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SEC enforcement will help ensure Reg BI delivers on investor protection: Grewal
The first Reg BI enforcement action, filed last month, won't be the last, division director Gurbir Grewal told lawmakers.
Equitable settles with SEC for $50 million over misleading annuity statements
The SEC said Equitable had provided false statements to 1.4 million variable annuity customers, most of whom were teachers or other public school employees.
SEC proposal would help shareholder resolutions
Proposal filers and proxy advisers want the regulator to do more.
The latest in financial #AdviserTech — July 2022
This month's roundup looks at Schwab's $187 million settlement with the SEC, Bento Engine's funding round, and RIA In A Box's launch of a RolloverAnalyzer solution.
Wall Street texting habit sticks banks with rare $1 billion bill
The sweeping civil probes rank among the largest-ever penalties levied against US banks for record-keeping lapses.
Americans’ finances still uneven, but many fare better, Finra finds
A study by the group’s education arm sees greater financial literacy resulting in greater capability.
SEC weighs waiving some rules to regulate crypto, Gensler says
The SEC chief says disclosures can be tailored for digital firms. He mentioned that such an approach is used for asset-backed securities and equity offerings.
SEC takes steps to free up proxy advisers, shareholder proposals
The agency approved rules that free proxy advisers from restrictions placed on them at the end of the Trump administration; it also amended the reasons companies can use to try to keep shareholder proposals off their ballots.
Morgan Stanley expects $200 million fine for misuse of personal devices
Meanwhile, the firm's wealth management franchise reported positives for the second quarter despite the broad stock market decline seen so far this year.
Finra bars would-be brokers for cheating on online qualification exams
It's the first time the regulator has taken an enforcement action related to remote test taking.
Coming soon: Single-stock ETFs for traders but not investors
The first examples of this new strain of ETF creativity could hit the markets within days, giving day traders another toy and financial advisers another headache.
Advisory firm held liable for breaching fiduciary duty in UIT action brought by SEC
The regulator accused the firm of 'double-dipping' by receiving both advisory fees and fees generated from products with high transactional costs.
SEC delays parts of market surveillance initiative until 2024
But opponents, including SEC Commissioner Hester Peirce, want the agency to scrap the whole project.
Lawyer for alleged Philly fraud settles with the SEC
The attorney, John W. Pauciolo, provided the legal approval for years of commercials advertising the unregistered Par Funding investments.
Agenda-driven SEC determined to prevail despite critics’ pushback
The latest iteration of Chairman Gary Gensler's agenda contains 53 pending proposals. The financial industry is nervous.
SECURE 2.0 occupies rare common ground, tees up progress
The House approved the retirement-industry boosting SECURE Act 2.0 in a landslide, setting the stage for a Senate vote in the back half of 2022.
Reg BI enters Top 15 of customer claims in Finra arbitration
Regulation Best Interest now ranks 14th on the list of the types of controversies involved in disputes between customers and brokerages. It likely will keep rising on the list.
Massachusetts orders Vanguard to repay investors $5.5 million for TDF taxes
Vanguard lowered the account minimum for an institutional target-date fund, causing a migration from the retail TDF, leaving those who held onto it in taxable accounts with a big capital gains bill.
Advisers must weigh whether to be first to use testimonials for marketing
An Investment Adviser Association survey shows that for the second year in a row, the SEC advertising rule is the top compliance concern.
Trying to cheat on CFP exam, failing to pay taxes result in bars on using designation
The Certified Financial Planner Board of Standards Inc. issues 17 sanctions in its latest round of disciplinary actions.
