Results for "regulation"

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Merrill pays $8.9 million SEC penalty over undisclosed conflict of interest

August 20, 2018

Merrill Lynch Pierce Fenner & Smith agreed Monday to pay an approximately $8.9 million settlement to the Securities and Exchange Commission for failing to disclose to investors a conflict of interest the brokerage had in offering products from...

Proposed SEC advice rule obscures distinctions between two business models

August 20, 2018

These days, owners of RIA firms are asking me why they should be concerned about the Securities and Exchange Commission's recent attempt to change the rules and standards for broker-dealers. While there are many ways the proposed Regulation...

Finra fines Interactive Brokers $5.5 million for short-sale violations

August 20, 2018

The Financial Industry Regulatory Authority Inc. has fined Interactive Brokers $5.5 million for violating short-sale rule violations and for supervisory failures between 2012 and 2015 in connection with short sales. During that period, according...

How a hacker led to Finra censuring and fining a broker-dealer

August 20, 2018

The Financial Industry Regulatory Authority Inc. has censured Buttonwood Partners and fined the small, Madison, Wis.-based broker-dealer $50,000 for having inadequate procedures in place to prevent unauthorized transfers from customers' accounts....

DOL fiduciary rule might be dead, but its ghost hovers over the financial advice industry

August 18, 2018

The early bird doesn't always get the worm. Financial firms that moved quickly to prepare for full implementation of the Department of Labor's fiduciary rule and now want to reverse those policies must move cautiously to unwind the changes on...

Trump wants SEC to look at axing quarterly earnings reports

August 17, 2018

President Donald Trump said he's asked the Securities and Exchange Commission to study ending quarterly reporting for U.S. businesses in order to ease regulations and spur growth. "In speaking with some of the world's top business leaders I...

When it comes to regulating AI in financial services, murky waters are ahead

August 17, 2018

Amid all the excitement about the potential uses of artificial intelligence in financial advice, there is still a lot of uncertainty about how this new technology will fit into the existing regulatory framework governing financial services firms....

Top private placement manager GPB Capital halts sales to review accounting

August 17, 2018

A leading seller of high-risk, high-commission private placements, GPB Capital Holdings, with $1.8 billion in investor money, will take a break from raising new money to focus on straightening out the accounting and financial statements of its...

Illinois governor proposes making Secure Choice retirement program optional for employers

August 16, 2018

Illinois Gov. Bruce Rauner issued an amendatory veto Tuesday making it optional for employers to participate in the state's Secure Choice program. There now are three possible actions. Legislators could approve the change, allow the technical...

8 ways to boost Social Security benefits

August 16, 2018

President Franklin D. Roosevelt signed the Social Security Act into law 83 years ago, on Aug. 14, 1935, creating the first nationwide safety net for American retirees. During a recent summer road trip, I visited Roosevelt's bucolic Hyde Park...

As Ameriprise case shows, firms on hook when brokers go bad ​

August 16, 2018

Brokers forging client signatures and creating phony wire transfers were at the heart of the frauds revealed Wednesday when the Securities and Exchange Commission said that Ameriprise Financial Services will pay $4.5 million to settle charges...

Ameriprise to pay $4.5 million to settle SEC charges that five reps stole more than $1 million from clients

August 15, 2018

The Securities and Exchange Commission said that Ameriprise Financial Services will pay $4.5 million to settle charges that it failed to safeguard retail investor assets from theft by its representatives. According to the SEC's order, five Ameriprise...

SEC slaps Lockwood with $200,000 fine over unseen trading costs to clients

August 14, 2018

Lockwood Advisors Inc., a leader in money management wrap programs used by independent investment advisers and broker-dealers, has been fined $200,000 by the SEC for not telling clients about costs related to trading in wrap accounts. In a wrap...

Finra panel awards clients $5 million for churning, but from defunct brokerage

August 14, 2018

The Financial Industry Regulatory Authority Inc. has slapped a defunct New York brokerage firm with a $5 million fine related to excessive account trading — churning — in what was supposed to be a conservative investment strategy. The challenge...

Why you should still take the fiduciary high ground on 401(k) rollovers

August 14, 2018

Only in Washington, some might say, can you find a regulation that for all intents and purposes is dead and buried yet still lives on. The Fifth Circuit Court of Appeals issued its mandate to vacate the Department of Labor fiduciary rule in...

Galvin goes after California broker, firm after it reaped at least $750,000 on UIT trades

August 14, 2018

Massachusetts regulators have charged StockCross Financial Services and one of its brokers with engaging in improper trading practices. Specifically, it charges that the firm and its representative, Peter Cunningham of Los Angeles, recommended...

Gotcha! 10 lessons from brokers gone bad

August 13, 2018

How many activities can regulators scrutinize to nab brokers and advisers? Let us count the ways. Actually, Cipperman Compliance Services has already done so. Read here 10 cases of endemic broker misconduct Cipperman has examined, and what it...

SEC ponders creating video to help investors decide between investment adviser and broker

August 10, 2018

One thing Securities and Exchange Commission officials have heard over and over at recent investor roundtables is that the agency's proposal for helping them parse the differences between investment advisers and brokers needs to be improved....

SEC charges former UBS broker with $4 million scam

August 10, 2018

The Securities and Exchange Commission has charged John Maccoll, a former broker with UBS in Birmingham, Mich., with running an investment scam in which he stole nearly $4 million from customers. According to the SEC's complaint, Mr. Maccoll...

SEC bars former adviser, orders him to pay $1.58 million

August 10, 2018

The Securities and Exchange Commission has barred Jinesh P. Brahmbhatt, who owned Jade Private Wealth Management, a now defunct state-licensed investment adviser, for his conflicts of interests in connection with recommending that his clients...

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