House Financial Markets Committee Chairman Barney Frank, D-Mass., will move to strip a controversial amendment from the Investor Protection Act — which the House Financial Services Committee approved with a 41-28 vote today — that would give Finra power over a quarter of all federally-registered investment advisory firms.
The Financial Planning Coalition has found a last-minute angel in Sen. Herbert Kohl, who wants to establish a Federal oversight board for planners. Insurers and state regulators are less enthusiastic about the idea.
A Financial Industry Regulatory Authority Inc. arbitration panel has ruled that Merrill Lynch & Co. Inc. wrongfully terminated Joseph Mattia when it fired the former branch manager of the bank's flagship office in Manhattan.
An amendment to legislation to be considered today by the House Rules Committee could exempt accounting firms that audit certain broker-dealers from having to register with the Public Company Accounting Oversight Board.
The Arkansas Securities Department announced Tuesday that it fined a broker $50,000 and suspended his license for two weeks after a probe into alleged fraudulent mutual fund sales
More-restrictive investment advice regulations are coming now that the Labor Department has killed a controversial Bush administration proposal that would have permitted the mutual fund industry to provide direct investment advice to defined contribution plan participants.
The SEC has obtained an emergency court order freezing the assets of a Minneapolis money manager and a nationally syndicated radio personality for allegedly operating a foreign-currency-trading scheme.
A hypothesis about the psychology behind the big deals
The Securities and Exchange Commission must tighten its process for deciding which investment advisers to inspect if it is to avoid colossal breakdowns like the one that allowed Bernard Madoff's multibillion-dollar fraud to go undetected for 16 years, the agency's inspector general says.
The broker attrition at Morgan Stanley Smith Barney LLC is slowing down, according to Charles Johnston, its president and chief operating officer.
Rather than focusing on past deficiencies in target date funds, the Senate Special Committee on Aging's recent hearing on the funds focused on how they can be turned around quickly.
Having expertise with retirement income products and issues is paying off for many advisers, according to a study published today by the Financial Planning Association.
With modifications to the systems at the Depository Trust and Clearing Corp., reporting of cost basis information is likely to become less of an issue with financial advisers — assuaging concerns that new requirements could make reporting more costly and cumbersome.
In the wake of the alleged insider-trading ring involving hedge fund manager Galleon Group, compliance departments at asset management firms and broker-dealers are stepping up their vigilance.
The brokerage industry will put up a fight to stop <a href=http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20091101/REG/311019957>a potential power shift</a> that could give the Financial Industry Regulatory Authority Inc. oversight of much of the investment advisory industry.
With Congress advancing its controversial 1,900-page health care reform legislation, Wall Street has pushed health care sector stocks into value territory, according to Tyler Dann, co-manager of the $4.8 billion Aim Charter Fund <a href=http://www.investmentnews.com/apps/pbcs.dll/section?q=chtrx&INDA=1&crit=&SearchCategory=CHART%3BREG%3BFREE%3BSUB&SearchProfile=1119&x=47&y=9&symbol=&targetURL=http%3A%2F%2Fwww.investmentnews.com%2Fapps%2Fpbcs.dll%2Fsection%3Fcategory%3Dstocklookup&category=ETFLOOKUP&searchType=etf>CHTRX</a>.
Providers of 401(k) plans have lambasted a critical article published Oct. 9 in Time magazine denouncing the 401(k) system.
Broker-dealers, mutual fund companies and fund custodians are updating systems to comply with the cost basis reporting requirements included in the Emergency Economic Stabilization Act of 2008.
