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Labor's Alexander Acosta and SEC's Jay Clayton tell lawmakers they will work together on fiduciary rule

June 27, 2017

Labor Secretary Alexander Acosta and Securities and Exchange Commission Chairman Jay Clayton told lawmakers on Tuesday that their agencies would work together on investment advice regulation. In separate appearances before Senate panels, the...

SEC's Clayton says efficiencies will lead to more adviser exams

June 27, 2017

If Securities and Exchange Commission Chairman Jay Clayton has his way, registered investment advisers will see more oversight from auditors in the coming months and years. According to his prepared comments at the Senate Appropriations subcommittee...

LPL bars hybrid RIAs from making 401(k) rollover recommendations as a broker

June 26, 2017

LPL Financial, the largest independent broker-dealer in the U.S., is no longer allowing hybrid advisers to recommend rollovers to clients in a brokerage capacity, under a new policy adopted in response to the Labor Department's fiduciary rule....

Supreme Court to consider role of Dodd-Frank provision in corporate whistle-blower case

June 26, 2017

The U.S. Supreme Court agreed to consider the reach of an anti-retaliation provision in the 2010 Dodd-Frank financial law in a case that could insulate publicly traded companies from some whistle-blower lawsuits. The justices will hear an appeal...

CFP Board proposal another signal fiduciary is the future

June 24, 2017

The Certified Financial Planner Board of Standards Inc. added its voice to the fiduciary debate last week. In a proposed update to its code of ethics and standards released last week, the board broadened its application of when CFP professionals...

SEC budget request could make it harder for agency to increase adviser examinations

June 23, 2017

Securities and Exchange Commission Chairman Jay Clayton will go to Capitol Hill next week to ask lawmakers for a funding level that could make it more difficult for the agency to increase its examination of investment advisers. Mr. Clayton is...

Finra awards $440,000 in case against Ameriprise

June 23, 2017

Saying that Ameriprise was liable, a Finra arbitration panel awarded $440,158 in compensatory damages sought by heirs to one of the firm's clients. In an award document, the Financial Industry Regulatory Authority Inc.'s Office of Dispute Resolution...

Finra fines Wells Fargo $3.25 million for options trade reporting violations

June 22, 2017

The Financial Industry Regulatory Authority Inc. has censured Wells Fargo Securities and fined it $3.25 million for errors and inaccuracies in reporting over-the-counter options trades conducted between January 2008 and March of this year. Finra...

DOL rule poses problems for advisers' daily routines

June 22, 2017

The greatest difficulties in adjusting to the new DOL fiduciary standard for retirement accounts are found in financial advisers' daily routines, says a new report from Aite Group consultants. Aite's survey of 152 financial advisers who actively...

SEC Chairman Jay Clayton says agency initiatives would help investors research advisers' backgrounds

June 22, 2017

Securities and Exchange Commission Chairman Jay Clayton said on Thursday that the agency is working on initiatives to help investors research financial advisers' backgrounds. In remarks before the SEC Investor Advisory Committee, Mr. Clayton...

Market forces could cause fundamental changes to small and midsize 401(k) markets

June 21, 2017

For years, experts have predicted the small-plan 401(k) market would have to change. Although prices have come down, they are still high when compared with larger plans, and the market is rife with inefficiencies. However, a series of dramatic...

Time for Finra to pull back the curtain on its oversight and board

June 21, 2017

The public faces a transparency problem with the Financial Industry Regulatory Authority Inc. Finra plays a central role in investor protection and financial regulation. Surprisingly, it often refuses to tell the public much information about...

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....

CFP Board's proposal to expand fiduciary duty draws praise, carries risks

June 20, 2017

A proposal to extend fiduciary duty to all certified financial planners, including brokers who hold the mark, garnered praise for the organization that grants the designation, even as planners highlighted the risks involved. On Tuesday, the...

Paul Ryan reiterates goal to kill estate tax, maintain retirement-savings incentives

June 20, 2017

Four days before the one-year anniversary of the release of his tax blueprint, House Speaker Paul Ryan delivered a pep talk seeking to assuage growing doubts about the prospects for a major tax overhaul. "We're going to stick the landing because...

The case for a single fiduciary standard based on the Investment Advisers Act of 1940

June 20, 2017

As the industry continues to wait for more clarity on the ultimate future of the DOL fiduciary rule, there is no shortage of public debate. Although the Labor Department declined to further delay the rule and partial implementation began on...

CFPs, including brokers, may have to adhere to a stricter fiduciary duty

June 20, 2017

Certified financial planners, including those working at broker-dealers, would have to adhere to a fiduciary standard at all times under new rules proposed by the organization that grants the designation. Under a new 17-page code of ethics and...

Grad students could fund IRAs with stipends under Senate bill

June 19, 2017

A bi-partisan Senate bill that would allow funds from a graduate student's stipend or fellowship to be deposited into an Individual Retirement Account has been introduced by Elizabeth Warren (D-Mass.), Mike Lee (R-Utah), Ron Wyden (D-Ore.) and...

ARCP's accounting takes center stage at Brian Block's fraud trial

June 17, 2017

A former high-ranking executive at American Realty Capital Properties Inc. testified last week in federal court in New York that in emails and meetings during the spring and summer of 2014 he repeatedly raised the warning of an accounting mistake...

New Nevada law imposes fiduciary duty on brokers

June 16, 2017

Brokers in Nevada will have to meet a fiduciary standard when providing investment advice under a law that will take effect July 1. The measure revises a current fiduciary law applying to "financial planners" that excluded brokers and investment...

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