The SEC has been intense about ESG and wait-and-see on Reg BI. But new Enforcement Director Gurbir Grewal supported New Jersey's fiduciary rule and may put teeth in the broker advice standard.
Experts acknowledge the "Tower of Babel" criticism regarding ESG guidelines and nomenclature, but are concerned too much structure could be harmful.
The Kestra settlement and other recent ones demonstrate the SEC’s concern is extending to revenue sharing.
The ripped-off investors allege Pershing looked the other way when it serving as custodian and clear agent for the fraudster.
The political infighting won't affect the $1 trillion in benefits Social Security sends each year to 65 million Americans. But it will likely make it more difficult to begin work on a solution to the program's long-term financial challenges.
While the executive order is designed to promote competition in the economy, the Securities and Exchange Commission will likely need to get involved for it to have a direct impact on the advice sector.
The defendants did not appear to solicit competitive bids for record-keeping services and allowed funds with high revenue-sharing to compensate service providers, according to the complaint.
The Massachusetts lawmaker expressed concern that digital-asset markets lack the same investor protections as the New York Stock Exchange and Nasdaq.
Two former reps say African Americans received less pay, support than others at the firm.
The potential action on one of the largest digital investment platforms sheds light on the increasing need for transparency among automated advice providers.
Chairman Gary Gensler says agency is looking into what asset managers mean when they call funds 'sustainable.'
While the provision helps level the playing field, prominent industry observers, like Michael Kitces, worry the benefit is too narrow. Investment Adviser Association, and other groups, are pushing for a broader tax deduction.
The Indianapolis-based firm, formerly David A. Noyes & Co., agrees to censure, a fine and restitution.
The defendants succeeded in getting the case dismissed in 2018 at the district court level, a decision that was upheld by an appellate court in March 2020.
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.
