Regulators said brokerages should not only tell reps what Reg BI says but provide examples of how to meet its requirements.
Wells Fargo Advisors could fetch more than $20 billion in this high-demand market for wealth management firms.
Maryland Securities Commissioner Melanie Senter Lubin said brokers should be able to clear their records only in very limited circumstances.
A NASAA exam sweep shows that more than half of advisers lack policies and procedures to address exploitation of elderly clients.
The network is prodding the SEC to force brokers to register as advisers if they give advice, provide financial planning or hold themselves out as advisers.
The broker, Shaiful Chowdhury, was arrested for possession of 10 pounds of marijuana a month after he joined Merrill Lynch in New York City.
The more individually tailored a communication to a customer is, the more likely it is a recommendation, SEC Commissioner Allison Herren Lee said during the NASAA fall meeting.
While industry groups argue the programs will take business away from advisers, there are still ways to get involved in the retirement planning process.
The agency says the firm favored ‘flippers’ over institutional and retail clients when it allocated newly issued municipal bonds.
The broker-dealer self-regulator launched the exam sweep a couple of weeks after the Securities and Exchange Commission released a request for comment about the “digital engagement practices” used by investment advisers and broker-dealers.
The salesman, Anthony DeJohn, improperly used BMO's funds by charging to his corporate card and obtaining reimbursement for $2,270 in daily commuting expenses, according to Finra.
The court granted a motion to dismiss the claims against the company, although the plaintiffs have 30 days to amend their complaint to address its shortcomings.
The rule change is effective immediately and will become operative on Jan. 1, if the Securities and Exchange Commission does not object.
Keith Gill’s employment at MML Investors Services overlapped with his involvement in the GameStop and meme stock frenzy that occurred in late 2020 and early 2021, according to the regulator.
The deal looks like a positive development for confused and cash-starved investors and financial advisers who sold the private placements.
The Ways and Means Committee approved $2.3 trillion in tax hikes to pay for the Biden administration's sweeping social and climate spending plan.
A proposed regulatory change wouldn't allow a single group of plans to have a consolidated audit, meaning that every participating employer of a certain size would have to have an annual audit.
In the wake of fresh regulatory action and a $250 million fine imposed on the bank this month, the senator asked the Fed to force the bank to separate its traditional bank and Wall Street businesses.
GOP senators assert that the SEC's effort to expand ESG reporting pushes a social policy agenda, while the SEC chair says agency is reacting to investors' demands for more information.
Rothschild and MML Investors Services are latest to be penalized for inadequate communications to clients concerning fund fees.
