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Democrats won’t lose SEC majority on election night
That's why Chairman Gary Gensler will be able to proceed with his agenda, experts says. But he'll get plenty of GOP pushback for being too aggressive.
Restricting advisers’ independent contractor status is a no-win for everyone
It's critical that the DOL and members of Congress hear from advisers what their independent classification means, not just to them but to their clients as well.
Some advisers welcome increased regulatory scrutiny of outsourcing
A fiduciary mindset when vetting third-party providers should keep them out of trouble, some say. But there are concerns about the regulatory costs entailed for small firms.
International CFP standards group names new CEO
Dante De Gori served previously as the chief executive officer of the Financial Planning Association of Australia.
Shared responsibility for winning diverse talent and clients will reap shared results
Cultural competency is within reach even as the profession persists with its long-term initiatives.
Divided SEC proposes new requirements for investment adviser outsourcing
Advisers would have to step up due diligence and monitoring of third-party providers, potentially including those who provide portfolio management and indexing.
Federal court orders company and its owner to repay 401(k) plan
The president and owner of an Illinois-based health care company failed to make necessary contributions to the retirement plan.
Finra develops searchable rulebook to help brokerages navigate compliance
How well the system works will depend on the quality of the taxonomy, a compliance expert said.
Gensler says final rule on climate disclosure is not imminent
In an appearance at SIFMA's annual conference, the SEC leader declined to provide a timeline for final regulations on his broad agenda.
Democrats urge JP Morgan, Wells Fargo to cease funding of anti-ESG group
Federated Hermes has indicated that it will end membership of the State Financial Officers Foundation.
Four states move to shut down investment scheme tied to metaverse casinos
State regulators filed cease-and-desist orders against an organization based in the country of Georgia that was selling non-fungible tokens known as Slotie NFTs.
High stakes in midterm elections
There’s a lot more than control of the House and Senate on the ballot in November, especially for Gary Gensler and the SEC.
Finra smacks Raymond James with $1.15 million penalty over compliance shortcomings
Raymond James Financial Services overlooked 'multiple red flags' related to the activities of two brokers, according to Finra.
Republicans, Democrats could agree on some adviser issues after midterm elections
There's some chance that members of both parties will want to open private markets to more ordinary investors.
Investment scams targeting the elderly surge, government agency reports
The Federal Trade Commission says older Americans lost $147 million in 2021, up 213% from 2020, with crypto rip-offs being a leading culprit.
Alaska slaps ‘adviser’ with $7.4 million in penalties
Garrett Elder and his Tycoon Trading firm also ordered to pay $7.4 million in restitution for issuing and selling unregistered securities.
IRS gives more clarity on how to report digital assets
In the 2022 tax form draft instructions, the agency explicitly says that digital assets include NFTs and virtual currencies.
Swamped by legal costs, broker-dealer files for bankruptcy protection
Atlanta-based Kalos Capital has been crushed by more than $9 million in legal fees and costs related to sales of GPB private placements.
House GOP uses SEC comment glitch to question agency’s agenda
Republicans on the House Financial Services Committee give a preview of the pressure they're likely to apply to SEC Chairman Gary Gensler if the party takes over the House in the midterm elections.
Lead broker-dealer seller of GWG L bonds sues its insurers
'No one is going to want to settle with broker-dealers over GWG claims until the bankruptcy is resolved,' an attorney said about the lawsuit filed by Emerson Equity.
