Regulation And Legislation

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REGULATION AND LEGISLATION OCT 28, 2011
Protesters' rage might give rise to financial transactions tax

Sen. Tom Harkin expected to introduce bill calling for small levy on buying, selling of investment instruments; could curb 'pointless trading'

By Mark Schoeff Jr.
Insurance regulators vote for stronger annuity disclosure
LIFE INSURANCE AND ANNUITIES OCT 28, 2011
Insurance regulators vote for stronger annuity disclosure

A group of state insurance regulators voted yesterday to adopt amendments to an annuity disclosure model that would give customers a detailed breakdown of product features.

By Darla Mercado
REGULATION AND LEGISLATION OCT 28, 2011
Finra dealt blow in fine collection

By Dan Jamieson
REGULATION AND LEGISLATION OCT 28, 2011
Fired LPL adviser: I was axed for running gun ad

A former LPL Financial LLC financial adviser is suing the firm, alleging that the largest independent broker-dealer wrongfully fired him, and in turn defamed his reputation, for running a TV commercial that urged viewers to buy guns

By Bruce Kelly
REGULATION AND LEGISLATION OCT 28, 2011
Finra accused of age bias

A former district director of Finra's New York office has filed an age discrimination suit against the regulator, Reuters reported last week

By Dan Jamieson
SEC signed for $557M in office space it didn't need
REGULATION AND LEGISLATION OCT 28, 2011
SEC signed for $557M in office space it didn't need

The SEC conducted a flawed analysis to justify a $556.8 million lease for office space that turned out was largely unneeded.

By Doug Cubberley
Former SEC counsel David Becker rejoins old firm amid Madoff scrutiny
REGULATION AND LEGISLATION OCT 28, 2011
Former SEC counsel David Becker rejoins old firm amid Madoff scrutiny

David Becker, who quit as Securities and Exchange Commission general counsel before he was sued over inherited profits from Bernard Madoff's fraud, has rejoined the law firm where he worked before taking the SEC post.

By Doug Cubberley
REGULATION AND LEGISLATION OCT 27, 2011
Ex-fund manager claims company founder bullied him, called him a 'moron'

Former PM at New Star Asset Management suing fund firm's boss; 'angry, antagonistic and unpleasant'

By John Goff
Study will recommend that accountants examine advisers
RIA NEWS OCT 27, 2011
Study will recommend that accountants examine advisers

White paper by Georgetown professor will broaden — and stir up — discussion, TD Ameritrade's Bradley predicts

By Liz Skinner
INcite: Flat-tax backers are flat-out wrong
REGULATION AND LEGISLATION OCT 27, 2011
INcite: Flat-tax backers are flat-out wrong

Set-up is purportedly simpler, fairer and will lower everyone's taxes; it fails on all three counts

By John Goff
UBS will pay $12M over naked shorts
EQUITIES OCT 27, 2011
UBS will pay $12M over naked shorts

UBS AG, Switzerland's biggest bank, will pay $12 million to resolve Financial Industry Regulatory Authority claims that a brokerage unit allowed millions of short-sale orders to be placed without reasonable grounds to believe that the securities could be delivered.

By Doug Cubberley
REGULATION AND LEGISLATION OCT 27, 2011
Finra's efforts to keep watch on unstable markets

The following is an edited version of a speech given by Richard G. Ketchum, chairman and chief executive of the Financial Industry Regulatory Authority Inc., Oct. 13 at the Security Traders Association's annual conference in Palm Beach, Fla.

By MFXFeeder
REGULATION AND LEGISLATION OCT 27, 2011
Ready or not, here comes 'the switch'

State regulators and compliance experts are at odds about whether the states will be ready to take over regulatory responsibility for thousands of small investment advisers in March, some compliance experts said

By Mark Schoeff Jr.
State regulators on adviser SRO: Thanks, but no thanks
REGULATION AND LEGISLATION OCT 27, 2011
State regulators on adviser SRO: Thanks, but no thanks

SEC Commissioner Elisse Walter picked a tough crowd before which to try to drum up support for a draft SRO bill for investment advisers proposed by House Financial Services Committee Chairman Spencer Bachus.

By Mark Schoeff Jr.
House draft would establish adviser SRO
REGULATION AND LEGISLATION OCT 27, 2011
House draft would establish adviser SRO

A draft of a bill that would establish a self-regulatory organization for investment advisers was released today by House Financial Services Committee Chairman Spencer Bachus, R-Ala., in advance of Tuesday's hearing by the House Capital Markets Subcommittee.

By Mark Schoeff Jr.
REGULATION AND LEGISLATION OCT 26, 2011
Former top cop at Finra joins LPL

Shorris signs on with indie B-D; 'invaluable addition'

By Bruce Kelly
REGULATION AND LEGISLATION OCT 26, 2011
Former LPL adviser: I was fired for running gun ad

Onetime Barron's hotshot adviser files suit against firm; also suing local regulators, including new NASAA president

By Bruce Kelly
20 B-Ds duped by fake money managers in 'free-riding' scheme: SEC
REGULATION AND LEGISLATION OCT 25, 2011
20 B-Ds duped by fake money managers in 'free-riding' scheme: SEC

Two Florida men caused up to 20 broker-dealers $2 million in losses through an alleged scheme that involved an illegal “free-riding” scheme of selling stocks before they paid for them.

By Liz Skinner
REGULATION AND LEGISLATION OCT 25, 2011
NAPFA fears fallout from Spangler probe

The National Association of Personal Financial Advisors, whose members consider their fee-based model to be the gold standard for unbiased advice, is worried that its reputation will be tarnished in light of a second high-profile investigation involving one of its former top officers

By Darla Mercado
DOL: Back to square one on 'fiduciary'
RETIREMENT PLANNING OCT 25, 2011
DOL: Back to square one on 'fiduciary'

Controversial plan to expand definition yanked to allow more input, further economic analysis

By Bloomberg