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Wealthy clients mostly avoid new taxes as spending bill nears finish line
Legislation that last year contained a litany of taxes on high earners has been whittled down to a bill with a few corporate tax provisions.
Beware of ‘finfluencers,’ NASAA warns
The organization of state regulators cautions about taking advice from social media financial influencers because of possible conflicts.
Investors win churning case against Wells Fargo in Finra arbitration
Wells and a former broker must pay $731,587. The claimants alleged investments were made 'with the sole purpose of generating additional commission or fees" for the broker.
House Democrats pushing for SALT say they will vote for Biden tax bill
Representatives Josh Gottheimer, Tom Suozzi and Mikie Sherrill, who have led efforts to include an increase to the $10,000 cap on deductions for state and local tax, will support bill.
Ex-LPL adviser accused of racism claims firm defamed her in lawsuit
The adviser, Eileen Cure, filed suit in federal court in Texas seeking $95 million in damages
Tax bill would empower IRS to collect hundreds of billions of dollars from wealthy Americans
A much better-funded Internal Revenue Service would be equipped with new auditors and technology to uncover tax avoidance.
Republicans attack stock-buyback tax as threat to retirement savings
The provision is part of the Inflation Reduction Act the Senate approved over the weekend and the House will take up this week.
Finra slaps J.P. Morgan over ex-rep who loaded grandma up on structured products
The firm was fined $200,000 for failing to supervise the rep, whose grandmother was 88 and widowed when she opened her account in 2014.
NASAA extends comment deadline on REIT reform proposal
State regulators grant more time for input after getting pushback from groups representing the alternatives sector.
Finra fines Morgan Stanley $325,000 over research errors
The regulator censured the firm for publishing research reports that included inaccurate historical stock ratings.
Revised Finra expungement proposal gains support of previous critics
A major modification to the proposal would allow state regulators to participate in arbitration hearings that determine whether to clear a broker's record of a customer dispute.
Wells Fargo wins appeal of controversial court decision
The Georgia Court of Appeals ruled 3-to-0 that an earlier decision had not provided a proper basis for vacating the arbitration award Wells Fargo won in 2019.
Morningstar probed by Missouri over its ESG evaluations
The state attorney general is looking at whether the company or its Sustainalytics unit violated a consumer protection law or another law that prevents the state from entering into contracts with companies that boycott goods or services from Israel.
SEC warns brokers, advisers to make ongoing efforts to identify, mitigate conflicts
Among the suggestions for mitigating conflicts are to avoid compensation incentives for selling certain products and to minimize incentives for favoring one type of product or account over another.
Senate bill would give CFTC more sway over crypto trading
The new proposal would give the derivatives regulator direct oversight of tokens that qualify as 'digital commodities.'
Finra proposes 3-year pilot program for remote office inspections
The initiative effectively extends the online supervision of branch and non-branch operations that Finra allowed during the pandemic.
Policymakers should tailor regulations for small businesses
The SEC's proposed cybersecurity rule is an example of a one-size-fits-all regulation that would significantly affect smaller firms.
Legislation affecting advisers takes the long and winding road through Congress
Investment advisers would have to establish anti-money laundering programs under a provision tucked into the bowels of the National Defense Authorization Act. It's another example of the breakdown of regular order on Capitol Hill.
SEC slaps Aegis Capital with $2.3 million penalty
The firm was charged with inadequately supervising its representatives, who made unsuitable recommendations of structured products.
National Securities shuts down after 75 years, reps rolled into B. Riley
B. Riley Financial had purchased a large stake in National Securities Corp.'s parent in 2018 and bought the remaining shares last year.
