Investment advisers should get set for higher compliance costs — as well as a self-regulatory organization, said Chet Helck, chief operating officer for Raymond James Financial Inc.
It was a day of unexpected twists on Capitol Hill. During a congressional hearing today, Securities and Exchange Commission Chairman Mary Schapiro voiced support for a self-regulatory organization to oversee investment advisers. Meanwhile, a leading Republican expressed support for increasing the SEC budget.
Karen Fischer, a Boca Raton, Fla.-based compliance consultant, yesterday began circulating petitions to small broker-dealers in order to get on the ballot for a seat on the National Adjudicatory Council.
Barney Frank says Republican "nickel and diming" of SEC, CFTC "does grave harm."
PCAOB to charge broker-dealers more to monitor firms' auditors
The push for increased oversight of the financial investment and advice industry may have gotten an unexpected boost
Over the past few months, the budget supercommittee has been wrestling with ways to reduce the yawning U.S. deficit. During that time, a key GOP lawmaker has repeatedly said 'failure is not an option' for the bipartisan panel. Apparently, it is.
Joe Paterno's transfer of homeownership to his wife in July most likely wasn't an attempt to shield assets before a sexual-abuse scandal hit Pennsylvania State University's football program
Pandit says panel faces 'true moment of leadership for the U.S.; meanwhile, influential lawmaker says GOP could come around on taxes
The Charles Schwab Corp. will pay $119 million to regulators to settle charges related to its disastrous YieldPlus bond fund, the company said last week.
Filing for protection from creditors could come back to haunt planners; sanctions, revoking of CFP mark possible
Investment advisers seeking certification as a financial planner would have to demonstrate work experience in a narrower calendar surrounding their examination date, under changes proposed by the Certified Financial Planner Board of Standards Inc. .
An eye-opening analysis of the “distributions” of nontraded REITs sold exclusively by David Lerner Associates Inc. shows that the REITs' property investments largely underperformed the level required to pay promised dividends to investors
Pending 3% withholding levy shot down in rare unanimous vote
Two states, New Jersey and Maryland, levy both estate and inheritance taxes
Bank of America Corp., JPMorgan Chase & Co. and Wells Fargo & Co. were among 13 banks and mortgage lenders accused in a so-called whistleblower lawsuit of charging military veterans illegal fees to refinance home loans.
Finra continues to focus on nontraded real estate investment trusts
Patrick Evershed, a former New Star Asset Management Holdings Inc. fund manager, was bullied by company founder John Duffield, who called him a “criminal” and a “moron,” according to Mr. Evershed's lawyer
The Securities and Exchange Commission engaged in an unprecedented crackdown on investment advisers over the past year, contributing to an overall surge in agency enforcement
