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SEC keeps up pressure on firms’ cash sweep accounts
'Interest rates are coming back, so where you put clients' money in cash is an issue again,' one attorney notes.
The insurance industry really doesn’t like the DOL’s proposed rule
Independent agents who sell annuities could be fiduciaries for the first time.
Tribalism threatens the DOL investment advice rule
'The best kind of regulation is when the private sector works with regulators to craft regulation that is efficient, effective, workable and narrowly targeted,' says the architect of the Obama DOL's fiduciary rule.
$1.8B penalty over commissions in landmark antitrust case
Brokerage firms walloped in case that could upend industry.
DOL’s rule would add a lot of fiduciaries into the mix
But even those who already work in a fiduciary capacity will be affected, one lawyer says.
Biden criticizes advisors who prioritize their pay over clients’ returns
'I just want you to know we're watching,' President Biden warns advisors who put their own interests above needs of clients.
Broker, executive hit with $1M arbitration loss over GWG bonds
'The financial advisor recommended he put the entire amount in GWG L bonds,' the claimant's attorney says.
DOL takes aim at ‘junk fees’
New proposal wants to rework definition of a fiduciary and 'close loopholes.'
Are white-knuckle traders a dying breed in macro funds?
Just a few years ago, Glen Point Capital co-founder Neil Phillips was celebrated as an aggressive but canny…
Avantax hit with shareholder suit alleging merger misinformation
The failure to make adequate disclosures is a violation of federal securities laws, according to the complaint.
Texas green energy probe threatens banks’ muni deals in state
At least two banks were dropped from underwriting muni deals since Texas Attorney General Paxton said last week he was probing the energy policies of a group of financial firms.
Investment advisor hit by emergency asset freeze
SEC cracks down on California investment advisor for allegedly defrauding elderly clients.
Silver-coin IRA seller settles with CFTC over alleged $68M fraud
Safeguard Metals allegedly steered retirees who cashed out of IRAs toward high-markup silver coins
Trying to halt the SEC
A wide range of financial industry groups are urging the agency to withdraw its most controversial proposals, but even the most reviled likely will avoid major changes.
SEC steps up enforcement: Actions increase, money obtained falls in fiscal 2023
'Some may call high-impact cases regulation by enforcement,' SEC Chair Gary Gensler said. 'I call it enforcing the laws and the regulations that are on the books.'
Federal auto-IRA would crowd out private-sector plans, critics say
'Why would any business owner maintain a retirement plan if the federal government is going to take over all the costs and responsibility of providing retirement benefits?' says the CEO of a trade group representing plan sponsors.
How to unravel complicated 2023 RMD rules
It’s no simple task to determine which clients are subject to required minimum distributions this year, and which aren’t.
Former broker sentenced to more than 10 years in prison for fraud
'[Thomas] Brenner used the funds for his benefit, including to make large race car-related purchases, and to pay back tax debts,' according to the U.S. Attorney's Office for the Northern District of Ohio.
Out of sight but top of mind: SEC maintains ESG focus despite absence in exam priorities
'Firms should continue with rigor and diligence to operate their ESG risk and compliance programs,' a compliance expert says.
NYSE, Nasdaq volume discounts for brokers threatened by SEC proposal
The setup can result in larger firms offering customers better transaction prices than smaller ones, SEC Chair Gary Gensler said.
