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Asking the SEC’s Michael Piwowar to reconsider who will end up the real ‘forgotten investors’
His proposal to allow more Americans to invest in private placements is fraught with risk, mostly to retirees who fall prey to brokers motivated to sell these deals by high commissions.
DOL issues bulletin to ease confusion over near-term fiduciary rule compliance
The memo grants relief to firms for compliance violations that may occur as the April implementation date approaches.
Voya to pay $3.1 million for disclosure violations
SEC says firm didn't report to customers conflicts or income it received from clearing broker.
Merrill suggests it may reverse course on commissions
Andy Sieg, the head of Merrill Lynch Wealth Management, said the firm may back off its wholesale scrapping of commissions in advised retirement accounts.
Finra slaps former BB&T broker for selling away pot-equipment stocks
Mark Schklar fined $10,000 for selling private securities without prior notice.
Senate Democrats push Finra to create fund to compensate investors for unpaid arbitration claims
Sen. Elizabeth Warren says investors are being taken advantage of by brokerage firms, citing a study that determined the industry failed to pay $62 million in claims in 2013.
Senate panel approves bill to promote ETF research
Measure, passed by overwhelming House majority last year, gives brokers safe harbor for issuing reports.
Fired Merrill broker took client money for kids’ schooling: Finra
Finra suspended Adam C. Smith for one year and imposed a $10,000 fine for accepting gifts totaling $105,000.
Brokers-dealers move to trim fund offerings as they adjust to DOL rule
Small fund companies may have to pivot, by embracing a niche specialization or redirecting sales forces toward new distribution channels.
Finra accepting comments on rule change to allow investment-strategy projections
Broker-dealer groups endorse the change, saying it would put them on a level playing field with investment advisers.
Elected officials held to fiduciary standard
Just as advisers are obligated to fulfill fiduciary duties, elected officials are similarly obligated when it comes to public policy.
Advisers embrace elimination of Obamacare taxes, question GOP replacement plan
The House Republican approach kills investment-income levies, but the breadth of coverage could shrink.
Fidelity, Empower and T. Rowe take three different approaches to the DOL fiduciary rule
Some retirement plan advisers see providers' compliance moves as potential competition.
Judge orders advisory firm to give up Ariel name
Ariel Investments wins trademark suit against small Florida RIA with same name.
SEC enforcement unit bracing for budget cuts under Trump
Division bulked up under Mary Jo White, but is already curtailing expenses as it awaits new budget
Senate moves to kill DOL’s state, city auto-IRA rules
Resolutions to overturn the rules only require a simple majority to pass, and aren't subject to a Senate filibuster
Finra bars broker-dealer owner for false testimony, fabricated documents
Frank H. Black and his firm, Southeast Investments N.C. Inc., failed to retain business-related emails and to achieve compliance with applicable securities laws, according to the Finra panel's decision.
Prospects for independent adviser exams fade with increased SEC efficiency, Piwowar resistance
The regulator's acting chairman says he prefers that agency employees conduct exams. (More: SEC enforcement unit bracing for budget cuts under Trump)
The accredited investor rule should be redefined, not erased
If nothing else, the dollar amounts should be adjusted for inflation.
DOL removes consumer FAQs on fiduciary rule from its website
The FAQs encourage investors to press their advisers about whether they are fiduciaries.
