Results for "compliance"

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Complect wants to make outsourcing compliance easier and more affordable

July 10, 2018

It's like Angie's List, but for compliance consultants. That's the elevator pitch for Complect, a technology startup that wants to help connect financial advice practices with compliance and regulatory risk professionals. On Tuesday, Complect...

Finra censures Cetera for lax supervision of brokers' outside activities

July 10, 2018

The Financial Industry Regulatory Authority Inc. has censured Cetera Financial Specialists and fined the firm $200,000 for supervisory failures in connection with its brokers' outside business activities. Finra said that between January 2012...

Merrill adds Zelle to wealth management app to let clients make payments

June 26, 2018

Merrill Lynch is updating its mobile app with some modern features that are increasingly popular among consumers. Clients can now scan and send documents to their Merrill Lynch adviser using their smartphone camera, view activity in their Bank...

Betterment slapped with $400,000 fine from Finra

June 22, 2018

The Financial Industry Regulatory Authority Inc. has fined the digital advice company Betterment $400,000 for violating the customer protection rule and not properly maintaining its books and records. From October 2013 through January 2015,...

Supreme Court ruling on SEC judges unlikely to upend advice industry

June 21, 2018

The Supreme Court's ruling on Thursday against the Securities and Exchange Commission could help some financial advisers who are currently engaged in legal battles with the agency, but will likely have little impact on new cases, according to...

ProEquities introduces cybersecurity to protect even the least tech-savvy advisers

June 14, 2018

ProEquities, an independent RIA and broker-dealer hybrid with $16 billion in client assets, is rolling out a new cybersecurity platform to improve protection for the firm's 700 financial advisers. (More: Fintech leaders address adoption and...

Cyber assailants targeted in important new security sweep

June 7, 2018

According to compliance and cybersecurity experts, financial industry regulators are embarking on a new cybersecurity sweep, with a focus on registrants' data loss prevention, oversight of third-party service providers and incident response...

Finra bars rep under investigation for client forgery

June 4, 2018

The Financial Industry Regulatory Authority Inc. has barred former Northwestern Mutual Life Insurance Co. representative Donnell Noah Bowen for failing to provide requested information and for failing to appear at a Finra hearing. (More: NY...

RIA in a Box acquired by private equity firm Aquiline Capital

May 23, 2018

Software service provider RIA in a Box has been acquired by the private equity firm Aquiline Capital Partners. While the terms of the deal were not disclosed, this represents the latest in a growing trend of P-E investors adding exposure to...

The Rising Cost of Risk

May 2, 2018

As increasing regulations continue to strain resources, entrepreneurs who once viewed an independent RIA as a path to greater independence are discovering the costs and risks can often outweigh the rewards. After seeing a continually growing...

Finra institutes disciplinary proceedings against broker over alleged improper variable annuity sales

April 3, 2018

The Financial Industry Regulatory Authority Inc. has instituted disciplinary proceedings against Frederick David Holloway, the owner of Holloway & Associates Inc., to disgorge alleged ill-gotten gains from recommendations he made to clients...

SEC blasts Wedbush for ongoing failure to supervise

March 27, 2018

The Securities and Exchange Commission has charged Wedbush Securities Inc. with failing to supervise a broker and ignoring "numerous red flags" that she was involved in a long-running pump-and-dump scheme. In a release, the SEC said its action...

Finra bars former Morgan Stanley rep for unauthorized trades

March 20, 2018

The Financial Industry Regulatory Authority Inc. has barred former Morgan Stanley rep Thomas Alan Meier for engaging in unauthorized trades in his customers' accounts. Mr. Meier resigned from Morgan Stanley March 15, 2016 while the firm was...

Fiduciary rule shifts power to broker-dealer compliance departments

March 14, 2018

The DOL fiduciary rule was a wake-up call for many broker-dealers, some of which had paid little attention to defined contribution plans like 401(k)s in the past. Even broker-dealers that had focused on DC plans have made significant changes...

CAT implementation uncertainty gives broker-dealers strategic options

March 8, 2018

Broker-dealers have been encouraged by the efforts of CAT NMS — a consortium of 22 self-regulatory organizations — to extend the effective date for implementation of the SEC's Rule 613 consolidated audit trail reporting. By replacing a variety...

Finra releases proposal to relieve broker-dealers of supervision of unaffiliated RIAs

February 28, 2018

Brokerage firms would not have to supervise work their registered representatives do for unaffiliated registered investment advisers under a Finra proposal released this week. The rule would streamline brokerages' obligations for monitoring...

SEC offers advisers amnesty to move clients out of high-fee mutual fund share classes

February 12, 2018

The Securities and Exchange Commission on Monday launched an initiative to waive fines against investment advisers who come forward and admit that they had been putting clients into high-fee mutual fund classes and agree to reimburse those clients....

SEC bars former Merrill rep Thomas J. Buck over commissions

February 12, 2018

The Securities and Exchange Commission has barred former Merrill Lynch broker Thomas J. Buck from the brokerage and investment advisory businesses. Last October, Mr. Buck pleaded guilty to overcharging clients by millions of dollars. He also...

Finra expands crackdown on rogue brokers

January 31, 2018

In its ongoing effort to crack down on rogue brokers, the Financial Industry Regulatory Authority Inc. said it will now expand its focus to brokers who have worked with or associated with high-risk brokers. Last year, Finra said it had created...

How to balance marketing and compliance

December 1, 2017

As InvestmentNews noted in its Sept. 14 article, the Securities and Exchange Commission issued a risk alert based on the results of a 2016 exam (The Touting Initiative) that focused on common marketing and compliance missteps. The findings prompt...

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