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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...

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,...

Pennsylvania broker hit with $200,000 fine for 'dishonest or unethical practices'

July 25, 2017

Citing "dishonest or unethical practices in the securities business," the Pennsylvania Department of Banking and Securities on Monday fined a Philadelphia area broker $200,000. According to the BrokerCheck report for the broker, Austin Dutton,...

Finra engages in rulemaking by enforcement: financial industry groups

June 21, 2017

Financial industry trade associations criticized Finra for using enforcement to establish regulatory standards for brokers rather than the formal rulemaking process, in letters to the broker-dealer regulator as part of its self-examination process....

Finra fines former Sterne Agee rep for VA violations

June 7, 2017

The Financial Industry Regulatory Authority has suspended a former Stifel, Nicolaus broker, for four months and fined him $10,000 for engaging in transactions involving variable annuities that allegedly violated Finra rules. In September 2014,...

Rep barred for not disclosing $100 million in private transactions: Finra

June 7, 2017

Correction: An earlier version of this story incorrectly identified Securities America as the firm that employed Jim Seol. He was employed by Ameriprise Financial Services. A Financial Industry Regulatory Authority hearing panel has barred a...

Supreme Court curbs SEC's power to recoup illegal profits

June 5, 2017

The U.S. Supreme Court put sharp new limits on a favorite tool used by securities regulators to recoup money from people found to have violated federal laws. The justices unanimously said the Securities and Exchange Commission is bound by a...

SEC charges former broker with putting customers in unsuitable, risky investments

April 25, 2017

The Securities and Exchange Commission charged a former broker Tuesday with trading leveraged ETFs and ETNs in customers' accounts and misappropriating $170,000 from one of his customers. The SEC says that Demitrios Hall traded 179 daily leveraged...

Jay Clayton talked to several wealthy Trump backers before nomination to SEC

April 3, 2017

Jay Clayton, the deals lawyer nominated to lead the Securities and Exchange Commission, had "substantive" communications with several wealthy backers of then President-elect Donald J. Trump before he was offered the job in January. Mr. Clayton...

SEC slaps restraining order on Chicago adviser for allegedly scamming seniors ​

March 27, 2017

The Securities and Exchange Commission has put an emergency asset freeze and issued a temporary restraining order against a Chicago RIA, saying that the adviser and his firm scammed elderly clients out of millions of dollars. Daniel H. Glick...

Our best tool against the DOL fiduciary rule is data

September 8, 2017

As an advocacy organization, one of our most powerful tools in the ongoing effort to oppose the onerous Department of Labor (DOL) fiduciary rule is to ensure that regulators, lawmakers and the public hear detailed, quantitative information on...

Elder abuse prevention by advisers depends on their firms' response to new rule

February 15, 2017

Regulators are putting the ball in the court of financial firms when it comes to stopping the finanacial abuse of senior citizens. Earlier this month, the Securities and Exchange Commission approved a Finra rule designed to protect seniors and...

Finra bars former Hilliard Lyons broker

January 18, 2017

The Financial Industry Regulatory Authority Inc. has barred a former Hilliard Lyons broker who recently settled a customer complaint alleging excessive trading and commissions, unauthorized trades and portfolio mismanagement. Finra on Tuesday...

Puzder withdraws as Trump's Labor nominee amid Republican doubts

February 15, 2017

Andrew Puzder withdrew Wednesday as President Donald Trump's labor secretary nominee as controversy deepened over his personal life and private sector background. Mr. Puzder had been scheduled for a Senate confirmation hearing on Thursday. The...

Fiduciary double standard gives robos a free ride

August 17, 2017

Direct-to-consumer robo-advisers are not being held to the same fiduciary standard as human advisers. This fact is unfair to human advisers and ultimately harmful to the investing public. In February 2017, the Securities and Exchange Commission...

DOL fiduciary rule: Brokers, advisers hoping delay is time well spent

August 10, 2017

The 18-month delay of the Department of Labor's fiduciary rule will lead to more talk and more confusion, according to brokers and advisers. "This [delay] is the stupidest thing I've ever heard, because the longer it goes on, the worse it is...

Finra bars former Edward Jones broker for no-show at hearing on client gifts

August 7, 2017

The Financial Industry Regulatory Authority Inc. has barred former Edward Jones broker James V. Marino for failing to appear at a hearing about allegations related to his acceptance of gifts and use of a client's credit card for his own benefit....

New Finra CEO Cook will feel heat from both sides of the political aisle

June 13, 2016

When he takes over as president and CEO of the Financial Industry Regulatory Authority Inc. next month, Robert W. Cook will be stepping into a role that has increasingly gained the attention of lawmakers in Washington. Finra on Monday morning...

How technology can help advisers manage a new compliance landscape

September 7, 2017

In a post-fiduciary world, the difference between adequate and robust compliance processes will make or break your firm's ability to stay on top of new rules, including the Department of Labor's fiduciary rule and revised ADV disclosure requirements....

DOL fiduciary rule already proving to be harmful and onerous

July 31, 2017

With the DOL fiduciary rule beginning to take effect earlier this year, it is becoming more clear each day that the warnings raised by the Financial Services Institute and our members about the rule's dangers for Main Street American investors...

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