Goldman faces a vote at its annual meeting later this month on whether it should publish a report on how its mandatory-arbitration policy impacts employees and workplace culture.
Assessing the murky family-office world presents challenges, such as sorting out the different types. The SEC had targeted family office oversight for review this year even before the Archegos blowup.
UBS has been hit with a rash of arbitration claims over strategies investors say damaged them, and most recently it saw a wave of investor complaints over Puerto Rico bonds and bond funds.
Recently, Nebraska, Idaho and North Dakota passed rules matching NAIC’s standard, joining other states on the roster: Arkansas, Arizona, Delaware, Iowa, Michigan and Rhode Island.
Coca-Cola and Delta Airlines — both headquartered in Atlanta — have come out against the bill, as have many other corporations. That has drawn backlash from Republican lawmakers, including U.S. Senate Minority Leader Mitch McConnell.
Former chief compliance officer Michael Cohn was also fined $50,000. A former Securities and Exchange Commission examiner, he was charged in October 2019 with obstruction of justice relating to an SEC investigation of GPB.
The company says it will convert its $39 billion Grayscale Bitcoin Trust into an exchange-traded fund as soon as U.S. regulators allow.
Personal information used to cross-sell other services is not a plan asset, a court found. Two new 401(k) lawsuits were also filed against Icon Clinical Research and Wesco Distribution.
Dan Berkovitz, a Democratic commissioner on the Commodity Futures Trading Commission, blasted his own agency for taking too light a touch with the investment funds.
The SEC and other regulators want to keep firms and advisers on their toes — and toeing the line.
There's a sense of urgency to make moves to take advantage of today's low tax rates because they may be going up soon. A $2.3 trillion package contains a proposal to increase the corporate tax rate from 21% to 28%.
The flipside of the new Innovator Capital Management products is the performance is capped and they can be more expensive than some of the cheaper indexed options.
The companies are concerned about bias on the arbitration panel. But an attorney for the claimants said the two failed to warn investors of red flags detected in their accounts.
The complaint also alleges that Douglas E. Elstun misled clients about his trading in high risk, daily leveraged and inverse exchange-traded funds by failing to disclose the substantial risks of buying and holding these products.
The Securities and Exchange Commission summoned the banks for hasty meetings on what triggered the forced sale of more than $20 billion of stocks linked to Hwang’s Archegos Capital Management.
He was suspended by the Certified Financial Planners Board of Standards in 2013, and was barred by the Financial Industry Regulatory Authority and the Pennsylvania Department of Banking in 2015.
The CFP Board has spent $10 million each year on the campaign since its launch in 2011. The campaign is funded by an additional $12 per month that is added to the annual CFP certification fee.
State and federal GOP officials continue to push back against what they call regulatory overreach. The SEC says it is trying to meet investor demand for ESG information.
Plaintiffs sued BlackRock Institutional Trust Co. in 2017, alleging that the firm engaged in self-dealing and breached its fiduciary duty by including numerous in-house products on the plan menu.
As part of the settlement, Edward Jones will create a new financial adviser council to address diversity issues and senior management will be kept informed of those initiatives.
