Results for "compliance"

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Does Reg BI really hold brokers to a higher standard than investment advisers?

June 14, 2019

Reg BI rolled-out with bravado and fanfare on June 5. The SEC chairman spearheaded a two-hour presentation on two rules and two interpretations aimed at bringing "the legal requirements and mandated disclosures in line with reasonable investor...

John Taft: Reg BI the best we could have hoped for

June 12, 2019

Nine years after the Dodd-Frank Act gave the Securities and Exchange Commission authority to raise the bar for individual investor protection, the SEC finally took the bull by the horns last week, approving its long-awaited Regulation Best Interest...

Cetera latest to be hit with data breach of personal information

June 13, 2019

Cetera Financial Group is the latest in a growing number of financial advice firms to be hit with a data breach, putting information for about 2,000 clients at risk. The firm confirmed the number of clients whose information was potentially...

Finra suspends ex-Morgan Stanley broker who made hundreds of CD trades for elderly client

May 31, 2019

A veteran broker formerly with Morgan Stanley was suspended on Friday for 18 months by the Financial Industry Regulatory Authority Inc. over a matter involving hundreds of trades of bank-issued certificates of deposit in the account of an elderly...

Discussing volatility with clients — with a twist

May 20, 2019

Having filled out several risk profiles over the years, I've found they share one characteristic in common: They really don't measure how I feel about losing money on my investments. I understand why advisers must quantify an investor's appetite...

How much is enough compliance? SEC grumbles about firms' efforts to cover risks

May 13, 2019

The Securities and Exchange Commission is warning investment advisory firms to devote adequate resources to compliance, which has spurred a debate about whether attitude or money is more important. In a recent speech, Pete Driscoll, director...

Finra wants to improve how it digitally interacts with member firms

May 14, 2019

The Financial Industry Regulatory Authority Inc. is taking on a multiyear project to improve how member firms digitally interact with the regulator. Based on feedback from more than 50 firms about how the industry engages with Finra for compliance...

May 13, 2019

BY Mark Schoeff Jr. The Securities and Exchange Commission is warning investment advisory firms to devote adequate resources to compliance, which has spurred a debate about whether attitude or money is more important. In a recent speech, Pete...

Auditor: Future of broker-dealer with history of problems is in doubt

May 23, 2019

Newbridge Securities Corp., a small to midsize broker-dealer with a history of compliance problems, recently released a grim assessment of its financial health. In its annual audited financial statement, which was filed in March but did not...

Three crucial compliance requirements to satisfy right now

April 1, 2019

Every year at this time, registered investment advisers are — or should be — thinking about some of the annual regulatory compliance requirements imposed by the Securities and Exchange Commission. Yet every year, we are contacted by advisers...

Finra launches office to focus on fintech

April 24, 2019

The Financial Industry Regulatory Authority Inc. wants to take a closer look at how its member firms are using technology. The securities industry's self-regulatory agency is forming an Office of Financial Innovation to help the agency identify,...

5 reasons you're not reading this cybersecurity article

March 8, 2019

Cybersecurity articles are notoriously unpopular with financial advisers compared with other industry news, unless it's something drastic like Voya's recent slip-up exposing advisers' Social Security numbers on its website. When it comes to...

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...

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....

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...

CAT implementation uncertainty gives broker-dealers strategic options

March 8, 2018

Broker-dealers have been encouraged by the efforts of CAT NMS — a consortium of 22 self-regulatory organizations — to extend the effective date for implementation of the SEC's Rule 613 consolidated audit trail reporting. By replacing a variety...

Starting a new advisory firm: How to outsource and structure your practice

March 12, 2019

This is the second in a three-part series detailing what I would do if I were to move to a new town and start an advisory practice from scratch. In my first installment, on marketing, I described how an adviser should go about acquiring a steady...

9 ways advisers may have custody without knowing it

October 5, 2017

As complexity in the financial advice business goes, there is nothing quite like the infamous custody rule, which includes a gauntlet of trigger points that can deem a registered investment adviser as having custody. According to SEC filings,...

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...

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