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Phyllis Borzi says opponents of DOL fiduciary rule face uphill climb to further delay or dilute it

May 22, 2017

A former Labor Department official who developed the agency's fiduciary rule said on Sunday that opponents of the measure face a steep climb in trying to further delay or overhaul it. Phyllis Borzi, a former assistant DOL secretary who is known...

How 401(k) advisers can bullet-proof themselves against litigation risk under DOL fiduciary rule

May 20, 2017

Many advisers who service 401(k) plans will, for the first time, be considered fiduciaries with respect to their investment advice when the Labor Department's conflict-of-interest rule comes into force next month. Along with that heightened...

Democratic senators criticize Acosta for rushing to conclusion on DOL fiduciary rule

May 19, 2017

Democratic senators who sit on the committee with jurisdiction over the Labor Department criticized Secretary Alexander Acosta on Friday for appearing to jump to a conclusion about the agency's fiduciary rule. In a letter to Mr. Acosta, Sen....

Indexed, variable annuity sales slump as DOL fiduciary rule looms

May 18, 2017

Annual sales of indexed and variable annuities took another nosedive in the first quarter with the Department of Labor's fiduciary rule set to come into force. Despite a stronger equities market and interest-rate environment, the fiduciary-rule...

DOL fiduciary rule opponents, lawmakers call for further delay at House hearing

May 18, 2017

Republican lawmakers and opponents of the Labor Department's fiduciary rule on Thursday called for an extended delay of its implementation deadline, citing what some call new evidence of its harm to investors. Most witnesses before the House...

Crapo calls for 'bipartisan, common-sense' reform of financial regulations

May 17, 2017

Reducing federal financial regulations is the top priority for the Senate Banking Committee, its leader said on Wednesday. Sen. Mike Crapo, R-Idaho and chairman of the panel, said that excessive regulation holds back the economy. "It's becoming...

How to serve clients during a Trump presidency

May 17, 2017

Since last November's presidential election, politics have dominated so many conversations. Investing, of course, is no exception. Many investors question what a Trump presidency means for markets. Some worry he'll introduce sweeping changes....

Finra set to invest more in examiner training, provide more clarity on enforcement choices

May 17, 2017

Finra president and chief executive Robert W. Cook said on Wednesday that the broker-dealer self-regulator will upgrade training for examiners and provide member firms more clarity on the organization's enforcement decisions. Those are two of...

Finra slaps broker with six-month suspension for failing to report $1 million in tax liens

May 16, 2017

Former broker Kevin Richard Graetz has settled a Finra complaint alleging that he failed to report federal and state tax liens against him totaling more than $1 million over almost seven years. The Financial Industry Regulatory Authority Inc.'s...

Finra chairman John Brennan says DOL rule has raised standard for financial advice

May 16, 2017

Finra chairman John J. Brennan said on Tuesday that even if the Labor Department's fiduciary rule is repealed, it has elevated and put into plain language the idea of providing investment advice that's better for clients' returns than for financial...

Broker-dealers are seeing a cut in annual SIPC assessments; will advisers see the same?

May 16, 2017

Broker-dealers, which loudly complain about increasing costs due to regulation such as the Department of Labor's fiduciary rule, are actually seeing one regulatory expense decrease this year: the annual assessment firms pay to the Securities...

Fidelity's approach to DOL fiduciary rule rankles some 401(k) advisers

May 15, 2017

Fidelity Investments is aggravating some retirement plan advisers. Their ire stems from changes that Fidelity, the largest record keeper of defined-contribution plans, is making to its business in relation to compliance with the Labor Department's...

Finra reviewing rules on outside business activities and private securities transactions

May 15, 2017

The Financial Industry Regulatory Authority Inc. has requested comments as part of a review of its rules that cover outside business activities and private securities transactions. The review is part of an ongoing Finra initiative to look at...

Will the fiduciary rule shrink the ever-expanding world of share classes?

May 13, 2017

First there was​ little share class A. Then there were little share classes B and C. Faster than you could say, "The Cat in the Hat," there were little share classes I, N, K, F and Y. Now the fund industry is contemplating unleashing an estimated...

States scoop up investment accounts as unclaimed property

May 12, 2017

Sometimes the investment adage "set it and forget it" can turn into "set it, forget it and lose it," depending on where an investor lives. Several states have become more aggressive in staking their claims on abandoned property, which can include...

Merrill Lynch will allow IRA commissions in some circumstances under DOL fiduciary rule

May 11, 2017

Merrill Lynch will allow advisers to receive commissions from some transactions in individual retirement accounts under the Department of Labor's fiduciary rule, the company announced Thursday, backing off a hardline position against commissions...

Finra advances proposals to crack down on 'high-risk' brokers, unpaid arbitration awards

May 11, 2017

The Finra board moved Wednesday to strengthen sanctions against brokers with disciplinary histories and the firms that hire them, and to increase disclosures from brokers and firms that fail to pay arbitration awards. The Financial Industry...

NAPA says DOL secretary Alexander Acosta wants to freeze fiduciary rule

May 11, 2017

A financial industry critic of the Labor Department's fiduciary rule is claiming the new Labor Secretary Alexander Acosta has made stopping the measure his top priority. In a May 10 blog post, the National Association of Plan Advisors said that...

Wall Street sounds off on Trump's firing of FBI Director James Comey

May 10, 2017

In the wake of President Donald J. Trump's firing of FBI Director James Comey, Wall Street is weighing whether the political fallout will kill any momentum the White House had for its economic agenda. The abrupt decision has investors raising...

Barclays will refund $97 million to advisory, brokerage clients

May 10, 2017

In a settlement with the Securities and Exchange Commission, Barclays Capital has agreed to refund more than $97 million in advisory and mutual fund fees to clients who were overcharged. Barclays, which neither admitted nor denied the SEC's...

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