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Advisor, industry groups blast SEC custody proposal
Trade groups question a provision in the proposal that would deem advisors with discretionary authority over client accounts to have control of the assets.
Goldman to pay $215 million to settle case on underpaying women
The trial, which had been scheduled for next month in New York, would have provided a rare public forum for testimony about inequality inside the financial industry.
Audits on the rise amid a resurgent IRS
If the IRS thinks a taxpayer owes money, its efforts to collect could include levying bank accounts, placing liens on their home, garnishing their salary, and even refusing to issue a passport.
Maine legislators halt bill opposed to use of ESG factors
State pension professionals argued against it, saying the legislation would limit investment considerations.
Advisors stick with Treasuries despite political tension over debt limit
'It's sort of like the nicest house on an ugly block, which, relatively speaking, is the best place to be,' said one advisor.
Credit markets keeping eye on debt ceiling negotiations
President Joe Biden has invited congressional leaders for a May 9 meeting after Treasury Secretary Janet Yellen suggested the US might exhaust its options to fund itself as early as June 1.
Finra arbitrators order Oppenheimer to pay nearly $14M to Florida retirees
The award is another loss for the firm in a case involving a Ponzi scheme that was run from an Oppenheimer branch office in Atlanta by former broker John J. Woods.
SEC orders firm, advisor to pay $933,341 for misuse of leveraged ETFs
The North Dakota firm and one of its advisors didn't understand the risks associated with the complex products and failed to determine whether they were in clients' best interests, the agency says.
Number of brokerages fell, registered rep total increased in 2022, Finra reports
Brokerages suffered financially during the market downturn last year, with net income and revenue falling sharply in 2022.
Merrill to pay $1.4 million over telemarketing violations
The company, which self-reported the issue, signed separate consent orders with Finra and the New Hampshire Bureau of Securities Regulation.
Fed signals possible pause after latest quarter-point hike
The Fed raised interest rates by a quarter percentage point Wednesday, but the FOMC statement no longer included a line about anticipating 'additional policy firming.'
Florida’s new law makes ESG murkier
The law is the 'farthest-reaching' of the actions various states have taken to restrict the use of environmental, social and governance considerations.
SEC approves stronger reporting requirements for private fund advisors
Hedge funds with at least $1.5 billion in assets now have to report significant investment losses and withdrawals to the SEC within 72 hours.
The problem with the SEC’s deluge of rule proposals
The pace and breadth of the agency's current rulemaking is not allowing for constructive criticism from the people implementing the rules.
Morgan Stanley in discussions with prosecutors, regulators to resolve block-trading probes
The firm disclosed the investigations last year, and said it faces potential civil liability from allegations that it caused stock prices to drop before completing a block trade.
Advisors express caution, enthusiasm about being gatekeepers to private markets
Legislation recently approved by a House committee would deem the clients of investment advisors to be accredited investors.
Supreme Court to review UBS whistleblower’s complaint
Trevor Murray is seeking to reinstate a $900,000 jury verdict he won on allegations that he was fired for refusing to skew his reports to help the firm’s business strategies.
Gensler blasts hedge fund fees as SEC readies rules
The Securities and Exchange Commission plows ahead with plans to boost oversight of the private fund industry.
Bill to ease regulatory burden on small advisors sails through committee
The SEC's current definition of small advisors is 'antiquated,' which means the agency's regulations are not properly calibrated for such firms, the Investment Adviser Association said.
Stifel to pay $3.2 million over former broker’s ‘predatory sales’
The firm allegedly failed to supervise Joseph Crespi, whose trading activity prompted 135 internal alerts over 12 months, according to the office of Massachusetts Secretary of the Commonwealth William Galvin.
