Regulation And Legislation

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Finra tags South Florida BD with $105,000 in penalties linked to margin accounts.
INDEPENDENT BROKER DEALERS JAN 13, 2025
Finra tags South Florida BD with $105,000 in penalties linked to margin accounts.

Newbridge Securities failed to supervise advisors using margin in clients’ accounts, according to Finra.

By Bruce Kelly
BMO Capital Markets to pay $40M in SEC settlement
REGULATION AND LEGISLATION JAN 13, 2025
BMO Capital Markets to pay $40M in SEC settlement

Canadian bank's capital markets arm reportedly failed to detect representatives' misleading disclosures involving $3 billion of mortgage-backed "sliver bonds" sold over a multi-year period.

By Leo Almazora
Raymond James could be on the hook for $40 million in additional penalties
INDEPENDENT BROKER DEALERS JAN 10, 2025
Raymond James could be on the hook for $40 million in additional penalties

Company says the latest disclosure is not linked to off-channel communication issues.

By Bruce Kelly
Ads showing dollars on fire lands robo-advisor firm in hot water
REGULATION AND LEGISLATION JAN 08, 2025
Ads showing dollars on fire lands robo-advisor firm in hot water

A regulator has banned the Islamic investment firm's campaign calling for a "money revolution" after multiple complaints led to a finding that it caused serious offense.

By Leo Almazora
Winklevoss twins’ Gemini to pay $5M in CFTC settlement
ALTERNATIVES JAN 07, 2025
Winklevoss twins’ Gemini to pay $5M in CFTC settlement

The agreement puts an end to one of many Biden-era efforts to exert regulatory control over the cryptocurrency space.

By Bloomberg
PE industry hopeful about 401(k)s in second Trump administration
RETIREMENT PLANNING JAN 06, 2025
PE industry hopeful about 401(k)s in second Trump administration

Private equity is illiquid, hard to value, and expensive. Yet it could be useful within target-date funds, and the industry may be lobbying the Trump administration to get into the 401(k) market meaningfully.

By Emile Hallez
Verizon, State Street sued over pension-risk transfer to Prudential, RGA
LIFE INSURANCE AND ANNUITIES JAN 02, 2025
Verizon, State Street sued over pension-risk transfer to Prudential, RGA

A $5.9 billion pension liabilities transfer Verizon made last year to Prudential and RGA is at the center of the latest lawsuit over pension-risk transfers.

By Emile Hallez
Finra panel rules Wells Fargo on hook for $3.4 million in claim over elderly client’s account
INDEPENDENT BROKER DEALERS JAN 02, 2025
Finra panel rules Wells Fargo on hook for $3.4 million in claim over elderly client’s account

The firm allegedly missed warning signs linked to stock transfers, one attorney claims.

By Bruce Kelly
Social Security Fairness Act awaits Biden's approval
RETIREMENT PLANNING DEC 24, 2024
Social Security Fairness Act awaits Biden's approval

Two long-standing rules "detested" by millions of public-sector workers for the reductions they make to Social Security benefits may soon go away at a cost of $190 billion.

By Emile Hallez
Wells Fargo, LPL paying $900K each over incomplete trading data to SEC
INDEPENDENT BROKER DEALERS DEC 20, 2024
Wells Fargo, LPL paying $900K each over incomplete trading data to SEC

The companies admitted the SEC's findings and made remedial efforts to fix their "blue sheet" transaction reporting, the regulator said.

By Emile Hallez
Edward Jones, Osaic, and Cambridge repaying $8.2M in mutual fund charges to clients
INDEPENDENT BROKER DEALERS DEC 20, 2024
Edward Jones, Osaic, and Cambridge repaying $8.2M in mutual fund charges to clients

Finra orders on Friday noted that the companies proactively corrected errors following exams in 2020 that found customers were not properly given rights of reinstatement for mutual fund share purchases.

By Emile Hallez
Ex advisor gets two years in prison for running fraudulent auto fund
REGULATION AND LEGISLATION DEC 18, 2024
Ex advisor gets two years in prison for running fraudulent auto fund

David Braeger is at least the second former advisor from Wisconsin this year to face prison time.

By Bruce Kelly
With TikTok on the brink, it's time to talk about digital estate planning
RETIREMENT PLANNING DEC 16, 2024
With TikTok on the brink, it's time to talk about digital estate planning

Americans estimate the value of their digital assets in the hundreds of the thousands of dollars. Advisors don't all bring it up, but digital estate planning is timely, especially with bitcoin exploding and a major social media site approaching a ban.

By Emile Hallez
Social Security Fairness Act faces resistance ahead of landmark vote
RETIREMENT PLANNING DEC 16, 2024
Social Security Fairness Act faces resistance ahead of landmark vote

Advocacy group argues the measure, set for approval by the Senate, disproportionately favors certain public workers while risking the stability of the program.

By Leo Almazora
Wells Fargo Advisors, FiNet on the hook for $300,000 arbitration to clients over 'unspecified securities'
INDEPENDENT BROKER DEALERS DEC 16, 2024
Wells Fargo Advisors, FiNet on the hook for $300,000 arbitration to clients over 'unspecified securities'

FiNet is the independent broker-dealer arm of Wells Fargo Advisors.

By Bruce Kelly
SEC fines Cantor Fitzgerald $6.75M over allegedly misleading SPAC disclosures
REGULATION AND LEGISLATION DEC 13, 2024
SEC fines Cantor Fitzgerald $6.75M over allegedly misleading SPAC disclosures

The investment giant caused two SPACs it controlled to make inaccurate statements to investors about merger discussions, according to the federal regulator.

By Leo Almazora
Finra arbitrators hit broker with rare penalty in midst of ongoing customer complaint
REGULATION AND LEGISLATION DEC 12, 2024
Finra arbitrators hit broker with rare penalty in midst of ongoing customer complaint

“The arbitration panel felt that [the advisor] was disrespecting the process,” the clients' attorney said.

By Bruce Kelly
SEC charges alleged Nigerian advisor impostors over $2.9M investment fraud scheme
REGULATION AND LEGISLATION DEC 11, 2024
SEC charges alleged Nigerian advisor impostors over $2.9M investment fraud scheme

The three individuals impersonated legitimate financial professionals and used voice-altering technology to deceive at least 28 retail investors, according to a court filing by the regulator.

By Leo Almazora
The SEC can limit mandatory arbitration by RIAs. But will it ever?
RIA NEWS DEC 10, 2024
The SEC can limit mandatory arbitration by RIAs. But will it ever?

“It’s probably the most important issue relating to investor justice,” the SEC's ombudsman said at the Investor Advisory Committee meeting Tuesday.

By Emile Hallez
Donald Trump taps ex-SEC commissioner Atkins as next chair
REGULATION AND LEGISLATION DEC 04, 2024
Donald Trump taps ex-SEC commissioner Atkins as next chair

The president-elect's nominee, whose regulatory stance contrasts sharply with outgoing SEC Chair Gary Gensler, drew cheers from voices in the crypto and investment industries.

By Leo Almazora