Results for "fiduciary"

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CFP Board to announce possible delay of new fiduciary standard

July 12, 2019

The Certified Financial Planner Board of Standards Inc. will announce by next week whether it intends to delay enforcing an expanded fiduciary standard for financial advisers who hold the group's CFP mark. During a webinar Friday afternoon,...

Departure of Alexander Acosta could slow DOL effort to revise fiduciary rule

July 12, 2019

The resignation of Labor secretary Alexander Acosta on Friday could delay the agency's release of a replacement for its fiduciary rule. Under the Obama administration, the DOL issued a regulation that would have required brokers to act in the...

Labor Secretary Alexander Acosta resigns after furor over Jeffrey Epstein sex charges

July 12, 2019

Labor Secretary Alex Acosta, in a surprise appearance Friday with President Donald J. Trump, said that he would resign. "I thought the right thing was to step aside," Mr. Acosta told reporters at the White House. "It would be selfish for me...

SEC member Peirce to brokers: Talk to us early, often about Reg BI implementation problems

July 11, 2019

Financial professionals may still be slogging through the nearly 1,400 pages of the investment advice reform package the Securities and Exchange Commission approved last month — but they should be working on implementation now, especially...

Applauding the SEC's new approach to disclosure

July 11, 2019

The Financial Services Institute was pleased last month when the Securities and Exchange Commission passed Regulation Best Interest, a vital new rule that establishes a best-interest standard of care for all advisers on both the broker-dealer...

CFP Board may make decision this week on delaying enforcement of fiduciary standard

July 11, 2019

The board of directors of the Certified Financial Planner Board of Standards Inc. is meeting in Maine this week, and may decide to delay enforcing an expanded fiduciary standard for financial advisers who hold the group's CFP mark. Approved...

SEC's Blass rebuts assertion Reg BI is tougher than fiduciary standard

July 10, 2019

Even before the Securities and Exchange Commission approved new investment advice reform rules in June, there was debate about whether the broker requirement would be tougher than the standard for investment advisers. One of the authors of the...

SEC head defends Reg BI, but only succeeds in igniting more criticism

July 9, 2019

Securities and Exchange Commission Chairman Jay Clayton took on critics of the agency's recently approved investment advice reform package in a lengthy defense Monday, but his remarks didn't calm the fierce debate. In a speech Monday in Boston...

SEC chairman Jay Clayton defends advice rule

July 9, 2019

U.S. Securities and Exchange Commission chairman Jay Clayton is striking back at critics who've said one of his signature regulatory achievements is a gift to Wall Street. The rules in question, passed by the SEC last month, were supposed to...

New York lawmaker works on bill to establish fiduciary duty for advisers in state

July 3, 2019

A New York lawmaker is working on legislation to raise investment advice requirements in the state. Assemblyman Jeffrey Dinowitz, D-Bronx, was the author of a bill that would have required financial advisers in the state to disclose whether...

Financial industry group asks CFP Board to back off if reps comply with Reg BI

July 2, 2019

A trade association representing regional financial services companies is asking the Certified Financial Planner Board of Standards Inc. to back down on enforcing the fiduciary duty associated with the credential if financial advisers are adhering...

House passes Maxine Waters' amendment to stymie SEC advice reform rules

June 26, 2019

The House of Representatives approved legislation Wednesday that effectively would kill the Securities and Exchange Commission's recently approved advice reform package of regulations. The measure by House Financial Services Committee chairwoman...

Funding for Reg BI, other SEC advice reform efforts denied in Waters amendment

June 25, 2019

The House of Representatives is likely to approve this week legislation written by House Financial Services Committee chairwoman Maxine Waters, D-Calif., that effectively would kill the Securities and Exchange Commission's investment advice...

Congress members ask GAO to study fallout from death of DOL fiduciary rule

June 24, 2019

High-level Democrats in the Senate and House of Representatives have asked a congressional watchdog to study the fallout from the now-defunct Department of Labor fiduciary rule, including the regulation's effect on a wide range of business practices...

SEC clears up confusion over whether advisers can continue to call themselves fiduciaries

June 20, 2019

Investment advisers are free to describe themselves as fiduciaries and to market that standard of care to clients, despite a prohibition on the term in one part of a new Securities and Exchange Commission disclosure form. In its recently approved...

Reg BI: How rollovers are changing under the new SEC rules

June 20, 2019

The Securities and Exchange Commission in early June made the most significant changes to investment-advice standards in more than two decades — and rollovers were no exception. Regulation Best Interest imposes a new standard for brokers,...

New Jersey fiduciary rule: Pressure leads to public hearing, comment deadline extension

June 17, 2019

Under fire from critics, New Jersey has scheduled a public hearing and extended a deadline for public comment on a proposal that would impose a fiduciary duty on anyone giving investment advice, including brokers. The all-day hearing on July...

How much will costs of products and accounts factor into Reg BI?

June 14, 2019

A recently approved Securities and Exchange Commission advice reform package seems to be of two minds about what emphasis brokers should put on the costs of their recommendations. Language was added to the final Regulation Best Interest, which...

Galvin to propose fiduciary rule for Massachusetts brokers

June 14, 2019

Massachusetts will propose a rule that would mandate brokers and investment advisers apply a fiduciary standard of care in interactions with clients, Secretary of the Commonwealth William Galvin announced Friday afternoon. The Massachusetts...

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...

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