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Wealth firms must prepare for demise of non-competes, despite legal challenges to FTC rule
A growing sentiment against restricting employee moves could affect non-solicitation, too.
FTC faces legal backlash following noncompete rule
The regulator’s motion to restrict noncompete agreements has drawn an immediate reaction from business groups and financial industry stakeholders.
Speed of DOL fiduciary rule rollout branded ‘unAmerican’
Opponents left disappointed after final rule released, DOL accused of 'conducting an ideological campaign to ban commissions'.
Industry holds breath on DOL’s final fiduciary rule
Following debate from advisors and retirement plan stakeholders, the Department of Labor is set to unveil its final decision on the rule.
Financial footprint of student loan debt
Surveys show student loans are a massive financial impediment for many. A recent Biden administration proposal to reduce or forgive some debt would help a small portion of borrowers.
SEC warns industry against marketing rule pitfalls
An alert from the regulator details problems it found in firms' compliance procedures, advertising practices, and Form ADV disclosures.
What gets Finra’s head of enforcement out of bed in the morning?
The regulator's Bill St. Louis has been sharing his priorities.
Senators push back against SEC climate rule
More than 30 senators are supporting a measure that would overturn the regulator’s climate disclosure rule.
SEC dings Minnesota investment manager over pay-to-play conflict
'Is four grand really going to influence a politician’s thinking?' one consultant asks.
Once again, IRS waives RMDs for beneficiaries subject to the 10-year rule
The new relief on required minimum distributions for this year builds on previous IRS relief for RMDs in 2021, 2022 and 2023.
Suit challenges SEC market surveillance tool as unconstitutional
The Texas lawsuit accuses the SEC of acting without authority to create the Consolidated Audit Trail, a database that would collect virtually all US trading data.
Morgan Stanley downplays AML scrutiny for wealth clients
CEO says it's nothing new to be talking to regulators.
Global regulators want to bolster hedge fund protections
Proposals would help funds cope with market stress.
Empower settles with former advisors in poaching case
The suit involved 13 advisors, all of whom joined Empower via its acquisition of Personal Capital, who departed to establish a rival advisory firm.
OMB draws flak on DOL fiduciary rule decision
Industry groups express disappointment at the Office of Management and Budget's speedy review of the controversial rule.
Five firms hit in SEC marketing rule sweep
The regulator’s crackdown centered on the firms' use of hypothetical performance data and led to a total of $200,000 in penalties.
Morgan Stanley’s wealth unit caught in AML crossfire
The SEC and other federal regulators are reportedly probing the banking giant over its anti-money-laundering and client vetting practices.
Don’t repeat 2016 fiduciary rule mistake, NAIFA urges DOL
'Real-world experience' shows impact of fiduciary standard on Main Street investors, advisor association warns.
UBS could face higher capital rules under Swiss reforms
The bank's shares fell on the news that the government wants systemically important Swiss banks to hold significantly more capital against foreign units.
Saver’s Match provides big incentive for 401(k) contributions
A new survey builds on research showing the provision's potential reach and effect on retirement security.