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State, local auto-IRA initiatives benefit 'forgotten' workers

February 26, 2017

In his short tenure, President Donald J. Trump has followed up on his campaign promise to try and reduce federal regulations. He has signed an executive order requiring that in order to add a new regulation, government agencies must get rid...

Industry plaintiffs appeal Dallas court's decision to uphold DOL fiduciary rule

February 24, 2017

Financial industry trade groups seeking to stop the DOL fiduciary rule are appealing a recent decision by a Dallas federal judge to uphold the measure. The Securities Industry and Financial Markets Association, the Financial Services Institute,...

SEC's Piwowar calls for expanding participation in private placements to help 'forgotten investor'

February 24, 2017

Acting Securities and Exchange Commissioner Michael Piwowar called for allowing ordinary investors to buy unregistered securities, a step that would allow the agency to address the "forgotten investor" who he said is often overlooked by its...

Rising markets keep advisers out of arbitration

February 23, 2017

Rising markets produce happy investors who are less likely to file arbitration claims against their brokers. Although the total number of arbitration claims rose 7% over the last year — 3,681 cases were filed in 2016 compared to 3,435 in 2015...

Minnesota judge denies Justice Department's request for stay in DOL fiduciary rule lawsuit

February 22, 2017

A district court judge has denied the Justice Department's request for a stay in one of the several lawsuits brought against the Labor Department's fiduciary rule. The Justice Department on Feb. 15 requested a stay in the lawsuit brought by...

Advocates push to delay DOL fiduciary rule delay; industry waits for likely stall

February 22, 2017

While advocates for the Labor Department fiduciary-duty rule make a last-ditch effort to put off its likely delay, financial industry groups seem to be confident that the Trump administration will stall the measure. Since the DOL sent to the...

Purshe Kaplan Sterling to pay $3.4M in restitution for overcharging Native American tribe

February 22, 2017

Purshe Kaplan Sterling Investments will pay nearly $3.4 million in restitution to a Native American tribe, after the tribe paid excessive sales charges on purchases of non-traded real estate investment trusts and business development companies,...

Winners and losers in the murky DOL fiduciary rule implementation

February 21, 2017

There's plenty of speculation as to what will happen with the implementation of the Department of Labor rule that holds advisers for retirement plan participants to the fiduciary standard. Whether the rule is delayed, amended or implemented,...

Campaign spending up among advice groups

February 21, 2017

Interest groups representing investment advisers, brokers and insurance agents increased their campaign donations to federal lawmakers over the last two years, as Washington's influence on the advice industry has grown. One of the organizations...

Some Merrill Lynch advisers upset with move away from commissions

February 21, 2017

Some advisers at Merrill Lynch are not happy with the wirehouse's newly minted policy of embracing advisory over commission relationships in retirement accounts. Ron Edde, president and chief executive of Millennium Career Advisors, a recruiting...

Former Wells Fargo broker barred for parking fraud

February 21, 2017

Thomas James Stewart is now barred from the securities industry for what best may be described as "parking fraud." Mr. Stewart, formerly a broker with Wells Fargo Advisors, used the firm's parking garage stamp without authorization to validate...

Kansas judge again upholds DOL fiduciary rule

February 17, 2017

A Kansas federal judge upheld the Labor Department fiduciary rule on Friday, giving the measure its fourth court victory since November. Judge Daniel D. Crabtree granted summary judgment to DOL in a lawsuit filed by Market Synergy Group Inc.,...

Finra arbitration panel hits UBS with $9M award in Puerto Rican bond case

February 17, 2017

A Finra arbitration panel awarded nearly $9 million to an investor who claimed that he was hurt by the purchase of Puerto Rican municipal bonds and closed-end bond funds bonds from UBS Financial Services Inc. The arbitrators found that UBS and...

Linda Riefberg: What advisers can expect from SEC and Finra examinations in 2017

February 17, 2017

Linda Riefberg, special counsel at Cozen O'Connor and former chief counsel at the Financial Industry Regulatory Authority Inc., discusses where regulators are looking now and what would make their programs more effective.

Justice Department seeks stay in Thrivent lawsuit against DOL fiduciary rule

February 17, 2017

The Department of Justice has requested a stay in the lawsuit against the Labor Department's fiduciary rule brought by Thrivent Financial, just one week after another court denied the department's request for a stay against the rule in a separate...

DOL fiduciary rule developments give both sides something to cheer

February 16, 2017

Both opponents and proponents of the Department of Labor's fiduciary rule have something to cheer following February's fast-breaking developments. Opponents will almost certainly get a 180-day delay in the rule and may eventually see a more...

Awaiting new Labor secretary, staff takes on larger role in fiduciary rule's fate

February 16, 2017

In Washington, it is often said that personnel is policy. When it comes to the Labor Department's fiduciary rule, the lack of Trump administration appointees at the agency is adding to uncertainty surrounding the rule. Fast-food executvie Andrew...

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 expels Red River Securities for oil and gas fraud

February 15, 2017

A Finra hearing panel has expelled Red River Securities, a Plano, Texas-based broker-dealer, and barred its CEO Brian Keith Hardwick for fraudulent sales in five oil and gas joint ventures, characterizing the misconduct of both as “egregious.”...

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...

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