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Senate Democrats take aim at ‘buy, borrow, die’ with latest billionaires tax
'The loophole they’re talking about isn’t only used by billionaires,' advisor warns.
Bank fined $24M for spoofing in Treasuries market
Two former employees engaged in more than 700 ‘spoofs’ over almost a decade, Finra charges.
SEC wrestles with how to open private-market door to ordinary investors
RIAs could serve as a portal to private placements for their clients, says member of an SEC advisory committee.
Supreme Court arguments cast doubt on SEC’s use of in-house judges
Conservative justices suggest that people accused of fraud by the SEC have a constitutional right to go before a federal court jury.
Young advisors welcome AI, but regulatory concerns restrict its use
'We all have too much to lose in reputation,' warns one CEO. 'It’s not worth it.'
Investment advisory firm case hits Supreme Court this week
Ruling could upend SEC’s 'Orwellian and terrifying' powers, amicus brief argues.
Latest in 401(k) litigation: Cap Group sued, MetLife to pay $4.5M settlement
Settlements and new cases continue as law firms claim asset managers did wrong by using their own products.
DOL proposal starts where Reg BI stops
Opponents say the DOL’s proposed rule overrides Reg BI by imposing fiduciary duty on brokers working with retirement savers. Backers say the measure fills in Reg BI’s gaps in investor protection.
Oklahoma sued over anti-ESG law
A former state employee is challenging a state law that targets financial firms, including BlackRock and JPMorgan Chase, for their climate change policies.
Brokerage industry applauds, PIABA criticizes approval of remote inspection proposals
'It's supervision by Zoom,' PIABA says, while Finra says the new rules reflect hybrid work arrangements while protecting investors.
SEC says Kraken is running an unregistered crypto exchange
Regulator alleges that the firm used customer cash to pay expenses.
SEC orders brokerage, two reps to pay $1 million for Reg BI violations
'The strategy involved frequent in-and-out trades that placed the broker’s interest in generating commissions and fees ahead of the customers’ interest in making a profit,' the SEC order states.
Finra performance advertising proposal helps it keep pace with SEC marketing rule
'There seems to be a little more detail in the Finra rule about the guardrails on the use of the projections,' a compliance lawyer says.
Garrett again battles for DOL rule
Sheryl Garrett, founder of the Garrett Planning Network, got a shout-out from President Obama in 2015 when he introduced a Department of Labor fiduciary rule. Now she’s joining the fight to support the Biden administration’s proposal.
Finra in surprise proposal to allow predicted returns in marketing
SEC reviewing submission to allow 'useful' projected performance.
Big banks face larger burden from SVB collapse
FDIC deposit insurance fund paid out around $16B.
Europe might be getting its own SEC
ECB president wants to give regional securities regulator similar powers to the US body.
Morgan Stanley to pay 6 states $6.5M for failing to protect customer data
About 15 million clients' details were exposed after information was left on decommissioned computers.
Provisions to kill DOL fiduciary proposal add to uncertainty
The Department of Labor stopped another financial industry attempt to slow the measure by declining to extend the public comment deadline of Jan. 2.
Finra fines Haywood USA $175,000
The regulator's settlement with the US unit of Canadian firm relates to sales of Canadian private placements.
