The fate of a universal fiduciary standard for brokers and financial advisers hinges on the outcome of House-Senate negotiations over the most dramatic overhaul of financial regulations since the 1930s.
Two people familiar with the probe into Bernard Madoff's massive financial fraud say at least two former employees will face charges in the coming weeks.
The U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority were accused of being liable for losses in a Luxembourg fund tied to New York money manager Bernard Madoff.
President Barack Obama plans to announce a new fee Thursday on the country's biggest financial firms to recover up to $120 billion in taxpayers' money used to prop up corporations during the economic crisis, a senior administration official said.
Congress' proposed overhaul of U.S. bank regulation wouldn't have averted the 2008 financial crisis and would do little to prevent a recurrence, according to two former chairmen of the Securities and Exchange Commission.
Getco, a market-making firm that specializes in global high-frequency electronic trading, insists that it followed SEC ethics rules in recruiting and hiring a top SEC official as its associate general counsel.
When House and Senate negotiators gather tomorrow, they're scheduled to consider strengthening the fiduciary duty provision in landmark financial regulatory reform legislation.
House and Senate negotiators last week hit an impasse that may be resolved as early as tomorrow on the fiduciary duty provision embedded in the massive financial regulatory reform bill.
Kenneth Ira Starr, an investment adviser with a roster of celebrity clients, was charged by the U.S. government on May 27 with orchestrating a $30 million fraud. (An alleged fraud that feds would eventually bump up to an estimated $59 million.)
Federal regulators on Wednesday proposed new disclosure rules for target-date retirement funds that would require sponsors to spell out how they are investing the money and to warn about risks.
FBI agents raided the offices of a New York-based brokerage and arrested several people suspected of running a boiler room operation, with links to the mob, that allegedly defrauded investors out of $12 million.
After more than three weeks of debate, the Senate approved a comprehensive overhaul of financial regulations on Thursday night without acting on fiduciary standards amendments.
For now, it's unlikely that the Senate will consider any amendments that are not already in the pipeline for floor action.
Securities and Exchange Commission officials tried to assure Congress on Wednesday that the agency's examination and enforcement divisions are working together more effectively to catch and prosecute rogue advisers like Robert Allen Stanford, who allegedly bilked clients out of $8 billion.
Fund industry participants lauded the SEC's latest attempt to boost target date fund disclosure — but say that more could be done to help clarify the investments for participants.
The U.S. Securities and Exchange Commission approved rules that will halt trading in Standard & Poor's 500 Index stocks during periods of volatility, a response to the May 6 plunge that wiped out $862 billion in 20 minutes.
The SEC boss doesn't have what it takes to clean up Dodge, writes Susan Antilla
The Department of Labor and the securities regulator are said to be working on a joint consumer alert about target date funds. Other guidance from the DoL is in the offing, too.
The Labor Department today released proposed regulations that prohibit financial advisers giving advice to 401(k) plans, or their employer or the employer's affiliates, from receiving extra compensation because the plan sponsors bought a product recommended by the adviser.
A Senate panel has asked the inspector general of the Securities and Exchange Commission to examine the recent exit of a top SEC official to Getco LLC, a high-frequency-trading outfit.
