The wirehouse said its advisory platform will be the go-to regardless of what happens with DOL fiduciary rule, but a modification or repeal of the regulation could lead to more flexibility.
His proposal to allow more Americans to invest in private placements is fraught with risk, mostly to retirees who fall prey to brokers motivated to sell these deals by high commissions.
The memo grants relief to firms for compliance violations that may occur as the April implementation date approaches.
SEC says firm didn't report to customers conflicts or income it received from clearing broker.
Andy Sieg, the head of Merrill Lynch Wealth Management, said the firm may back off its wholesale scrapping of commissions in advised retirement accounts.
Sen. Elizabeth Warren says investors are being taken advantage of by brokerage firms, citing a study that determined the industry failed to pay $62 million in claims in 2013.
Mark Schklar fined $10,000 for selling private securities without prior notice.
Measure, passed by overwhelming House majority last year, gives brokers safe harbor for issuing reports.
Finra suspended Adam C. Smith for one year and imposed a $10,000 fine for accepting gifts totaling $105,000.
Broker-dealer groups endorse the change, saying it would put them on a level playing field with investment advisers.
Small fund companies may have to pivot, by embracing a niche specialization or redirecting sales forces toward new distribution channels.
The House Republican approach kills investment-income levies, but the breadth of coverage could shrink.
Just as advisers are obligated to fulfill fiduciary duties, elected officials are similarly obligated when it comes to public policy.
Some retirement plan advisers see providers' compliance moves as potential competition.
Ariel Investments wins trademark suit against small Florida RIA with same name.
Division bulked up under Mary Jo White, but is already curtailing expenses as it awaits new budget
Resolutions to overturn the rules only require a simple majority to pass, and aren't subject to a Senate filibuster
The regulator's acting chairman says he prefers that agency employees conduct exams.<a href="http://www.investmentnews.com/article/20170306/FREE/170309954/sec-enforcement-unit-bracing-for-budget-cuts-under-trump" style="color:#b10816" target="_blank">​ <i><b>(More: SEC enforcement unit bracing for budget cuts under Trump)</b></i></a>
Frank H. Black and his firm, Southeast Investments N.C. Inc., failed to retain business-related emails and to achieve compliance with applicable securities laws, according to the Finra panel's decision.
If nothing else, the dollar amounts should be adjusted for inflation.
