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Defense Dept. on to crooked advisers
With a recently passed law, the Department of Defense has declared war on bogus financial advisers.
Ex-Amex chief Sodano settles with SEC
This week, after a long battle with the SEC, former American Stock Exchange chairman and chief executive Salvatore F. Sodano consented to SEC findings that he failed to supervise the exchange's oversight of its order-handling and record-keeping rules from 1999 through June 2004.
CFP Board targets phony designations
As regulators and Congress scrutinize the proliferation of financial advisory designations aimed at bilking elderly investors, the organization that grants the certified financial planner credential is investigating whether its name is being improperly used by groups that promote bogus certifications.
Carried-interest tax hike slammed
Pension funds would be adversely affected if taxes on private-equity were raised, said witnesses.
Carried tax plan ignites debate
Senate hearings on taxing-carried interest begin tomorrow, but reports predicting its impact are out now.
FINRA urged to cut industry ties for arbitrators
IRVINE, Calif. — Critics of the industry arbitration system want the Financial Industry Regulatory Authority to require that “public” arbitrators have no ties to the industry. In a rule awaiting approval at the Securities and Exchange Commission, New York- and Washington-based FINRA has proposed limiting to $50,000 a year the amount of revenue a public arbitrator could receive from brokerage firms for handling customer disputes.
Deferred-comp legislation may be introduced in Sept.
Senate Finance Committee leaders are working on a plan to resurrect legislation to cap deferred compensation, which they could reintroduce next month as part of a bill that would extend popular education tax breaks.
SEC’s principal trade proposal raises new fears
Some financial advisers fear that a proposal backed by the Financial Planning Association that would allow brokers to make principal trades in their fee-based accounts would result in a new loophole that brokers can use to skirt investment adviser regulations.
State regulators call for backup
IRVINE, Calif. — State regulators are seeking reinforcements. In a speech this month at the annual meeting of the National Conference of State Legislatures, Joseph Borg, president of the North American Securities Administrators Association Inc., called for the NCSL to develop a more detailed policy statement opposing federal pre-emption of state securities laws.
New IRS regs would limit fee deductions
Proposed IRS regulations that affect trusts and estates would carry with them a host of ills — including more trust fees for beneficiaries, additional work for financial advisers and increased client exposure to the alternative minimum tax — advisers and industry experts say.
Fate of estate tax worries planning lawyers
WASHINGTON — Estate planning lawyers are increasingly worried that Congress may not act on estate tax reform before the estate tax repeal expires at the end of 2010.
Advisers remain concerned about target date fund ‘advice’
As the first anniversary of the Pension Protection Act approaches, financial advisers remain wary of target date mutual funds.
New criticism for name of self-regulator
It’s FINRA, and it’s final. But the name of the self-regulatory organization formed by the consolidation of NASD’s and the New York Stock Exchange’s regulatory units is drawing a new wave of criticism.
Adviser group pushes for U-5 reporting reforms
IRVINE, Calif. — The Wealth Advisor Institute is calling for reform of the broker-termination-reporting process.
SEC gives SOX relief to smaller firms
The SEC approved a new accounting standard that would lower costs on Sarbanes-Oxley compliance.
401(k) disclosure legislation introduced
A bill that would increase 401(k) disclosure should be put on hold, according to the American Benefits Council.
National Insurance Act repitched
The first bipartisan House version of the National Insurance Act of 2007 was reintroduced today.
DOL said to keep stable value off default option list
The Department of Labor has rejected a proposal by the insurance industry to include stable-value funds as a default option for 401(k) plans, according to industry sources.
Washington state pushes for designation regs
WASHINGTON — Washington early this month became the third state to move toward regulating adviser designations when it issued two concept releases asking for public comments on the issue.
Plan sponsors embrace default investment alternatives
CHICAGO — While the Department of Labor has yet to issue final regulations on default options for 401(k) plans, many companies are jumping ahead and incorporating a qualified default investment alternative into their retirement plans.
