellate court's decision last week to vacate the Department of Labor fiduciary rule. While observers are divided on the ruling's implications,...

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