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Colorado revisions to financial planning guide don’t quiet a critic
The state is concerned that fee-for-service financial planners aren't aligning their charges with work done for clients. Michael Kitces said the guidance remains biased toward the AUM model.
Lawmakers, Finra increase scrutiny of cryptocurrency
The regulator has launched an exam sweep of brokerages' communications with customers about digital assets, while the House Financial Services Committee plans to hold a hearing on the FTX bankruptcy.
Lame-duck Congress eyes $100 billion tax-cut package
Republicans want tax breaks for private equity, manufacturers and businesses, while Democrats want to expand the child tax credit.
SEC officials tell advisers to put clients’ interests first, tell truth in ads
A seminar offers some insight into what the agency is looking for in firms' compliance with Reg BI and the marketing rule.
SEC collects record penalties in FY 2022 enforcement actions
'This past fiscal year, we sought to recalibrate penalties to more effectively promote deterrence,' said SEC enforcement director Gurbir Grewal.
Crypto space braces for double-edged sword of regulatory oversight in FTX’s wake
While some claim more regulatory clarity could have helped prevent an event like the FTX collapse, others argue new rules take time and might not be what investors are hoping for.
S&P to pay $2.5 million to settle SEC conflict-of-interest charges
The securities watchdog’s order asserted that the rating of a mortgage-backed security deal in 2017 was at issue.
Demand for alternative investments points to major portfolio reallocations
Changing regulations are combining with technology to potentially push $10 trillion into alt strategies by 2030.
CFP Board seeks time limit on reinstating suspended mark
The organization is continuing to update its enforcement procedures to align with the revised code of conduct that went into force in 2020.
FTX collapse fails to derail investments into crypto funds
Crypto bulls see the sell-off as a buying opportunity and distinguish the offshore platform from regulated funds and U.S.-based platforms.
SEC exams director reticent about how agency will probe marketing rule
But a former SEC official told the audience at the ComplyConnect conference in Austin not to expect the agency to be lenient in initial exams.
SEC bars adviser already sentenced to 6 years in prison
Martin A. Ruiz took $8 million of client money and spent the vast majority of the funds on personal expenses.
Midterms result in status quo with a twist on Capitol Hill
A push to restore and expand a tax break for investment advice and other issues affecting advisers is likely to be stalled by gridlock.
SEC exams director warns advisers to strengthen cyber defenses
Richard Best tells an audience of compliance professionals that online attacks pose a threat to firms of all sizes.
JPMorgan, money managers pushing back against proposed SEC names rule
The agency is floating tighter rules that would require certain funds to have at least 80% of assets correspond to investment strategies listed in their names.
Supreme Court hearing arguments to allow challenges to SEC, FTC
The justices are considering whether those facing agency claims can go straight to federal court with constitutional challenges — including attacks on the use of in-house judges to handle cases.
Platform lets retirement savers access crypto investments
ForUsAll says its Alt401(k) platform enables employees to invest in crypto through a brokerage window. Meanwhile, the firm has filed a lawsuit challenging the DOL's crypto warning.
What’s behind the phenomenon of advisers behaving badly?
Greed alone doesn’t explain the appalling acts some advisers commit against their clients.
5 things advisers should be thankful for in 2022
When someone needs guidance for the future, nothing beats a live financial adviser, and advisers should be grateful the public recognizes that.
Wells Fargo faces demand for fine exceeding $1B from CFPB
The Consumer Financial Protection Bureau is pressuring the bank to pay the fine to settle a series of investigations into the bank's mistreatment of customers.