Results for "compliance"

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Finra focuses exam priorities on investor-protection threats

January 22, 2019

Emerging investor-protection threats like the online sale of unregistered securities, and other topics such as whether new exchange-traded products are suitable for customers, are highlights of this year's Finra examination priorities list....

Thorough internal investigations of sexual harassment claims are critical for advisory firms in the wake of #MeToo

January 8, 2019

Financial institutions conducting sexual harassment investigations in the wake of the #MeToo movement need to proceed cautiously. As Wall Street has come under scrutiny on how it handles complaints of sexual misconduct, compliance and human...

SEC exams to focus on investor fees, adviser conflicts of interest in 2019

December 20, 2018

The Securities and Exchange Commission will target disclosures of fees and expenses to retail investors as well conflicts of interest in its 2019 examinations of investment advisers and brokers, the agency said Thursday. The SEC's Office of...

Why Laurie Nardone Chose Independence

December 17, 2018

In this final installment, InvestmentNews Content Strategy Studio discusses the journey to becoming an independent Registered Investment Advisor (RIA) through the lens of three advisors' unique experiences. Below, Laurie Nardone, CFP® and managing...

Are you serious, Wall Street? A response to the #MeToo 'advice' of men

December 5, 2018

This open letter is a response to a Bloomberg article​ InvestmentNews ran Tuesday about some male Wall Street executives whose concerns about #MeToo accusations have led them to limit the ways in which they work with female colleagues, for...

Finra publishes list of brokers, firms responsible for unpaid arbitration

December 4, 2018

It's only three weeks until Christmas, but the Financial Industry Regulatory Authority Inc. is already showing who is on its naughty list. Finra is publishing the names of every firm and individual responsible for unpaid customer arbitration...

LPL providing credit monitoring, identity protection to investors exposed by data breach

November 14, 2018

LPL Financial is taking steps to safeguard financial advisers and their clients whose names, addresses, account numbers and Social Security numbers were exposed in a recent data breach. According to LPL spokesman Jeff Mochal, the broker-dealer...

Wells Fargo reportedly ends investigation of gender bias in wealth management unit

November 9, 2018

Wells Fargo's investigation into alleged gender bias within its wealth management division is reportedly over. When asked for confirmation of a report by The Wall Street Journal that the firm concluded its investigation, Wells Fargo spokeswoman...

Can investment advisers disclose away all conflicts? Can brokers?

October 16, 2018

With the release of its regulatory package on April 18, the Securities and Exchange Commission drew an important distinction between disclosure obligations for investment advisers versus those for brokers. Even as the greater fiduciary debate...

What Elon Musk can teach advisers about social media

October 15, 2018

Social media is hard, and success requires patience, dedication and a lot of work. There's no definite "right way" to use Facebook, Twitter, LinkedIn or any other platform. There's no handbook for advisers on how to attract a million followers...

Jay Clayton rejects Trump tweet calling for less frequent earnings reports

October 11, 2018

Securities and Exchange Commission chairman Jay Clayton just tapped the brakes on President Donald J. Trump's push to let U.S. companies report earnings less frequently. "I don't think quarterly reporting is going to change for our top names...

What's at stake with a branch audit?

October 1, 2018

Each year, or every couple of years at offices on a lighter schedule, your home office (or branch manager/office of supervisory jurisdiction) sends out an auditor to go over all of your files. Typically, the auditor is friendly and seems quite...

Voya pays $1 million to settle SEC charges over cybersecurity breach

September 26, 2018

Voya Financial Advisors will pay $1 million to settle Securities and Exchange Commission charges regarding a data security breach that compromised the personal information of thousands of customers. An SEC order says that over a period of six...

401(k) adviser disclosures need an important update

September 17, 2018

A fiduciary serves a vital role in society. In the most basic form, a fiduciary is expected to make dispassionate decisions in the sole interest of the less informed. To serve in the role requires the fiduciary to embrace the twin duties of...

In latest A-share discount snafu, broker-dealer pays $1.37 million to clients

September 5, 2018

The Financial Industry Regulatory Authority Inc. flagged another broker-dealer for not giving clients discounts when they bought mutual fund A shares, this time reaching a settlement with Lincoln Investment Planning in which the firm paid $1.37...

When it comes to regulating AI in financial services, murky waters are ahead

August 17, 2018

Amid all the excitement about the potential uses of artificial intelligence in financial advice, there is still a lot of uncertainty about how this new technology will fit into the existing regulatory framework governing financial services firms....

Gotcha! 10 lessons from brokers gone bad

August 13, 2018

How many activities can regulators scrutinize to nab brokers and advisers? Let us count the ways. Actually, Cipperman Compliance Services has already done so. Read here 10 cases of endemic broker misconduct Cipperman has examined, and what it...

Something everyone agrees on with SEC advice rule? Client disclosure needs redo

August 9, 2018

As the comment deadline on the Securities and Exchange Commission’s investment advice reform package closed Tuesday, it was clear there was no consensus on whether the agency’s proposal would raise the standard of care for brokers. Although...

Cybersecurity remains top RIA compliance concern

July 25, 2018

The biggest compliance concern at RIA firms is cybersecurity, according to a survey of 454 registered investment advisory firms conducted by the Investment Advisers Association and ACA Compliance Group. For the fifth year in a row cybersecurity...

Finra censures Cetera for lax supervision of brokers' outside activities

July 10, 2018

The Financial Industry Regulatory Authority Inc. has censured Cetera Financial Specialists and fined the firm $200,000 for supervisory failures in connection with its brokers' outside business activities. Finra said that between January 2012...

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