Language in the Investment Advisers Act of 1940 exempts brokers from registering as investment advisers — and being fiduciaries — if their advice is "solely incidental" to their work.
Information is intended to help promote greater reporting of suspected financial exploitation.
Adds names of 16 "advisers" and unlicensed financial firms to civil suit.
The regulation, expected in December, likely will be contoured to the SEC's new advice standards.
The measure allows small employers to band together to offer plans and raises the RMD age. Another provision eases use of annuities in 401(k)s, which critics say goes too far
Newbridge Securities faces large deficit and negative cash flows.
Commission adds new item to agenda: Interpretation of broker guidance that qualifies as advice
Northeastern states argue cap will cause devastation, but recent tax filings show revenue increases in New York and New Jersey.
Sales of high-commission notes and private placements were at issue.
Collective investment trusts also have the potential to fuel a new wave of lawsuits against advisers.
Under the proposal, investment advisers would have to establish written policies to safeguard client data.
High-ranking, bipartisan members of the House Financial Services Committee back the legislation
Plaintiff's lawyer says junk bonds, futures contracts and derivatives were inappropriate for his clients.
Small-brokerage executive expresses concern over lack of specifics about what is 'best,' given an inability to make perfect investment choices for every client.
The regulator sees patterns in the behavior and disclosures of high-risk brokers.
Additional obligations would be imposed on these firms such as requiring them to create reserve accounts to pay unpaid arbitration awards.
Measure would allow companies to make contributions to retirement plans for employees paying down college debt.
Regulator launches multiyear program it hopes will make compliance programs more efficient.
Crackdown will help, but creating restricted accounts alone will not solve the problem of unpaid arbitration awards.
One consultant suggests spending 5% of revenue to fully address compliance needs.
