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ESG litmus test intensifies as 2024 elections loom
A campaign against the use of ESG factors to manage assets for public workers has snowballed; the issue has also been a focus in Congress.
Gensler says AI holds promise, peril for financial advice
The SEC chair calls AI 'the most transformative technology of our time,' but emphasizes the agency's focus on fraud.
Clarence Thomas, Taylor Swift and that gift your client was nice enough to send
Finra's rules on gifts exist as a line in the sand between right and wrong, but advisors should know what is appropriate to give or receive.
Stifel advisor facing $23.5 million in investor claims over structured notes
The Miami Beach, Florida-based advisor, Chuck Roberts, is a 33-year industry veteran and has worked at Stifel since 2016.
Exec charged over JPMorgan fraud case
$175 million sale snares another defendant with charges of securities fraud, wire fraud and conspiracy.
Biden unveils new student debt forgiveness plan
After being shot down by the Supreme Court, the administration has unveiled a revamped plan that could benefit more than 800,000 borrowers.
Brokerages want speedy SEC review of Finra remote supervision proposals
Temporary relief from onsite inspections runs out at the end of this year, so firms are hoping the SEC moves quickly on the proposals.
DFA request for ETF share classes marks tipping point for legacy fund companies
The $614 billion asset manager is applying a full-court press to take advantage of an expired Vanguard patent.
What’s keeping investment firm compliance officers awake at night?
The Investment Adviser Association reveals the results of its 2023 Investment Management Compliance Testing Survey.
Gensler’s SEC crypto clampdown hits legal speed bump
A U.S. District Court judge pushes back against the SEC's attempt to regulate Ripple XRP token.
SEC charges former broker with ripping off elderly, disabled clients
Joseph Michael Todd of Florida stole at least $3 million from 20 customers, according to the regulator.
Closing broker-dealer’s financials ‘were horrible’
Arizona-based Arque Capital Ltd. sold bonds issued by bankrupt GWG Holdings Inc.
Former Celsius CEO charged with fraud in latest DOJ crypto case
The SEC, the CFTC and the FTC also filed lawsuits against Alex Mashinsky and his crypto lending company.
House kicks off ‘ESG month’ with heated hearing
The House Financial Services Committee heard testimony on 18 bills that would curtail SEC efforts or otherwise restrict ESG considerations.
SEC seeks to raise capital requirements for brokers holding substantial customer funds
The proposed rule would require certain brokerages to compute the net cash they owe customers and other B-Ds on a daily, rather than weekly, basis.
SEC overhauls money-market fund rules to thwart rapid outflows
The regulator won't require 'swing pricing' for money funds after fierce pushback from the industry.
Money market funds to avoid new ‘swing pricing’ rules
The SEC is due to finalize its rules Wednesday with Wall Street now expecting a victory on a key component.
Verizon 401(k) lawsuit settles for $30 million
The settlement sends an uncomfortable message to retirement plan advisors and other fiduciaries, an observer says.
Six states impose $4.2M fine on Raymond James for excessive fees
The firm was also ordered to return $8.25 million to retail customers.
Merrill Lynch smacked with $12 million penalty for reporting violations
According to the SEC and Finra, for years Merrill botched the reporting threshold for potential suspicious transactions.
