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What problems? Violations in NASAA sweep exams fall dramatically
States found lower rates of problems with investment advisors across numerous categories.
Next DOL fiduciary proposal under attack prior to release
Even before seeing the text, the insurance industry says the measure to raise advice standard for retirement accounts will hurt middle- and low-income savers.
The Bay State’s fiduciary ruling
With the Massachusetts decision, the fiduciary question now moves to states.
Advisors confident wealthy clients will avoid IRS crackdown
Most HNW individuals are compliant because they have quality advisors who know the law and how to follow it correctly, says one advisor.
Barr wades in to join battle to cripple Finra
Former Trump Attorney General enters fight with other heavyweights on behalf of broker-dealer against Biden’s Justice Department.
Finra arbitrators order expelled brokerage to pay $3.2M for excessive trading
'It’s the most extreme churning I’ve seen in more than 40 years,' the investor's lawyer says.
SEC provides road map for investment advisory firm examinations
'I can’t recall when they’ve been so explicit about what they do and why they choose a firm for examination,' a compliance expert says.
Wall Street fights over tab for audit-trail system
The cost of the new system was estimated at $500 million at the end of last year.
Implications of the SEC rulemaking agenda
The more than a dozen major new rules the agency has proposed or finalized will create significant disruption for investment advisors, with substantial long-term implications.
Brokerages make progress, but still fall short on Reg BI compliance: State regulators
'Efforts to address the standard of care concepts established by Reg BI remain perfunctory,' the NASAA report states.
Former Wells Fargo exec Tolstedt deserves prison in accounts scandal, US says
Carrie Tolstedt, the bank's former head of retail banking, pled guilty this year to obstructing the investigation of the bank's fake accounts.
Hedge funds, private equity sue SEC over fee disclosure rule
Trade groups argue the SEC went too far when it rolled out rules mandating disclosures and barring firms from doing sweetheart deals with some investors.
One step forward, one step back for use of crypto in retirement accounts
'Crypto is on a journey from a niche asset class to a mainstream asset class,' says an advisor.
Finra fines, censures New Jersey broker-dealer for violating Reg BI
Network 1 Financial Securities did not have a written system to identify and flag excessive trading, resulting in $533,500 in commissions for the firm, regulator says.
Federated Hermes sued over using own funds in its 401(k)
The company filled its retirement plan menu entirely with its own funds, some of which underperformed and had high fees, a plaintiff alleges.
SEC defers decision on Invesco, WisdomTree bitcoin ETFs
The latest delay came as a disappointment after Grayscale won a court ruling this week overturning the SEC's rejection of its application to convert its bitcoin trust into an ETF.
NASAA launches program letting advisors maintain licenses longer while out of industry
'As a mother of three young kids ... I am so pleased to see NASAA recognizing the need for some flexibility,' an advisor says.
ESG rules shouldn’t make it harder for advisors to do business
Politicians and regulators shouldn't be unduly favoring or burdening particular investment vehicles.
Citigroup to pay $2.9M to settle SEC underwriting probe
The regulator alleged the firm's global markets unit had flawed underwriting processes for securities offerings.
Goldman pays $5.5M over allegation it didn’t record calls
The Commodity Futures Trading Commission alleged that two outside systems Goldman relied on to record conversations sometimes failed in 2020.
