Agency says Utah broker-dealer failed to document suspicious microcap stock trades
The SEC extracted almost $3 billion in disgorgement payments in 2016.
Biggest concern is threat of excessive litigation due to best-interest contract exemption.
New SEC Chairman Jay Clayton makes request for comment on fiduciary duty one of his first actions, as DOL reasseses its measure.
The securities industry faces plenty of legal risks and compliance pitfalls following June 9, the official start date for the DOL fiduciary rule. <b>Plus,<a href="http://www.investmentnews.com/gallery/20170523/FREE/523009998/PH/dol-fiduciary-rule-what-you-need-to-know-about-acostas-decision" style="color:#b10816" target="_blank"> what you need to know from the DOL's latest FAQs</a>.</b>
Changes include level compensation on fixed annuities and unit investment trusts.
Sterne Agee fired James Holbrook, Jr. in May 2014 for allegedly misusing company assets and spending lavishly on perks.
If investors are frustrated now, just wait until the Trump DOL comes out with an overhaul of the rule later this year.
Commission seeks public comment on investment-advice standards; move suggests more coordination with Labor Department on fiduciary rule.
The win could provide fodder in other legal defenses, and supports the contention that comparing fund costs to Vanguard doesn't always provide an accurate barometer.
Report predicts 7 million holders of retirement accounts could lose investment advice.
Agency says firm and its CEO failed to disclose fees.
Though his decision not to delay the June 9 applicability date of the rule might seem like a blow to opponents, Mr. Acosta made it evident that revising the measure is the endgame.
Firm will pay $650,000 for suitability, compliance and books and records violations.
The rehearing was granted after the initial decision was appealed by former investment adviser Raymond Lucia, who was banned from the industry for life.
With executive orders, bureaucratic actions and unprecedented use of an obscure statute, the administration has killed or postponed dozens of regulations.
Insurers are introducing fixed-rate deferred annuities with income guarantees to circumvent BICE.
In many circumstances, commission-based services offer clients a more economical and practical way to meet investment goals.
Some large brokerages such as Morgan Stanley, Edward Jones and Raymond James have seen a surge in advisory assets a year on from promulgation of the retirement regulation.
