Results for "regulation"

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SEC continues to see problems with advisers selecting too-expensive share classes

September 13, 2019

More than 18 months after the Securities and Exchange Commission began a crackdown on inadequate mutual fund payment disclosures, the problem doesn't seem to be going away. In February 2018, the agency implemented an enforcement program encouraging...

Finra panel orders UBS to pay $555,000 to 91-year-old widow for losses tied to Ponzi scheme

September 12, 2019

Finra arbitrators ordered UBS Financial Services Inc. to pay $555,000 to an elderly Texas widow who claimed she lost hundreds of thousands of dollars in her individual retirement accounts due to unsuitable investments. Betty H. Bailey alleged...

Lincoln, other insurers likely to backtrack on New York annuity pullback

September 12, 2019

Lincoln Financial Group and other insurance companies that pulled some annuities from the New York market in the wake of a new state regulatory requirement will likely reintroduce the products in coming weeks, now that the New York Department...

The SEC botched title reform. New York got it right

September 11, 2019

Imagine you want to go skydiving. Jumping from a plane is a high-risk activity. You, as a novice, seek out professional advice to ensure you use the proper technique. After all, how could you possibly know how and when to deploy a parachute,...

New NASAA president pursues fiduciary rule in New Jersey

September 11, 2019

As chief of the New Jersey Bureau of Securities, Christopher Gerold is leading the effort to raise investment advice requirements in the state by developing its own fiduciary rule. That move puts New Jersey at odds with the Securities and Exchange...

The threat posed by state fiduciary rules

September 10, 2019

With Regulation Best Interest finalized and moving toward implementation, independent financial firms and advisers are coming together to make the new rule's common standard of care a reality. Although many questions remain, the Financial Services...

SEC sued by seven states to kill Reg BI investment-advice rule

September 10, 2019

Seven states and the District of Columbia sued the Securities and Exchange Commission and agency Chairman Jay Clayton to overturn an investment-advice rule that is meant to overhaul how brokers work with their clients but that plaintiffs claim...

XY Planning Network sues SEC over Reg BI

September 10, 2019

XY Planning Network, the coalition of fee-only financial planners founded by Michael Kitces and Alan Moore, is suing the Securities and Exchange Commission for creating what they say is an unfair competitive advantage for broker-dealers with...

A new litigation saga begins for another 'best interest' rule

September 10, 2019

As the standard-of-care saga continues, nobody can predict exactly how each new regulator will define "best interest" or whether they will opt instead to use the term "fiduciary." What seems certain, though, is that any new rule will be challenged...

Monitoring 401(k) cross-selling may be next frontier for advisers

September 10, 2019

Trends and developments in the 401(k) market often migrate over to 403(b) plans. Examples include automatic enrollment, which is increasingly popular with plan sponsors, and litigation against plan fiduciaries, which is less popular). Sometimes...

Adviser must pay former employer $358,000 for violating employment contract

September 10, 2019

An adviser who left an LPL Finanical affiliate to set up his own firm with Commonwealth Financial must pay his old employer $358,000, according to an arbitration award. After 18 years of employment, Jeremy Bok left Planned Financial Services...

Finra will defer to SEC on interpreting best interest rule

September 9, 2019

When a new investment advice standard for brokers is implemented next June, Finra will be responsible for examining brokers for compliance. But the Securities and Exchange Commission will make the final call on determining how the regulation...

401(k) court ruling could hurt retirement savers

September 7, 2019

A recent appeals court decision allowing Charles Schwab Corp. to force its employees to arbitrate disputes about the company's 401(k) plan could prove to be a negative development for 401(k) participants and their financial security in retirement....

Lincoln, Penn Mutual pull insurance products from New York in wake of best-interest rule

September 6, 2019

More insurers are deciding to pull products like annuities and life insurance from the New York market as the state's best-interest rule takes hold. Lincoln Financial Group, the fourth-largest seller of annuities in the U.S. last year, suspended...

Finra arbitrators award more than $3 million to three former Credit Suisse brokers

September 6, 2019

Finra arbitrators ordered Credit Suisse to pay three former brokers more than $3 million in a case involving disputed deferred compensation. In an award posted Friday, the three-person, majority-public Financial Industry Regulatory Authority...

SEC warns advisers to get client consent before trading from own accounts

September 5, 2019

Investment advisers are falling short of regulatory requirements regarding the sale of investments to clients out of the advisers' own accounts, the Securities and Exchange Commission warned this week. In a Wednesday risk alert from the Office...

Massachusetts fines broker $225,000 over UIT trades

September 5, 2019

The Massachusetts Securities Division has fined StockCross Financial Services and broker Peter Cunningham $225,000 over trading practices involving unit investment trusts. [More: Galvin to propose fiduciary rule for Massachusetts brokers] According...

Time is running out on opportunity zones — but there's limited choice

September 5, 2019

Time is running out to get the biggest tax break from opportunity zones, but there's one snag for financial advisers: They don't see a lot of compelling investment options for clients. "The deals haven't worked out to be that great," said Leon...

Barred California adviser to pay $181,000 over investment fund conflicts

September 5, 2019

The Securities and Exchange Commission has barred adviser Mitchell Friedman of Mill Valley, Calif., and required him to pay disgorgement, interest and civil penalties of about $181,000 over conflicts and disclosure failures in connection with...

SEC censures, penalizes Utah hybrid $150,000 for improper alts sales

September 4, 2019

The Securities and Exchange Commission has censured Lefavi Wealth Management, a hybrid firm in Salt Lake City, Utah, managing $303 million, and required it to pay a $150,000 penalty for breaching its fiduciary duty and failing to make necessary...

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