Morgan Keegan could be on the block after reaching a $210M settlement with regulators over valuations of subprime mortgages in mutual funds; 39,000 investors lost $1.5 billion.
A parade of Industry experts and regulators testified in front on a Congressional panel today on whether investment advisers need a self-regulatory organization. The upshot? An SRO is necessary -- and Finra may be the best bet for the job.
UBS took a massive $2B hit from what it says was unauthorized trading by an employee. The loss puts the Swiss bank in elite company, along with several other financial institutions that have been rocked by bad bets. Here's the ten worst in recent years.
Gensler says JPMorgan loss proves regulations need to cover international contracts, as well
Financial Planning Coalition sends petition to Congress urging adoption of single standard of care; 'isolated pocket of opposition'
Veteran insurance agent Paul A. Mattus has filed suit against The Allstate Corp., claiming that the carrier muscled him out of his book of business and passed it on to a newer, younger agent
State regulators of investment advisers should reach out to Finra, which provides broker-dealer oversight, to ensure that advisers act in their clients' best interests, according to the new head of NASAA.
Asset manager issues proposal to reform exchange-traded-fund industry
The Municipal Securities Rulemaking Board has yanked all six of its proposed rules covering municipal advisers today, triggered by worries about the Securities and Exchange Commission's proposed definition of a municipal adviser.
House panel will explore SEC reports recommending that the commission impose a universal fiduciary duty on anyone providing retail investment advice and harmonize regulations governing investment advisers and broker-dealers.
Insurer agrees to settle charges it violated the FCPA; carrier allegedly netted $11.4M from $3.6M in payments
A 76-year-old insurance agent is facing nearly a century of prison time after pleading guilty to securities fraud stemming from the sale of unregistered securities and fake investments.
Last Friday, the one-year anniversary of the flash crash, SEC Chairman Mary Schapiro told attendees at the Investment Company Institute's annual general-membership meeting that the commission is looking at further regulation of high-frequency traders and mandating standards for exchanges' automated systems to make sure that something similar doesn't happen again
Living up to its warnings, Finra has walloped five firms for overcharging for postage and handling
Ken Norensberg, chief operating officer of Tritaurian Capital Inc., has won a contested small-firm seat on the Financial Industry Regulatory Authority Inc. board.
Interested in a seat on Finra's small firm advisory board or on one of its district committees? You have until Oct. 7 to submit a form to get your name on the ballot.
A congressional hearing next week that will delve into the issues of fiduciary duty and a self-regulatory organization for advisers also is likely to provide a platform to introduce an SRO bill — or at least an outline that could turn into a measure.
The bold new era of regulation that Congress laid out in the Dodd-Frank financial reform law has not arrived — at least not for financial advisers.
