A House subcommittee considers GOP measures that would amend accredited-investor rules. The ranking Democrat said 'fiduciary' advisors could help retail investors become sophisticated vicariously.
The SEC said brokers in the firm's Lexington, South Carolina, branch office recommended variable interest rate structured products to dozens of retail customers for whom they weren't suitable.
When Walsh will officially step down has not yet been announced but Deputy Secretary Julie Su is expected to become acting head of the agency.
The agency's other examination priorities for this year include RIAs who manage private funds, ESG investing and crypto.
The SEC, Finra and NASAA issue identical alerts telling retirement savers they're on their own if they open accounts that give them complete autonomy on the investment lineup.
House Republicans had suggested negotiations on the debt limit could include an agreement to set up a commission to negotiate later changes to Social Security and Medicare to extend the programs' solvency.
The Swiss firm loses another dispute over deferred compensation related to the 2015 closure of its U.S. wealth management operation.
Some politicians see it as part of a viable platform for the 2024 presidential election.
Perhaps the reality is that neither firms nor advisors truly 'own' clients but rather are lessees of clients.
The effort, the latest in an overall anti-ESG push from conservatives, is largely symbolic.
As it enters its fifth year, Investor.com has been redesigned to make it easier for investors to digest a financial firm's disciplinary history and conflicts.
Wells Fargo alleged that a 'coordinated' effort to lure away advisors depleted an Arkansas branch office, forcing it to close.
The self-regulator claimed the reps traded excessively in the accounts of elderly customers.
U.S. Virgin Islands claims the bank turned a blind eye to Epstein sex-trafficking, calling the allegation a 'masterclass in deflection.'
An SEC risk alert this week warned firms that surveillance systems fell short in ensuring reps consider costs and reasonably available alternatives. Will enforcement be next?
Last year, the agency managed to examine about 16% of all advisors, but it aims to do more exams in 2023.
The bill sails through House, 419-0, on a fast track. Its author, Rep. Ann Wagner, R-Mo., hopes the Senate acts this time around.
A legal challenge to the agency's rule on investments in retirement plans was inevitable, lawyers say.
Robert Levitt has traded Florida for the French Riviera, where he sees a wide-open market in the 250,000 Americans living there who need financial advice.
Broker-dealers are falling short in identifying and mitigating conflicts of interest, the agency said.
