Wirehouse slapped with fine after Finra alleged it paid retired brokers $100M in commissions without making sure they had stopped providing advice.
New report cites potential costs of systemic risk designation for asset managers
Checks on sponsor companies and protection for investors and advisers is welcome, but statement reporting adds more confusion than clarity
Urges members of Congress to support charging user fees to advisers for exams
Action contrasts with House panel vote last week, which gave agency $300 million less
The measure has bipartisan support going forward, but hurdles remain.
Plus: Individual investors zig as professionals zag, hedging the U.S. market by going global, Citigroup in the spotlight, and futbol mania
A federal U.S. Court of Appeals panel said U.S. District Judge Jed Rakoff was wrong to reject $285 million SEC settlement with Citigroup. The court said the judge abused his discretion. Case also bolsters agency's policy of not forcing firms to admit guilt when it settles cases.
<i>Breakfast with Benjamin: </i>Citi under the FBI microscope. Plus: Using P/E ratios to dispel bubble theories, re-calculating the size of the nation's oil reserves, big banks and big overdraft fees, GM and political grandstanding, and it's always a good time to teach kids about money.
An idea being floated by the Securities and Exchange Commission that would make financial advisers gatekeepers for private placements is getting a cold reception.
After 18 years, David Tittsworth is leaving the Investment Adviser Association, a group he led during a period of expanding regulation.
The bill preventing a government shutdown includes SEC funding hike and allowance to cut pensions. Left out is language that would have killed the DOL's fiduciary rule.
Wall Street resistance has helped slow down a pending Department of Labor rule to strengthen standards for advisers to retirement plans. With a re-proposal slated for January, the Securities Industry and Financial Markets Association is urging more of its firms to contact Congress to oppose the measure.
House is expected to vote Wednesday on legislation that would extend retroactively for one year an assortment of individual and business tax breaks.
Republican lawmakers see tax-extender approval going through before the end of 2014, keeping tax breaks favored by clients in place.
Insurance industry calls on DOL to allow propriety sales, revenue-sharing in fiduciary rule; predicts business will “contract dramatically” if agency doesn't give it an exemption to higher advice standard
Low-cost index funds capturing 25% of new assets but drive just 5% of revenue.
<i>Breakfast with Benjamin:</i> Carl Icahn warns that stocks are on risky ground. Plus: Interest rates and volatility are raising red flags, one man's take on the Fed-fueled bubble, the SEC is watching for political-donation conflicts, gold gets no respect, and institutional money is chasing solar energy stocks.
SignalPoint Asset Management failed to disclose conflicts of interest to clients, the SEC alleges.
