'Finra provides essential services ... thousands of firms, hundreds of thousands of registered persons, and millions of American investors rely upon,' the North American Securities Administrators Association says in a brief.
The settlement with Baird stems from Finra's 2020 targeted examination regarding rights of reinstatement.
'It’s a devastating award, or lack thereof, for the claimants and a massive victory for Raymond James,' says an attorney not involved in the case.
'My suspicion is that if [Scott’s bill] passes, then the number of Main Street investors who are sold an unregistered security will far exceed the number of Main Street investors who actually go looking for such a product,' an advisor says.
'Interest rates are coming back, so where you put clients' money in cash is an issue again,' one attorney notes.
Independent agents who sell annuities could be fiduciaries for the first time.
'The best kind of regulation is when the private sector works with regulators to craft regulation that is efficient, effective, workable and narrowly targeted,' says the architect of the Obama DOL's fiduciary rule.
Brokerage firms walloped in case that could upend industry.
But even those who already work in a fiduciary capacity will be affected, one lawyer says.
'I just want you to know we're watching,' President Biden warns advisors who put their own interests above needs of clients.
'The financial advisor recommended he put the entire amount in GWG L bonds,' the claimant's attorney says.
New proposal wants to rework definition of a fiduciary and 'close loopholes.'
The failure to make adequate disclosures is a violation of federal securities laws, according to the complaint.
At least two banks were dropped from underwriting muni deals since Texas Attorney General Paxton said last week he was probing the energy policies of a group of financial firms.
SEC cracks down on California investment advisor for allegedly defrauding elderly clients.
Safeguard Metals allegedly steered retirees who cashed out of IRAs toward high-markup silver coins
A wide range of financial industry groups are urging the agency to withdraw its most controversial proposals, but even the most reviled likely will avoid major changes.
'Some may call high-impact cases regulation by enforcement,' SEC Chair Gary Gensler said. 'I call it enforcing the laws and the regulations that are on the books.'
'Why would any business owner maintain a retirement plan if the federal government is going to take over all the costs and responsibility of providing retirement benefits?' says the CEO of a trade group representing plan sponsors.
