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DOL clarifies that insurance firms qualify for best-interest contract exemption under fiduciary rule
The agency posted 13 technical corrections Thursday, one of which deletes six words that have caused confusion about use of the BICE.
Court date set for lawsuit against DOL fiduciary rule
Market Synergy's lawsuit, one of several targeting the Labor Department regulation, is set for Aug. 24 in a Kansas district court.
Democratic platform draft includes financial transactions tax, defense of DOL fiduciary rule
The party is set to endorse a levy on securities sales and to defend the DOL fiduciary rule when it meets at its national convention in Philadelphia later this month.
Bond shop may have to drop clients due to DOL rule
The rule changes will likely result in dramatically higher fees for many smaller clients, and one bond shop is already reacting.
Finra panel directs N.J.’s Garden State Securities to pay damages to elderly investor
Finra directs the brokerage firm to pay $142,168 due to allegations of unsuitable investments and overtrading.
Moore Capital tells hedge fund manager to pound sand after raucous Hamptons party
Breakfast with Benjamin The saga of a Moore Capital fund manager involves a $27,000 Airbnb rental, a $1 million lawsuit, and “dwarfs with Champagne guns."
SEC charges brothers with $2.7 million Ponzi scheme targeting elderly
Daniel Rivera allegedly ran a $2.7M phony real-estate venture targeting about 30 investors over six years.
Advisers identify wrong state on ADV filings
SEC cracks down on claiming Wyoming location but practicing elsewhere.
Judge’s questions show inclination to uphold DOL fiduciary rule
In first of five lawsuits against the measure, federal judge Randolph Moss not likely to grant preliminary injunction sought by the National Association of Fixed Annuities.
Building bipartisan support for the Senior Safe Act
Every day that goes by without the proper safeguards in place to protect elderly investors presents a window for unscrupulous scam artists.
Despite congressional relief, impending Puerto Rico debt default could trip up municipal bond investors
OppenheimerFunds, Franklin Templeton maintain big exposure to the troubled island's debt.
Three states make elder-financial-abuse reporting mandatory starting Friday
Alabama, Indiana and Vermont will likely be joined by many states requiring adviser action against exploitation, while giving them immunity.
Thomas Perez points to two factors in DOL fiduciary rule’s favor to prevail in lawsuits
Labor secretary says the extensive rulemaking process and the regulation's merits of consumer protection will protect the measure.
SEC Investor Advocate Fleming targets fees charged by advisers
Rick Fleming will push the agency to follow through on its review of how brokers and investment advisers disclose their fees to clients.
Indicted broker a poster boy for industry critics like Sen. Elizabeth Warren
Anthony Diaz, under federal indictment for fraudulent sales of alternatives, embodies the criticisms of the likes of Sen. Elizabeth Warren.
Merrill Lynch hit with multiple fines by SEC, Finra
Bank of America's brokerage unit admits wrongdoing in unprecedented $415M consumer protection settlement with SEC; slapped with two other fines the same day.
The Department of Labor, 401(k)s and technology
While the new fiduciary rule could be interpreted as an unnecessary compliance burden, it may also present an opportunity with regard to 401(k) accounts.
Retirement industry leader calls for united front in Washington
Edmund F. Murphy III, president of Empower Retirement, says reforms need to be led by the private sector.
Finra targets variable annuities as ‘sweet spot’ of scrutiny
Following record MetLife fine, regulator says VAs are now at the core of their focus: complex products marketed to seniors.
Let brokers be brokers: A response to the lawsuit against the DOL fiduciary rule
The original industry regulations from 1934 and 1940 were perfect — just not perfectly enforced.
