Results for "regulation"

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SEC chairman Jay Clayton says market needs 'clarity' on adviser-client relationship

February 23, 2018

Securities and Exchange Commission Chairman Jay Clayton put a fiduciary-rule proposal at the top of the agency's rulemaking agenda on Friday, saying that the market needs "clarity" on the relationships between financial advisers and clients....

Merrill Lynch and rep to pay $140,000 to Vermont for unauthorized actions

February 22, 2018

Merrill Lynch and Lawrence K. Barber, a broker who has been with the firm since 1997, will pay the state of Vermont $140,000 as a result of an investigation by state financial regulators into the broker's conduct. The firm and the broker will...

IRI seeks Republican support for bill to expand auto-401(k) plans

February 22, 2018

Congressional efforts to expand workplace saving programs have been missing a key element for a Republican-majority Capitol Hill — backing from the GOP. The Insured Retirement Institute, a trade association representing the annuity industry,...

Maryland jumps into fiduciary fray with legislation requiring brokers to act in best interests of clients

February 21, 2018

Brokers in Maryland would have to act in the best interests of their clients under a Senate bill making its way through the state legislature. Maryland investment advisers currently must meet such a fiduciary requirement. The provision that...

DOL fiduciary rule continues to take toll on annuity sales

February 21, 2018

The Department of Labor fiduciary rule and the interest-rate environment delivered a one-two punch to annuity sales last year, pushing them down for the third consecutive year. Compared with the previous year, overall annuity sales dipped 8%...

Fiduciary conduct is good for business

February 21, 2018

Investment advisers have been conditioned to think of fiduciary conduct as a compliance matter. The long-debated DOL fiduciary rule, the impending SEC fiduciary rule, Finra's recent "best interest" spin on suitability, and new fiduciary laws...

Finra orders Hilliard, Lyons and rep to pay $445,000 in compensatory damages

February 20, 2018

A majority-public Finra arbitration panel has awarded a client of J.J.B. Hilliard, W.L. Lyons and Christopher Duke Bennett, one of its brokers, $445,000 in compensatory damages. The award was $195,000 more than what the client, Elizabeth Nickens,...

Galvin's DOL fiduciary rule enforcement triggers industry plea for court decision

February 20, 2018

Industry opponents of the Labor Department's fiduciary rule are using last week's Massachusetts enforcement action to try to speed up an appeals court decision in their lawsuit. The plaintiffs warned the Fifth Circuit Court of Appeals that the...

Advisers should take SEC up on offer to waive penalties

February 17, 2018

Fans of golf know the sport as one in which participants call penalties on themselves. This is essentially what the Securities and Exchange Commission is now asking of financial advisers. The commission's announcement last week, citing "widespread"...

Whistleblower said to collect $30 million in JPMorgan case

February 16, 2018

JPMorgan Chase & Co.'s failure to properly inform some rich clients about conflicts of interest has resulted in a record $30 million whistleblower award by U.S. futures regulators. The Commodity Futures Trading Commission will pay out that amount...

State securities regulator says states can enforce DOL fiduciary rule

February 16, 2018

A prominent state securities regulator backed Massachusetts' effort to enforce the Labor Department's fiduciary rule and said he would do the same thing under the right circumstances. Industry participants, investor advocates and others were...

Finra issues Investor Alert warning about scams that offer Finra 'guarantees' ​

February 16, 2018

In a brazen effort to camouflage their fraud, financial scam artists are now claiming that Finra is guaranteeing their "opportunities." In an Investor Alert, the Financial Industry Regulatory Authority has warned investors to beware of scams...

New details into MetLife pension scandal raise questions and alarms

February 15, 2018

MetLife Inc. provided new details this week about how it lost track of thousands of pension clients. But state and federal inquiries promise to drag on for months and will make it hard to put the scandal behind it any time soon. The company...

Galvin charges Scottrade with DOL fiduciary rule violations

February 15, 2018

Massachusetts charged Scottrade Inc. on Thursday with violating the Labor Department fiduciary rule, demonstrating that even as the regulation is being reviewed by the Trump administration it could still have bite. In a complaint, the state...

Finra bars former Lincoln Financial rep for misusing customer funds

February 15, 2018

The Financial Industry Regulatory Authority Inc. has barred Jimmy Moscoso, formerly a broker with Lincoln Financial in Boca Raton, Fla., for improper use of customer funds. In a letter of acceptance, waiver and consent, Finra said that in November...

Donald Trump's tax law could worsen pain of divorce according to new survey

February 15, 2018

President Donald Trump's tax law could make divorce an even more miserable experience, according to a new survey of the nation's top matrimonial attorneys. Almost two thirds of respondents said they expect divorce negotiations to become more...

If Finra eases firm oversight of outside business activities, broker-dealers could lose revenue

February 15, 2018

A pending Finra proposal to ease the requirement that brokerages supervise their representatives' work with unaffiliated registered investment advisers sounds like regulatory relief. But some brokerages are worried about the price for losing...

Legislation is needed to help heirs access bitcoin accounts

February 14, 2018

Five years ago, Matthew Moody was killed during an observational flight when the two-seater plane he was in crashed flying over a canyon in Chico, California. His father, Michael Moody, knew his 26-year-old son had been mining bitcoins — today...

New tax law could increase pension risk transfers

February 14, 2018

Pension risk transfers are poised to pick up this year as employers race to meet a tangential deadline imposed by the new tax law. A pension risk transfer allows employers to offload the risk associated with their defined-benefit plans to an...

Adviser charged with defrauding investors out of $1 million in 26-year-old real estate fraud

February 14, 2018

An adviser in Massachusetts has been charged by state regulators with a real estate scheme that defrauded investors out of at least $1 million over the past 26 years. In addition to charging Thomas T. Riquier with violating state securities...

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