Displaying 10200 results
Goldman ordered to pay $3 million for mismarking ‘short’ sales as ‘long’
Finra's action was another by the broker-dealer self-regulator that targets a best-execution failure by a member firm.
ERISA lawsuit roundup: Court backs ADP (again), Mutual of America settles
Mutual of America agreed to settle an ERISA excessive fee lawsuit filed by 401(k) participants last week.
Merrill ordered to pay $9.7 million for failing to disclose foreign exchange fees
The SEC enforcement action is another example of the agency's increased scrutiny of wrap-fee programs.
Industry groups question justification, cost of SEC trading-execution reforms
Critics say proposals that target payment for order flow try to do too much, too fast, and conflict with rules in place that are working.
Potential investor claims go through the roof at Berthel Fisher
Open claims against the Iowa-based broker-dealer totaled $32.1 million at the end of 2022, eight times what it reported a year earlier, according to an SEC filing.
Love it or hate it, ESG has been around for decades — and it isn’t going away
Interest both for and against sustainable investing will almost certainly be rising — and that means that financial advisors can’t afford to ignore it.
Lawmakers re-up bills to end estate tax, usher in e-delivery, increase SEC penalties
Each of the measures failed to get enacted in the previous Congress. The tax bill starts off with just GOP support, while the other two come out of the gate with bipartisan backing.
Custody, compliance and tech lay the foundation for going independent
An expansive network of platforms and services has evolved that's designed to support breakaway brokers.
Massachusetts opens probe of stock sales by First Republic executives
Secretary of the Commonwealth William Galvin, one of the most aggressive state regulators, has issued a subpoena, his spokesperson said.
House GOP questions SEC authority to write climate disclosure regulations
GOP members of an appropriations subcommittee argue against the agency's request for an increase in its funding.
Cetera to advisors: Selling your practice requires our OK
If financial advisors don't seek the firm's approval, they risk running afoul of securities regulators, Cetera said.
Morgan Stanley ordered to pay $782,272 for mishandling estate
Finra arbitrators ruled on the estate's claim that Morgan Stanley ignored rules laid out by a court for how funds in the estate were to be handled.
SEC faults new advisors for compliance shortcomings
The agency's examinations found programs weren't tailored to business models and were inadequately funded.
Coca-Cola Bottlers’ Association reaches deal to settle 401(k) lawsuit
Once approved by the court, it is expected to benefit more than 64,000 people covered by the Coca-Cola retirement plan since February 2015.
Overcoming ‘policy differences’ takes work early in rulemaking process: SEC’s Peirce
The commissioner characterizes SEC Chair Gensler's agenda as seeking dramatic regulatory change over 'huge swaths of the market,' while his predecessor, Jay Clayton, was more incremental.
Investors focus on climate, abortion access in potential record proxy season
After last year's Supreme Court decision overturning Roe v. Wade, more companies face votes on reproductive health care.
First Citizens to buy Silicon Valley Bank after run on lender
The deal transforms North Carolina-based First Citizens into one of the top 15 U.S. banks, as it buys about $72 billion of SVB's assets at a discount of $16.5 billion.
UBS, Credit Suisse among banks facing US probe into Russia sanctions
As the Justice Department investigates whether financial professionals helped Russian oligarchs evade sanctions, subpoenas also went to employees of some major US banks.
Citi sues advisor who jumped to Morgan Stanley over $636 million book
Citi alleges Steven Taub is violating a 12-month nonsolicitation agreement and has already convinced clients to move more than $100 million.
Former advisor, financial planner charged with defrauding NBA players
Four people face federal indictments in the scheme, and the former advisor is being charged by the SEC.
