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SEC advice rule raises bar for brokers by putting 'best interest' on table

April 19, 2018

A Securities and Exchange Commission proposal to curb conflicts of interest for brokers comes with compliance requirements that give the regulation teeth, according to securities lawyers. In a 4-1 vote Wednesday, the SEC advanced a package of...

Brokers accept proposed SEC rule on who can call themselves an adviser

April 19, 2018

Even though the Securities and Exchange Commission's new proposed advice rules could require them to make changes in the way they do business, some brokers acknowledged that the regulations are needed to clear up investor confusion about the...

SEC advice rule: Here's what you need to know

April 19, 2018

The Securities and Exchange Commission has officially proposed its investment-advice rule, the first step in a long regulatory process that could fundamentally change the way broker-dealers and their representatives do business. The proposal,...

One adviser's journey to becoming a citizen advocate

April 18, 2018

Some of the most rewarding experiences my team and I at the Financial Services Institute encounter as advocates for our industry come when we see the proverbial "light'" click on for our adviser members and we get a front row seat as they grow...

SEC advice rule hearing updates

April 18, 2018

The following is a string of dispatches from the SEC hearing on standards of conduct for financial advisers. Check back regularly for the latest updates. 5:30 p.m. ET: SEC VOTES 4-1 TO PROPOSE RULE, WHICH COMMISSIONER PEIRCE CALLS 'SUITABILITY-PLUS'...

SEC advice rule: Industry groups brace for debate

April 18, 2018

Financial services industry groups scrambled on Wednesday afternoon to get out ahead of and then respond to the SEC's proposed advice rule, which is designed to lay the foundation for upgraded financial advice standards. As the Securities and...

SEC advice rule seeks to tighten reins on brokers

April 18, 2018

The Securities and Exchange Commission appears to be cracking down on broker conduct in its investment-advice overhaul by pushing for a best-interest standard that compels brokers to put clients' financial interests ahead of their own, requires...

SEC advice proposal unveiling: Here's what to expect

April 17, 2018

After many years of study and internal debate, the Securities and Exchange Commission is set to make a momentous advance Wednesday in setting investment advice standards. The five-member SEC is scheduled to vote Wednesday afternoon on whether...

Finra bars broker it was investigating for fraud

April 16, 2018

The Financial Industry Regulatory Authority Inc. has barred former broker Steven Pagartanis for failing to take part in a hearing looking into allegations that he made fraudulent misrepresentations to customers and misappropriated customers'...

Beware: Regulators won't take excuses for reverse-churning

April 14, 2018

With regulators​ zeroing in on reverse-churning, and lawsuits popping up around the practice, advisers should be paying attention. The concern stems from conflicts of interest that advisers face when deciding whether to move clients from commission-based...

Adviser facing 20-year prison sentence settles with SEC

April 13, 2018

Former financial adviser Daniel Glick, who has already pled guilty to wire fraud in a parallel criminal case, has settled a civil suit brought by the Securities and Exchange Commission in which he agrees to help recover stolen assets now located...

Deutsche Bank rep fined $5,000 for role in outside medical marijuana business

April 13, 2018

Finra has fined Mina Mishrikey $5,000 and suspended him for three months because he continued to participate in a medical marijuana business after his firm told him not to. The Financial Industry Regulatory Authority Inc. said that in September...

401(k) plan participants sue Home Depot over alleged fiduciary breaches

April 13, 2018

Two participants in Home Depot Inc.'s 401(k) plan have sued plan executives alleging that excessive fees and poor-performing investments represented a breach of their fiduciary duties under the Employee Retirement Income Security Act. The participants...

SEC to meet to consider advice-standards proposal

April 12, 2018

The Securities and and Exchange Commission next week will consider a proposal to establish a new investment-advice rule for brokers. The April 18 meeting will involve consideration of a three-part proposal, according to a notice posted on the...

Sneak peek at new SEC advice standard sparks hope, concern

April 12, 2018

The sneak peek the Securities and Exchange Commission has offered of its pending proposal on investment advice standards has sparked both hope and concern among investor advocates and industry representatives. In a notice posted on its website...

Fidelity changing the way it charges for financial advice

April 12, 2018

Fidelity Investments is changing the way it charges wealth management customers for advice, based on the amount they have invested with the firm. The new fees begin in July for the more than 800,000 customers of the wealth unit. The charges...

Finra taps former Schwab exec Bari Havlik to replace Susan Axelrod in top cop job

April 11, 2018

The Financial Industry Regulatory Authority Inc. has selected Bari Havlik, most recently chief compliance officer the The Charles Schwab Corp., as head of its member regulation program. As executive vice president for member supervision, Ms....

Maryland attorney general bars unregistered adviser

April 11, 2018

An unregistered investment adviser has been barred by the Maryland attorney general's office for "dishonest and unethical trade practices" that included selling unregistered securities by fraudulent means. According to the Securities Commissioner...

Finra bars former OneAmerica broker for stealing customer's money

April 10, 2018

The Financial Industry Regulatory Authority Inc. has barred Domingo Gonzalez, a former broker with OneAmerica Securities, for depositing money entrusted to him into his own account and then spending the money. Finra said that Mr. Gonzalez, who...

'Best interests' and 'fiduciary' aren't the same, so which will the SEC choose?

April 10, 2018

We're now into the second quarter of the year, and everyone involved in the debate over investment advice standards is eagerly awaiting the Securities and Exchange Commission's fiduciary rule proposal. Oops. Like Britney Spears, I did it again....

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