Raymond James & Associates must face a lawsuit claiming it defrauded buyers of auction-rate securities, the first class-action complaint following the market's 2008 collapse to survive a judge's initial review.
When the Securities and Exchange Commission released a highly anticipated report last month by its staff recommending that brokers and investments advisers be held to the same fiduciary standard, some supporters felt the issue had been settled once and for all, and predicted that the agency would have a rule in place by the summer.
Bring on the fiduciary standard. In a recent InvestmentNews survey of almost 600 advisers, registered reps, financial planners, insurance agents and others, 69.2% said that they agree with the SEC's staff recommendation that any financial professional giving personalized investment advice be deemed a fiduciary
Maybe the shift from the SEC to state regulation won't be as bad as critics are making it out to be, but observers predict that some advisers will resort to “creative accounting” and “flat-out lying” to avoid having to change their registration
Given the chance to ease its regulatory burden, the Securities and Exchange Commission was expected to recommend that a self-regulatory organization be established to oversee investment advisers
A federal appeals court last Tuesday agreed that a lawsuit brought by a brokerage firm over the 2007 merger of NASD and the regulatory arm of the New York Stock Exchange should be thrown out
The SEC's schedule of investment adviser examinations will likely grind to a halt if the federal government is forced to shut down Friday
The Dodd-Frank financial reform law is an intimidating piece of legislation, if not for the breadth of its reach and ambition, then certainly for its sheer size — all 2,300 pages of it
In a move that could affect what broker-dealers charge clients for securities transactions, Finra this month proposed dropping its long-standing 5% markup/markdown policy
Three independent broker-dealers are suing their respective insurance carriers for failing to cover investors' legal claims, with one charging that its insurer has exposed it to “financial ruin”
Two broker-dealers have emerged as early winners in the fight over the 400 representatives affiliated with QA3 Financial Corp., which officially shut down Friday
Says flood of comment letters raised some important points, which commission will consider
Management at Wells Investment Securities -- the broker-dealer of Leo Wells -- says the B-D is on Finra's radar. Apparently, the regulator is set to discipline the firm for allegedly violating advertising and data protection rules.
The Labor Department today proposed a rule aimed at providing 401(k) plan participants more details about target date funds used in retirement plans.
Finra wants to replace 5% policy with principles-based guidelines; enforcement could be a 'monumental task'
The ICI and unions are going toe-to-toe over whether mutual funds pose any major systemic risks to the U.S. financial system -- and if the mutual fund industry needs extra oversight
Absent true reform, and eager to jack up profits, some Wall Street firms will once again make risky bets -- and probably crap out
On Monday, Sen. Christopher Dodd unveiled his latest plan to clamp down on financial services providers. On Tuesday, bankers and their lobbyists descended on Capitol Hill. A connection?
Federal Reserve Chairman Ben Bernanke urged Congress Wednesday to let the Fed keep all of its banking oversight, arguing that information gleaned from that process helps the central bank guide the economy.
A new health insurance tax credit could hit some small financial advisory firms in their sweet spot — but only if they fit a specific profile
