The trade association is seeking to change the basis for the SEC's definition of 'small' from assets under management to another metric, such as employees.
Silicon Valley Bank's parent company filed for Chapter 11 after the bank was placed in FDIC receivership last week.
The plan, which the banks devised with US regulators, is meant to stave off a widening panic in the wake of regulators' seizure of Silicon Valley Bank and Signature Bank over the past week.
State regulators cite brokers' outside business activities and 'off-channel communications' as two areas that can't be overseen from afar.
The bank says Fed isn’t done with hiking and sees another rate increase next week.
The proposal is similar to one the SEC released last year that focuses on investment advisors. The SEC also extended the comment period for the advisor proposal.
The SEC's amendment to rule 17a-4 represents a tremendous opportunity to bring firms' record-keeping systems into the 21st century.
In an effort to prove they're anti-woke, Republicans are ignoring risk factors that could affect returns, not to mention market signals.
'Having the interaction with registrants is really critical,' Natasha Vij Greiner, deputy director of the SEC's Division of Examinations, told an Investment Adviser Association conference.
The trade association is trying to insert language into capital formation legislation that would deem investors accredited if they work with a fiduciary advisor.
'It doesn’t require literally a bible or book of every single claim made in any ad ever to be retained forever,' Thoreau Bartmann, an SEC counsel, told an Investment Adviser Association conference in Washington.
Keeping tabs on texts and messaging has been difficult for the industry, and fines have been mounting.
Financial advisors look for creative ways to keep client cash accounts from going over the $250,000 limit on FDIC coverage.
The firm says it has sufficient liquidity to handle any volatility and that more than 80% of deposits are insured by the FDIC.
In a move to shore up confidence in the banking system, the Fed program will provide banks with one-year loans under easier terms than usual.
The SEC doesn’t care whether advisors or staff are banned from using apps or tools. What’s important to them is that firms fulfill their capture and retention responsibilities.
GOP Rep. Ann Wagner and Democrat Brad Sherman, leaders of a committee with SEC jurisdiction, echo financial industry concerns that the plan will harm retirement savers.
The California bank's problems show how higher interest rates make it harder to keep deposits on the books.
Financial advisors should pay attention to regulators' concerns, since it's often advisors or firm executives who don't follow industry rules to the letter who may be discharged.
Webull Financial failed to conduct adequate due diligence on customers, Finra found, but the company did not admit or deny fault.
