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Morgan Stanley sees slower fee-based asset flows on fiduciary rule delay

October 17, 2017

Morgan Stanley Wealth Management continues to see assets surge into fee-based accounts, but that flow began slowing noticeably in the third quarter, following more certainty of a delay in the implementation of major parts of the Department of...

Brokers support Finra ranking of reps to identify bad apples as long as list stays private

October 17, 2017

Brokers and securities compliance experts support Finra's effort to rank registered representatives and target those it believes pose the biggest threat to investors — as long as the broker-dealer regulator keeps the list to itself. Susan...

Finra ranking brokers in effort to crack down on industry's bad apples

October 16, 2017

As part of its crackdown on rogue brokers, the Financial Industry Regulatory Authority Inc. has ranked all 634,403 registered reps it regulates and is targeting those who it believes pose the biggest threat to investors, a Finra executive said...

CFP Board publicly rebukes Camardas over use of 'fee-only' description

October 13, 2017

The Certified Financial Planner Board of Standards Inc. admonished two Florida planners for using a misleading description of their compensation, citing the 2013 incident that led to a court case that the organization won. In its latest announcement...

Lawsuit filed against first state auto-IRA program

October 13, 2017

The ERISA Industry Committee in Washington is seeking an injunction against new reporting requirements from the Oregon Retirement Savings Board in a complaint filed in U.S. District Court in Salem, Ore. The national association advocating for...

IRS alerts tax pros to insurance form scam

October 13, 2017

The Internal Revenue Service has alerted tax professionals and their clients to a scam where cybercriminals gain access to annuity and life insurance accounts. In one variation of the scheme, the IRS warned in a release, a cybercriminal impersonates...

Retirement planning challenges under tax reform

October 13, 2017

During retirement, clients may be counting on certain deductions to reduce their taxable income, but under the latest tax proposal some of the biggest deductions are on the chopping block. Advisers will have to address what might happen, before...

Trump nominates Senate aide for post overseeing DOL fiduciary rule

October 13, 2017

A senior Senate aide has been tapped to head the Labor Department's office with direct authority over the agency's fiduciary rule. The White House announced Thursday night that Preston Rutledge, senior tax and benefits counsel on the Senate...

Tax reform threatens a powerful client relationship tool

October 13, 2017

This won't be your father's tax reform process – and it may not be the one your business needs either. That's because it might take away investment advisers' number one secret weapon for building strong relationships with their clients –...

DOL fiduciary rule delay boosts prospects for annuity sales

October 12, 2017

A proposed delay to the Department of Labor's fiduciary rule is leading to big increases in annuity sales projections next year. The regulation, which raises investment-advice standards in retirement accounts, was expected to put a severe dent...

Report details rampant elder financial abuse

October 12, 2017

Americans 62 and older, both rich and poor, are the target of widespread financial abuse from mortgage companies, banks, credit bureaus and debt collectors, according to a new report released Thursday. Two nonprofit public interest groups, the...

Finra wants to help the small broker-dealer: Cook

October 12, 2017

As the number of broker-dealers it regulates continues to decline, the Financial Industry Regulatory Authority Inc. is focused on bolstering small firms, according to Finra's new CEO, Robert Cook. "We want to create an environment where new...

DOL fiduciary rule, along with two other regs, could be a boon for ETFs

October 12, 2017

Three rules will make exchange-traded funds more accessible to new types of investors. In the U.S., the fiduciary duty and new insurance guidelines will enable retirement savers and insurers to raise their exposure to ETFs. In Europe, the Markets...

House panel approves legislation to kill DOL fiduciary rule, and 2 other adviser-related bills

October 12, 2017

The House Financial Services Committee on Thursday approved legislation that would kill the Labor Department fiduciary rule and replace it with an investment advice regulation to be written by the Securities and Exchange Commission. In a 34-26...

Brace yourself for more SEC exams

October 11, 2017

The new Securities and Exchange Commission chairman, Jay Clayton, recently testified before Congress that the agency will increase its examinations of investment advisers by 20% in the current fiscal year, and nudge those numbers up a further...

Preston Rutledge, senior aide on Senate Finance Committee, could be filling Phyllis Borzi's old post at DOL

October 11, 2017

A senior aide on the Senate Finance Committee could be in line to be the next point person on the Labor Department's fiduciary duty rule. President Donald J. Trump will nominate Preston Rutledge, senior tax and benefits counsel on the panel,...

Trump may tout $4,000 worker benefit in tax pitch

October 11, 2017

President Donald J. Trump will try to make the case that corporate tax breaks would benefit middle-class wage earners Wednesday evening – and an excerpt of his speech suggests he'll use a measure of salesmanship. Trump is expected to say the...

401(k) referrals rare from wealth managers despite DOL fiduciary rule

October 11, 2017

Conventional wisdom is that the Department of Labor's conflict-of-interest rule would result in a flood of referrals from wealth management advisers and other less-specialized retirement plan advisers to retirement-plan specialists. Beware of...

Finra flags two ex-Ameriprise reps over margin snafus

October 10, 2017

Two brokers formerly registered with Ameriprise Financial Services Inc. were fined and suspended Monday by the Financial Industry Regulatory Authority Inc., in part due to securities industry rule violations involving customer transactions using...

Finra's Focus on UITs

October 10, 2017

In recent years, the Financial Industry Regulatory Authority, Inc. has been scrutinizing its member broker-dealers' sales, recommendations and procedures relating to investments in unit investment trusts (UITs). Its 2017 Regulatory and Examination...

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