Results for "regulation"

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803 small broker-dealers push for legislation to ease audits

July 13, 2018

Hundreds of small broker-dealers are urging lawmakers to support legislation that would ease their annual auditing costs. In a July 9 letter to House Financial Services Committee chairman Jeb Hensarling, R-Tex., and ranking member Maxine Waters,...

State-level activity slows on fiduciary legislation

July 12, 2018

Legislation in the New York Assembly that would have required disclosures by non-fiduciary financial advisers died without a floor vote, but its sponsor was encouraged by its progress and will push the measure again next year. Similar bills...

House panel approves bills to adjust regulations for small RIAs, protect senior investors

July 11, 2018

The House Financial Services Committee approved a bill Wednesday that could adjust regulations to better fit small investment advisory firms The panel also approved a measure that would require the Securities and Exchange Commission to establish...

Merrill Lynch launches fiduciary dashboard for advisers

July 11, 2018

The Department of Labor's fiduciary rule is dead, but investments in technology to help advisers meet a best-interest standard are not. This week saw the public launch of Merrill Lynch's new Fiduciary Dashboard, a practice management tool to...

SEC censures, fines advisers for Yelp endorsements

July 11, 2018

The Securities and Exchange Commission has charged three advisers for violating the testimonial rule by promoting their business on Yelp. According to separate SEC filings, Jaime Biel, William Greenfield and Brian Eyster hired Leonard Schwartz,...

Trump gives federal agencies power to hire in-house judges

July 11, 2018

President Donald J. Trump, seeking to head off some of the turmoil from a recent Supreme Court decision, issued an order Tuesday empowering the heads of federal agencies to directly appoint judges who decide cases ranging from Wall Street sanctions...

District judge sets deadline in DOL fiduciary rule case

July 10, 2018

The Department of Labor's fiduciary rule continues its legal and procedural death throes, as three financial services industry lobbying groups opposing the regulation notified a federal court in Texas on Monday that they would seek no more action...

Bill could ease regulatory burden on small investment advisory firms

July 10, 2018

Federal legislation poised for consideration by a House committee on Wednesday could reduce regulatory costs for smaller investment advisory firms. Under the bill, written by Rep. Gwen Moore, D-Wisc., the Securities and Exchange Commission would...

House introduces bill targeting elder financial abuse

July 10, 2018

The House Financial Services Committee will vote Wednesday on a bill to establish an interdivisional task force at the Securities and Exchange Commission to protect senior investors. Introduced by Rep. Josh Gottheimer, D-N.J., the National Senior...

Supreme Court nominee Brett Kavanaugh voted to strike down 'Merrill Rule'

July 10, 2018

A federal judge nominated by President Donald J. Trump on Monday to fill a Supreme Court vacancy once cast a deciding vote in a case crucial to the evolution of investment advice standards. Judge Brett M. Kavanaugh of the U.S. Circuit Court...

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...

Judge dismisses stock-drop suit against Allergan

July 9, 2018

A federal judge has dismissed a complaint by participants in an Allergan defined-contribution plan, rejecting allegations that company and plan executives violated their fiduciary duties by offering company stock in the plan menu. The plaintiffs...

New tools to protect elderly from fraud, exploitation

July 7, 2018

Late last year, Fidelity Investments became concerned that an elderly client in the Atlanta area was suffering from diminished mental capacity and was being taken advantage of by a neighbor. To protect her, Fidelity froze her accounts, which...

Finra arbitrator awards $1.5 million in damages to oil and gas investor

July 6, 2018

A Finra arbitrator has ordered Texas E&P Partners and its principal, Mark Plummer, to pay a former customer $1 million in punitive damages and $521,000 in compensatory damages. The customer, Eli Garza, claimed the firm and Mr. Plummer breached...

Even after SEC's additional guidance, custody remains complicated rule for investment advisers

July 6, 2018

Recent guidance from the Securities and Exchange Commission about investment advisers' custody of client funds cleared up one aspect of the regulation but didn't go far enough to illuminate the complicated rule, according to compliance experts....

Credit Suisse to pay $77M to settle bribery probes

July 5, 2018

Credit Suisse Group AG agreed to pay $77 million to settle U.S. bribery probes claiming the lender's Hong Kong unit attempted to win banking business by offering jobs to friends and family of Chinese officials. In a seven-year period, the bank...

Former Bank of America employee files Finra arbitration claim

July 5, 2018

Former Bank of America Corp. employee Joe Voboril filed an arbitration claim against the firm, claiming he was wrongfully terminated after an investigation into another banker's alleged inappropriate sexual conduct, according to Mr. Voboril's...

Finra set to strengthen background checks for new registered rep hires

July 5, 2018

Finra will soon step up its background checks on newly hired brokers. Beginning Monday, the regulator will conduct a review of public financial records within 15 days of a brokerage submitting a registration application, known as a Form U4....

SEC charges Virginia firm with $5 million Ponzi scheme

July 3, 2018

The Securities and Exchange Commission charged a Virginia investment adviser firm and its owner with operating a nearly $5 million Ponzi scheme. The SEC was granted an order to freeze the assets in more than 30 brokerage and bank accounts controlled...

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