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Gensler steps up warnings to money managers
The SEC chairman said using predictive data technologies may create 'inherent conflicts' of interest for investment advisors.
Congressional rejection of DOL ESG rule casts pall over measure
The regulation is safe thanks to a pending veto of the resolution approved by the House and Senate, but the vote adds some political uncertainty for plan advisors.
SEC charges Virginia advisor with fraud
The advisor, Ryan R. Riley, also pleaded guilty in a criminal manner and was ordered to pay restitution of at least $434,000.
Senate passes anti-ESG bill; Biden threatens first veto
The bill to block a Labor Department rule making it easier for retirement plans to weigh ESG issues in investment decisions passed 50-46, with two Democrats voting with Republicans to pass the measure.
Finra encourages brokers to increase scrutiny, controls when using finfluencers
The regulator releases an update to an exam sweep probing how member firms tout themselves on social media.
LPL facing SEC investigation into unapproved personal devices
LPL's disclosure follows a crackdown by US regulators on financial firms' failure to monitor employee communications on messaging apps.
Morgan Stanley ordered to pay Schwab $7.3 million over broker recruiting
In its arbitration claim, Schwab accused Morgan Stanley and the two brokers who joined Morgan Stanley of violating a non-solicitation agreement.
Biden plans to name Julie Su as next Secretary of Labor
Su, who would become the first Asian American Cabinet secretary in Biden’s administration, would replace Marty Walsh.
Insured Retirement Institute seeks to build on SECURE 2.0 wins
The annuity sector trade association is advocating for legislation that would mandate retirement plans for small employers that don't have them, as well as bills that would increase the use of annuities.
Republicans, Democrats battle to political stasis on ESG policy
A Republican resolution to kill the DOL ESG rule could come up for a vote soon. Democrats counter with legislation to codify the regulation.
Finra arbitrators deny both IBD’s, brokers’ efforts to keep each other from clients
An attorney for the independent reps said the decision has implications for the entire sector. The brokerage, NexTrend Securities, may seek to vacate the award.
Oppenheimer fails to overturn $36.7 million arbitration loss
The firm lost the huge arbitration decision, which was decided by a Finra panel, last year to eight investors who were sold a private equity fund by a former Oppenheimer broker, John Woods.
More US states are starting to push back against anti-ESG movement
While Florida and Texas rail against sustainability, Democrats and Republicans in other states are embracing it.
Wells Fargo latest to face probe of use of messaging apps
The SEC and the CFTC are looking at the bank's retention of employee communications related to the use of unapproved messaging apps, it disclosed in a filing.
Finra fines small B-D after years of net capital problems
Laidlaw & Co., with eight branch offices and 75 registered reps, was fined $200,000, according to Finra.
Mormon church, investment manager pay $5 million to settle SEC claim
The church and its investment arm, Ensign Peak Advisers, created 13 limited liability corporations to obscure the size of the church's portfolio.
Industry, investor advocates oppose key parts of SEC mutual fund reform
The SEC has proposed using swing pricing and a hard close for share purchases to protect investors during market meltdowns. Critics warn changes could ruin mutual funds.
Former NBA player Paul Pierce to pay $1.4 million in crypto case
The SEC alleges the longtime Boston Celtic touted a crypto token without disclosing that he was paid to do so.
SEC proposes expanding advisor custody rule
The agency is considering extending the regulation to cover all assets in a client's portfolio, not just securities and funds.
Examining gamification’s power and influence in the markets
A recent survey by CFA Institute found 20% of retail investors say their primary reason for using trading accounts is entertainment or speculation.
