As robos have become increasingly popular, their automated investing choices have come under greater scrutiny.
Legislation introduced by Reps. Anthony Gonzalez, R-Ohio, and Gregory Meeks, D-N.Y., would lift restrictions on closed-end funds' investments in unregistered securities.
The same week that Finra levied a record $70 million penalty against the online trading app, Robinhood filed for an IPO Thursday, becoming one of the year's most high-profile listings.
The company said the SEC is looking at disclosures around the Schwab Intelligent Portfolios product, which had $64 billion in client assets at the end of March.
Sens. Patrick Toomey, R-Pa., and Ron Johnson, R-Wisc., say proxy votes by BlackRock and State Street Global Advisors promote 'left-leaning' ESG priorities over investment returns
The SEC launched its Share Class Selection Disclosure Initiative in February 2018 to target advisory firms that recommended high-fee mutual funds.
The SEC alleges the firm failed to safeguard clients from Hector May, who pleaded guilty to stealing $8 million from clients and was sentenced to 13 years in prison.
Ransomware attacks in the U.S. increased 300% in 2020 and cost victims $350 million. Advisers make easy targets because they publicly release AUM and hold some of the most sensitive client data that directly connects to their finances.
The online trading platform will pay a $57 million fine and $12.6 million in restitution to settle a series of alleged failures, from tech outages to misleading information; it is the largest financial penalty ever ordered by Finra.
Finra also censured the firm in connection with privacy breaches that occurred during transfers of new clients.
A lobbying group for PE firms is rolling out ads targeting 25 members of Congress to try to protect the carried interest tax break.
Virginia, Maine and Alabama recently adopted rules tracking the model ‘best interest’ measure approved in 2020 by the National Association of Insurance Commissioners.
Before becoming New Jersey's attorney general in 2018, Gurbir Grewal served as a federal prosecutor leading a unit that investigated white-collar crime.
The registration application known as Form U4 asks an applicant for a variety of information, from employment history to whether he or she has been convicted of or charged with a felony.
Rules under consideration by the SEC that would require corporations to disclose climate risks will lead to shareholder lawsuits, according to Wall Street.
Technical provisions in the administration's tax proposals could disrupt dynasty trusts and intentionally defective grantor trusts, two ways that super wealthy people have legally avoided taxes for decades.
There are now almost 14,000 RIAs registered with the SEC, and the number of clients they serve grew 17% in 2020, to 60.8 million
The measure in the Senate would create 15- and 50-year limits on amount of time money could remain in DAFs.
Robinhood's growing cryptocurrency business, which now allows customers to trade Bitcoin, Ethereum and even Dogecoin, has drawn questions from the Securities and Exchange Commission, a source says.
The self-regulator saw a sharp turnaround after taking a $45.9 million loss in 2019. The results were driven, in large part, by the revenue generated from increased trading activity.
