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Attorney blasts Finra after regulator loses insider trading case

August 18, 2017

A lawyer for a stock analyst exonerated Wednesday in an insider trading case brought by the Financial Industry Regulatory Authority Inc. slammed the agency for publicizing the case during an industry conference while the case was still being...

The DOL fiduciary rule practically necessitates account aggregation

August 18, 2017

We are moving toward a world in which account aggregation will become a necessity for the financial advice industry. Let me explain. Whether it's in January 2018 or July 2019, or at some other date down the road, the Department of Labor's fiduciary...

Fidelity wins arb case against wine mogul but earns a rebuke from Finra

August 18, 2017

Fidelity Brokerage Services won a muted victory in an arbitration against one of its wealthiest clients, wine mogul Peter Deutsch. Deutsch lost his claim for compensation from the giant brokerage, which he accused of mishandling his account...

Plenty of advisers eager to scoop up 'orphaned' accounts

August 17, 2017

The financial services industry would like to kill the Department of Labor's fiduciary standard. It's expensive to put into place, and the industry's grave fear is that it leaves brokers open to substantial legal risk. As part of its effort...

Advisers get more breathing room to make Form ADV changes

August 17, 2017

The Securities and Exchange Commission is giving investment advisers breathing room before they have to add more client account data to their registration form. Advisers who make changes on their Form ADV after Oct. 1 won't have to provide the...

Fiduciary double standard gives robos a free ride

August 17, 2017

Direct-to-consumer robo-advisers are not being held to the same fiduciary standard as human advisers. This fact is unfair to human advisers and ultimately harmful to the investing public. In February 2017, the Securities and Exchange Commission...

SEC suspends former ARCP accounting officer Lisa McAlister

August 17, 2017

The Securities and Exchange Commission has permanently suspended Lisa McAlister, the former chief accounting officer of American Reality Capital Properties Inc. In a settlement in which she consented to the agency's findings, the SEC said that...

Fired UBS adviser revives Palm Beach scandal

August 16, 2017

"Holy crap!" That's how Craig Price, a UBS senior vice president, told securities regulators he reacted when he saw the $2,600 tab for a client-development dinner he attended at an upscale Palm Beach, Fla., restaurant. It wasn't the size of...

Anticipating delay to DOL fiduciary rule, broker-dealers and RIAs change course

August 16, 2017

Broker-dealers and registered investment advisers are pivoting in the wake of news that the Department of Labor is likely to get a lengthy delay in the implementation date of its fiduciary rule. While strategies and mechanisms put in place thus...

Energy funds adviser settles with SEC over fees

August 15, 2017

The SEC settled with the investment adviser for four private oil and gas funds over the miscalculation and inadequate disclosure of approximately $1.1 million in management fees and $449,000 in management-related expenses. The firm, Denver-based...

Massachusetts securities chief William Galvin launches investigation of broker 'kickbacks'

August 15, 2017

Massachusetts' top securities regulator, Commonwealth Secretary William Galvin, launched an investigation Tuesday into charges that brokers were receiving 'kickbacks' for routing sales orders to certain stock exchanges. The probe was inspired...

Best-interest contract could be casualty of DOL fiduciary rule delay

August 15, 2017

The part of the Labor Department's fiduciary rule that has heartened supporters and caused heartburn for opponents, the best-interest contract, could become a casualty of the ongoing reassessment of the rule. The DOL said last week in a court...

FSC Securities to pay $592,000 for failure to supervise leveraged ETFs

August 14, 2017

FSC Securities Corp., one of the Advisor Group broker-dealers, is the latest firm to pay significant restitution and fines stemming from problems supervising trades of leveraged, inverse exchange traded funds. The Financial Industry Regulatory...

Finra expels Hallmark Investments and bars CEO for fraud

August 14, 2017

Finra has expelled New York-based Hallmark Investments, Inc. and barred its CEO Steven G. Dash, in connection with a scheme to sell shares of stock to customers at fraudulently inflated prices. The Financial Industry Regulatory Authority Inc....

DOL fiduciary rule: Brokers, advisers hoping delay is time well spent

August 10, 2017

The 18-month delay of the Department of Labor's fiduciary rule will lead to more talk and more confusion, according to brokers and advisers. "This [delay] is the stupidest thing I've ever heard, because the longer it goes on, the worse it is...

DOL fiduciary rule compliance costs exceed $4.7 billion: SIFMA study

August 10, 2017

The brokerage industry will spend more than $4.7 billion in start-up costs relating to the Department of Labor's new fiduciary rule, far exceeding the DOL's estimated costs for broker-dealers of $2 billion to $3 billion, according to a study...

DOL fiduciary rule: Indexed, variable annuities big winners of a proposed delay

August 10, 2017

Indexed and variable annuities are the biggest winners of the Department of Labor's recently telegraphed fiduciary rule delay. Sales of the products, especially indexed annuities, would arguably have been the most adversely impacted under the...

Finra bars former AXA rep for failure to appear at hearing

August 9, 2017

The Financial Industry Regulatory Authority has banned Bryan C. Lightsey, a former broker at AXA Advisors, for failure to appear at a hearing looking into his conduct. Mr. Lightsey, of Boca Raton, Fla., was terminated by AXA Advisors in 2016...

How one 401(k) adviser is successfully prospecting clients under the DOL fiduciary rule

August 9, 2017

The Department of Labor's fiduciary rule is expected to create a bundle of client prospecting opportunities for advisers specializing in retirement plans, as less-experienced 401(k) advisers exit the market or employers ditch them for a more...

DOL seeks to delay fiduciary rule until July 2019

August 9, 2017

Supporters of the Labor Department's fiduciary rule are calling an 18-month implementation delay too long, while opponents are saying the postponement is needed to give the agency time to review the rule. In a brief filed in a Minnesota lawsuit...

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