Displaying 10201 results
CEO Scharf sees ‘several years’ of regulatory work ahead for Wells Fargo
The bank remains committed to turning itself around after a series of scandals, but implementing all its plans will take time, Scharf said in prepared testimony for a congressional committee hearing.
NASAA model rules let advisers maintain licenses while out of industry
The move aligns state policy with a Finra initiative that extended the grace from two to five years as long as brokers stay current on continuing education.
Morgan Stanley hit with $35 million SEC fine over data security
When the bank replaced hard drives and servers, it improperly disposed of thousands of devices, compromising the personal data of about 15 million clients.
SEC to probe whether advisers can back up ads in marketing-rule reviews
A risk alert released Monday gives advisers a preview of how the agency will assess compliance with the regulation, which overhauls advertising restrictions for the first time in 60 years.
State regulators say Finra expungement reform falls short
Finra's rule proposal would tighten the process for clearing customer disputes from broker records, but NASAA is not yet on board.
Judge orders SEC to settle with alleged Philly loan scheme: Report
Last week, Judge Rodolfo Ruiz gave the SEC 10 days to negotiate a settlement with Par Funding founders Joseph LaForte and his wife, Lisa McElhone.
Fast start on rules creates perception Gensler’s agenda eclipses predecessors’
The SEC chief wants to wring cost savings out of the middle of the financial markets, where intermediaries make money.
ETFs that track stock trades of members of Congress planned
A pair of exchange-traded funds would analyze the financial disclosure of lawmakers from both parties and their spouses and dependent children.
Democratic state treasurers blast anti-ESG counterparts
A group of 13 signed an open letter that calls out moves against ESG criteria being used in investing public money as politically motivated.
SEC slaps B-D with $100,000 penalty for not registering as muni adviser
Chicago’s Loop Capital Markets helped an unnamed Midwestern city buy fixed-income securities.
Gensler stands ground on climate disclosure despite lawmaker concerns
The top Republican on the Senate Banking Committee pressed the SEC chair to scrap an agency proposal to require climate reporting by public companies.
Oppenheimer points to arbitrator’s military service as conflict: Attorney
Oppenheimer's charge of "evident partiality" by an arbitrator in the $36.7 million decision it lost last week revisits the question of fairness in arbitration proceedings.
Why has Knut Rostad lost faith in the SEC?
During Fiduciary September, the head of the Institute for the Fiduciary Standard worries that the SEC is eroding the standard.
Single-stock ETFs take the field but many yellow flags are falling
Regulators, analysts and financial advisers worry the easy access to enhanced performance will hurt unsophisticated investors.
DOL orders Wells Fargo to pay $145 million over 401(k) company stock purchases
The Wells Fargo retirement plan paid more than fair market value for stock that diminished participants' savings when it was allocated to their accounts.
Ex-LPL broker pleads guilty in $2.8 million fraud
James K. Couture of Massachusetts pleaded guilty to four counts of wire fraud, four counts of aggravated identity theft, one count of investment adviser fraud and one count of witness tampering.
Finra fines BofA Securities $5 million over options reporting
The firm failed to report positions to the Large Options Positions Reporting system in more than 7.4 million instances.
SEC orders 9 advisory firms to pay more than $1 million for custody violations
The firms managed private funds and fell short of custody compliance by failing to give investors audited financial statements about the funds.
Finra cuffs another broker-dealer over GPB sales
The actions outlined in Finra settlement with Sanctuary predate Sanctuary’s acquisition of David A. Noyes, a company spokesperson notes.
SEC emphasizes ‘best interest’ aspect of Reg BI, fiduciary duty
Broker and adviser standards of conduct differ in some respects but should result in the same outcome for investor protection, an agency official said.
