Results for "regulation"

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Finra bars former Fortune Financial rep over document denial

March 23, 2018

The Financial Industry Regulatory Authority has barred former Fortune Financial broker Michael Giokas for failure to provide information in connection with his October 2017 arrest on fraud charges. Shortly before his arrest, Mr. Giokas resigned...

Investment Adviser Association, Schwab press lawmakers for tax-reform adjustments to help advisers

March 22, 2018

Advocates for investment advisers are pushing for changes to last year's sweeping tax-reform legislation that they say will benefit advisers and their clients. The Investment Adviser Association and Charles Schwab & Co. Inc. recently launched...

Here's how the top indexed, variable annuity sellers did last year

March 22, 2018

Indexed annuities' decade-long joy ride came to an end last year. The products saw their first year-over-year sales decline since 2007, dipping 5.4% to $57.6 billion, according to the LIMRA Secure Retirement Institute. Eleven of the top 15 insurance...

F-Squared's former president ordered to pay $12.4 million over false statements

March 21, 2018

A federal judge in Boston has ruled that the former head of what was once the largest ETF portfolio management firm must pay more than $12.4 million for lying to investors. In October, Howard Present, former chief executive of F-Squared Investments,...

What to watch for next with the DOL fiduciary rule

March 21, 2018

A harrowing journey for the Labor Department's fiduciary rule has become even more treacherous in the last few days, following a decision by the 5th Circuit Court of Appeals to strike down the regulation. Here are some developments to watch:...

DOL fiduciary rule: 5th Circuit decision could be big win for indexed annuities

March 21, 2018

Indexed annuities — and the intermediaries that sell them — appear to be the biggest benefactors of an appellate court's decision last week to vacate the Department of Labor fiduciary rule. While observers are divided on the ruling's implications,...

Finra bars former Northwestern rep for impersonating customers

March 21, 2018

The Financial Industry Regulatory Authority Inc. has barred a former Northwestern Mutual broker over a scheme that involved impersonating investors and creating accounts away from his firm. According to Finra and details supplied by Northwestern...

Finra looks to streamline broker-dealer exams

March 20, 2018

Finra could streamline its examination program this year. Robert W. Cook, president and chief executive of the Financial Industry Regulatory Authority Inc., said the agency is reviewing the structure of its exam function, which involves three...

Finra bars former Morgan Stanley rep for unauthorized trades

March 20, 2018

The Financial Industry Regulatory Authority Inc. has barred former Morgan Stanley rep Thomas Alan Meier for engaging in unauthorized trades in his customers' accounts. Mr. Meier resigned from Morgan Stanley March 15, 2016 while the firm was...

Finra reduces suspension of former Morgan Stanley rep

March 20, 2018

The Financial Industry Regulatory Authority Inc. has reduced the suspension of former Morgan Stanley broker Kenneth Mathieson from one year to six months. In December 2016, a Finra extended hearing panel suspended Mr. Mathieson in all capacities...

SEC settles with L.A.-based firm over customer protection violations

March 19, 2018

Electronic Transaction Clearing, a Los Angeles-based broker-dealer, has agreed to settle charges by the Securities and Exchange Commission that the firm violated the Customer Protection Rule and illegally placed more than $25 million of customers'...

Merrill insiders to receive $83 million in SEC whistleblower awards

March 19, 2018

Three Merrill Lynch insiders will get more than $83 million from the U.S. Securities and Exchange Commission — the biggest-ever payouts — for providing information that helped the agency bring a 2016 case against Bank of America Corp., their...

SEC forging ahead on fiduciary rule despite DOL rule decision in 5th Circuit

March 19, 2018

Securities and Exchange Commission Chairman Jay Clayton said Monday that the agency is moving forward on a fiduciary rule and its work would not be affected by a court decision last week that struck down a similar Labor Department regulation....

Questions to ask to stay compliant as rules change

March 17, 2018

The regulatory landscape for investment advice fractured in 2017. States enacted new rules. The Securities and Exchange Commission began to focus on a definition of "fiduciary." And the National Association of Insurance Commissioners began considering...

There's a major flaw in Finra's arbitration system

March 17, 2018

It is clear to anyone paying attention that there is something wrong with the Financial Industry Regulatory Authority Inc.'s arbitration system. While the process of deciding guilt or innocence seems to be working, there doesn't seem to be any...

DOL fiduciary rule likely to live on despite appeals court loss

March 16, 2018

Despite suffering a major blow when it was struck down Thursday by a federal appeals court, the Labor Department's fiduciary rule could still live on. Uncertainty, though, will continue to surround the measure as it morphs its way into the future....

Feds broaden investigation of Wells Fargo Advisors: WSJ

March 16, 2018

A federal investigation into sales practices at Wells Fargo & Co. now includes the bank's wealth management business, extending the probe beyond the firm's retail-banking unit where the problems originated, according to a report Friday from...

Stocks of brokerages, insurers rally after DOL rule struck down

March 16, 2018

Morgan Stanley and Principal Financial Group Inc. were among banks and insurers that rallied after a U.S. appeals court struck down a sweeping Obama-era rule that aimed to protect millions of Americans from conflicted investment advice. The...

Fifth Circuit Court ruling: point/counterpoint

March 16, 2018

The Fifth Circuit Court of Appeals vacated the Labor Department's fiduciary rule in a split decision announced Thursday, overturning a Dallas district court that was just as adamant in upholding the measure. InvestmentNews asked industry heavyweights...

DOL fiduciary rule: Industry reacts to Fifth Circuit ruling

March 16, 2018

Groups representing both sides of the fiduciary debate were quick to respond to news yesterday that the Fifth Circuit Court of Appeals vacated the entirety of the Department of Labor's fiduciary rule. Here's what some of them had to say. (More:...

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