Regulation And Legislation

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Supreme Court blocks market-timing lawsuit against Janus
MUTUAL FUNDS JAN 26, 2012
Supreme Court blocks market-timing lawsuit against Janus

The Supreme Court today ruled in favor of the mutual fund industry in a case involving responsibility for statements made in prospectuses. A big deal? SIFMA said a decision for the plaintiffis would have caused 'crippling uncertainty' in the securities market.

By Bloomberg
REGULATION AND LEGISLATION JAN 25, 2012
INsider: SEC must fight tooth-and-nail to get additional scratch

Modest budget bump likely to be approved today; beyond that, it's a tough sell

By Bloomberg
SEC budget increase? Only with agency reforms, House Republicans say
REGULATION AND LEGISLATION JAN 25, 2012
SEC budget increase? Only with agency reforms, House Republicans say

The Securities and Exchange Commission will receive adequate funding for 2012, but must reform its operations and rule-making processes before a significantly bigger budget is approved for the agency, Capitol Hill Republicans said.

By Mark Schoeff Jr.
TCW accuses Gundlach of secret plot to steal 'entire business'
REGULATION AND LEGISLATION JAN 25, 2012
TCW accuses Gundlach of secret plot to steal 'entire business'

TCW Group Inc.'s former investment chief Jeffrey Gundlach plotted with colleagues to steal the company's trade secrets before he was fired and started a rival money-management firm, a lawyer for TCW told a jury.

By Mark Bruno
REGULATION AND LEGISLATION JAN 22, 2012
INsider: Advisers ignore Washington at their peril

Politics, or more specifically, lobbying, matters; 'they're going to be listening'

By Bloomberg
RIA NEWS JAN 22, 2012
Massachusetts lays out social media do's, don'ts

By Liz Skinner
Citi settles with Finra over alleged conflicts at its brokerage
REGULATION AND LEGISLATION JAN 20, 2012
Citi settles with Finra over alleged conflicts at its brokerage

Company failed to dislose business relations with companies covered in research notes, regulator says

By John Goff
Supreme Court smacks down B-D's suit against Finra
REGULATION AND LEGISLATION JAN 20, 2012
Supreme Court smacks down B-D's suit against Finra

Plaintiff argued that proxy soliciting member approval for NYSE combo was fraudulent

By Dan Jamieson
REGULATION AND LEGISLATION JAN 19, 2012
Ex-UBS client indicted for hiding accounts from IRS

A former UBS AG client was indicted by a federal grand jury on a charge that he defrauded the U.S. by hiding assets from the U.S. Internal Revenue Service.

By Doug Cubberley
REGULATION AND LEGISLATION JAN 19, 2012
Frank's final act - stop GOP efforts to raze huge finance bill

By Mark Schoeff Jr.
Frank elects to retire from Congress in 2013
REGULATION AND LEGISLATION JAN 19, 2012
Frank elects to retire from Congress in 2013

Rep. Barney Frank, the leading proponent of universal fiduciary duty for retail investment advice, announced today that he will retire from Congress in 2013.

By Mark Schoeff Jr.
REGULATION AND LEGISLATION JAN 18, 2012
Pastor's $1.6M Ponzi could mean 30-year prison stay

A Seattle-area pastor has pleaded guilty to charges of wire fraud and money laundering related to a $1.6 million Ponzi scheme he ran for eight years.

By IN Staff
RIA NEWS JAN 18, 2012
A call for responsible social-media usage

By MFXFeeder
Mind your social-media compliance programs: SEC
FINTECH JAN 18, 2012
Mind your social-media compliance programs: SEC

Finra has warned investment advisers to examine the effectiveness of their social-media compliance programs based on findings from recent SEC adviser examinations.

By Dan Jamieson
Tweet away: Finra backs off social-media posting regs
FINTECH JAN 18, 2012
Tweet away: Finra backs off social-media posting regs

The Financial Industry Regulatory Authority Inc. has backed away from a proposal that would have required broker-dealers to file social-media postings with the regulator.

By Dan Jamieson
BNY Mellon sued for negligence over Madoff
RIA NEWS JAN 18, 2012
BNY Mellon sued for negligence over Madoff

Bank of New York Mellon Corp. was sued on behalf of three funds for negligence in connection with the Ponzi scheme run by convicted fraudster Bernard L. Madoff.

By Doug Cubberley
REGULATION AND LEGISLATION JAN 17, 2012
B-D wants Supreme Court to rule on Finra suit

Can a brokerage firm sue Finra? That's a question one broker-dealer is asking the Supreme Court to consider.

By Dan Jamieson
For Finra's auditors, it was a very busy year
REGULATION AND LEGISLATION JAN 17, 2012
For Finra's auditors, it was a very busy year

Finra conducted nearly twice as many branch exams in 2011 than 2010. Enforcement actions were up, as well. Expect more of the same in the coming year.

By Liz Skinner
Wells Fargo to settle muni bid-rigging case
FIXED INCOME JAN 17, 2012
Wells Fargo to settle muni bid-rigging case

Wells Fargo & Co. will pay up to settle criminal charges and civil claims for Wachovia Bank's conspiring to overcharge state and local governments on investments.

By Doug Cubberley
Finra panel orders belly-up B-D to pay whopper of an award
REGULATION AND LEGISLATION JAN 16, 2012
Finra panel orders belly-up B-D to pay whopper of an award

A Finra panel has ordered broker-dealer CapWest to pay a whopping $9M to clients for selling them faulty private placements. There's just one catch: the B-D went bust last year and, according to an attorney, has 'zero assets -- there's not even an obsolete telephone book.'

By Bloomberg