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IRS alerts tax pros to insurance form scam

October 13, 2017

The Internal Revenue Service has alerted tax professionals and their clients to a scam where cybercriminals gain access to annuity and life insurance accounts. In one variation of the scheme, the IRS warned in a release, a cybercriminal impersonates...

DOL fiduciary rule delay boosts prospects for annuity sales

October 12, 2017

A proposed delay to the Department of Labor's fiduciary rule is leading to big increases in annuity sales projections next year. The regulation, which raises investment-advice standards in retirement accounts, was expected to put a severe dent...

Report details rampant elder financial abuse

October 12, 2017

Americans 62 and older, both rich and poor, are the target of widespread financial abuse from mortgage companies, banks, credit bureaus and debt collectors, according to a new report released Thursday. Two nonprofit public interest groups, the...

House panel approves legislation to kill DOL fiduciary rule, and 2 other adviser-related bills

October 12, 2017

The House Financial Services Committee on Thursday approved legislation that would kill the Labor Department fiduciary rule and replace it with an investment advice regulation to be written by the Securities and Exchange Commission. In a 34-26...

DOL fiduciary rule, along with two other regs, could be a boon for ETFs

October 12, 2017

Three rules will make exchange-traded funds more accessible to new types of investors. In the U.S., the fiduciary duty and new insurance guidelines will enable retirement savers and insurers to raise their exposure to ETFs. In Europe, the Markets...

Finra wants to help the small broker-dealer: Cook

October 12, 2017

As the number of broker-dealers it regulates continues to decline, the Financial Industry Regulatory Authority Inc. is focused on bolstering small firms, according to Finra's new CEO, Robert Cook. "We want to create an environment where new...

Brace yourself for more SEC exams

October 11, 2017

The new Securities and Exchange Commission chairman, Jay Clayton, recently testified before Congress that the agency will increase its examinations of investment advisers by 20% in the current fiscal year, and nudge those numbers up a further...

Preston Rutledge, senior aide on Senate Finance Committee, could be filling Phyllis Borzi's old post at DOL

October 11, 2017

A senior aide on the Senate Finance Committee could be in line to be the next point person on the Labor Department's fiduciary duty rule. President Donald J. Trump will nominate Preston Rutledge, senior tax and benefits counsel on the panel,...

Trump may tout $4,000 worker benefit in tax pitch

October 11, 2017

President Donald J. Trump will try to make the case that corporate tax breaks would benefit middle-class wage earners Wednesday evening – and an excerpt of his speech suggests he'll use a measure of salesmanship. Trump is expected to say the...

401(k) referrals rare from wealth managers despite DOL fiduciary rule

October 11, 2017

Conventional wisdom is that the Department of Labor's conflict-of-interest rule would result in a flood of referrals from wealth management advisers and other less-specialized retirement plan advisers to retirement-plan specialists. Beware of...

Finra flags two ex-Ameriprise reps over margin snafus

October 10, 2017

Two brokers formerly registered with Ameriprise Financial Services Inc. were fined and suspended Monday by the Financial Industry Regulatory Authority Inc., in part due to securities industry rule violations involving customer transactions using...

Finra's Focus on UITs

October 10, 2017

In recent years, the Financial Industry Regulatory Authority, Inc. has been scrutinizing its member broker-dealers' sales, recommendations and procedures relating to investments in unit investment trusts (UITs). Its 2017 Regulatory and Examination...

SIFMA: State-level fiduciary rules would confuse investors

October 6, 2017

A major financial industry trade association is warning today that state-level fiduciary duty laws would confuse investors and financial advisers rather than deliver the protections envisioned by the measures. In testimony today in Las Vegas,...

Finra CEO: Regulator will consider more transparency

October 6, 2017

Finra president and chief executive Robert W. Cook said on Friday that the broker-dealer regulator will consider making its board deliberations public and providing more transparency about how it spends fine proceeds. The potential moves could...

9 ways advisers may have custody without knowing it

October 5, 2017

As complexity in the financial advice business goes, there is nothing quite like the infamous custody rule, which includes a gauntlet of trigger points that can deem a registered investment adviser as having custody. According to SEC filings,...

Trump administration scrapping estate-tax rule affecting wealthy business owners

October 5, 2017

The Treasury Department is withdrawing a proposed regulation that would have changed how wealthy business owners can pass on businesses to children and other heirs. Currently, individuals are able to discount valuations of stakes in family-controlled...

Consumer Federation of America claims brokerage firms may be violating DOL fiduciary rule

October 5, 2017

This story has been updated to reflect clarifications from the Consumer Federation of America and other information, as well as a statement from Fidelity Investments. The Consumer Federation of America is calling on multiple regulatory bodies...

SEC approves Finra rule to streamline securities exams

October 5, 2017

New college graduates and people wanting to change career direction would more easily be able to enter the securities industry thanks to reformed Finra qualifying exams. The Securities and Exchange Commission has approved a Finra rule to streamline...

Judge dismisses lawsuit against Fidelity alleging fault in Delta 401(k)

October 4, 2017

A U.S. District Court judge in Boston has dismissed a lawsuit against two units of Fidelity Investments, which were accused by participants in a Fidelity client's retirement plan of violating fiduciary duties. The plaintiffs are participants...

SEC chief Jay Clayton tells lawmakers agency is drafting its own fiduciary duty rule

October 4, 2017

Securities and Exchange Commission Chairman Jay Clayton told lawmakers on Wednesday that the agency is drafting a proposal for a fiduciary rule. The agency is trying to catch up with the Department of Labor, which partially implemented its own...

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