The Financial Planning Coalition has found a last-minute angel in Sen. Herbert Kohl, who wants to establish a Federal oversight board for planners. Insurers and state regulators are less enthusiastic about the idea.
A Financial Industry Regulatory Authority Inc. arbitration panel has ruled that Merrill Lynch & Co. Inc. wrongfully terminated Joseph Mattia when it fired the former branch manager of the bank's flagship office in Manhattan.
An amendment to legislation to be considered today by the House Rules Committee could exempt accounting firms that audit certain broker-dealers from having to register with the Public Company Accounting Oversight Board.
The Arkansas Securities Department announced Tuesday that it fined a broker $50,000 and suspended his license for two weeks after a probe into alleged fraudulent mutual fund sales
More-restrictive investment advice regulations are coming now that the Labor Department has killed a controversial Bush administration proposal that would have permitted the mutual fund industry to provide direct investment advice to defined contribution plan participants.
The SEC has obtained an emergency court order freezing the assets of a Minneapolis money manager and a nationally syndicated radio personality for allegedly operating a foreign-currency-trading scheme.
The Securities and Exchange Commission must tighten its process for deciding which investment advisers to inspect if it is to avoid colossal breakdowns like the one that allowed Bernard Madoff's multibillion-dollar fraud to go undetected for 16 years, the agency's inspector general says.
In the wake of the alleged insider-trading ring involving hedge fund manager Galleon Group, compliance departments at asset management firms and broker-dealers are stepping up their vigilance.
The brokerage industry will put up a fight to stop <a href=http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20091101/REG/311019957>a potential power shift</a> that could give the Financial Industry Regulatory Authority Inc. oversight of much of the investment advisory industry.
The number of defendants agreeing to settlements with the Securities and Exchange Commission dropped for the second straight time in fiscal 2009, declining nearly 8% to 626 defendants from 673 in fiscal 2008, according to a report released today by NERA Economic Consulting.
The House Financial Services Committee last Wednesday unanimously approved a bill that would create a federal insurance office within the Treasury Department.
Federal agents are seizing assets from a Florida lawyer suspected of orchestrating a multimillion-dollar fraud scheme.
Investment adviser Value Line Inc., its CEO and its former compliance chief have agreed to pay about $45 million to settle regulators' allegations the firm charged more than $24 million in bogus commissions on mutual fund trades.
JPMorgan Chase paying more than $700 million to settle SEC charges over Ala. county bonds
The two trustees of Medical Capital Holdings Inc.'s private placements, Wells Fargo & Co. and The Bank of New York Mellon Corp., have been sued by investors seeking class action status.
A rep formerly affiliated with First Allied Securities Inc. says he will fight SEC charges that he churned client accounts and made unauthorized and unsuitable trades for two institutional clients, resulting in commissions of $14.2 million.
The Labor Department is still considering regulating target date funds, according to Phyllis C. Borzi, assistant secretary of labor for the Employee Benefits Security Administration.
Provisions in legislation aimed at “too-big-to-fail” financial firms will increase borrowing costs for large institutions — and will make it harder to get secured lending, according to financial industry officials.
A court ordered the Tokyo Stock Exchange Friday to pay 10.7 billion yen ($121 million) in damages to Mizuho Securities Co. Ltd. over massive losses in a botched transaction.
Life insurers are concerned that legislation the House Financial Services Committee is likely to approve after Thanksgiving will increase costs substantially for the 28 carriers that have assets of more than $50 billion.
