Results for "regulation"

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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...

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...

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...

Headwinds to annuities in 401(k) plans persist

September 4, 2019

The uptake of annuities in 401(k) plans has been muted and slow. There are several reasons for this state of affairs, such as administrative and legal challenges, which have withstood the industry's push to change the status quo and many advisers'...

Investors put more stock in investment professionals wearing 'adviser' label

September 3, 2019

Consumers put more stock in investment professionals who use the title "adviser" than in those who are serving in a sales capacity, according to a new study. A survey of 665 adults conducted last October and released Aug. 27 by the Mercatus...

Independent contractor status for brokers and advisers safe in California

September 3, 2019

Brokers and advisers in California who work as independent contractors and are registered with a broker-dealer have sidestepped the fight over employment status currently playing out in the California statehouse. Assembly Bill 5, which writes...

Jackson National suspends fee-based annuity sales in New York due to best-interest rule

September 3, 2019

Jackson National Life Insurance Co. has suspended sales of fee-based annuities in New York in response to a new rule that imposes tougher standards on brokers and life insurance agents selling insurance products in the state. The insurer, which...

Finra arb panel orders TD Ameritrade to pay $720,816 over alleged lack of oversight of RIA

September 3, 2019

A Finra arbitration panel ordered TD Ameritrade Inc. to pay an investor $720,816 in a case involving an alleged lack of oversight of an investment adviser to whom it provided custodial services. In an Aug. 28 award, a three-person, all public...

SEC's proposal on private placements isn't backed by data

August 31, 2019

One of the more curious initiatives of the Securities and Exchange Commission has been its push to expand access to offerings of private, unregistered securities. It seems to be a pet project of SEC Chairman Jay Clayton, who professes to have...

Elizabeth Warren once wrote a personal finance book

August 30, 2019

A few years out of college, Sarah Sparkman was struggling with debt. She pored over personal finance books, but says the advice was impractical and the tone often judgmental. Then she came across Elizabeth Warren's book. First published in 2005...

Cetera Advisors charged with defrauding clients

August 30, 2019

The Securities and Exchange Commission charged Cetera Advisors Thursday with breaching its fiduciary duty and defrauding its retail advisory clients in connection with the sales of mutual funds, earning more than $10 million to which it was...

SEC imposes $8.4 million penalty on digital coin issuers

August 29, 2019

The Securities and Exchange Commission imposed a penalty of $8.4 million and ordered disgorgement of $1.74 million in connection with a settlement with Bitqyck Inc. and its founders, who allegedly defrauded investors in securities offerings...

Reg BI creates certainty and provides investors with a choice

August 28, 2019

On June 5, the Securities and Exchange Commission adopted a package of rule-makings and interpretations designed to enhance the quality and transparency of retail investors' relationships with investment advisers and broker-dealers. These actions...

States aren't great at regulating insurance

August 28, 2019

The U.S. insurance industry offers a test case of decentralized authority: Unlike much of the investment business, which is supervised at the federal level, insurers are almost entirely overseen by the states. [More:​ State regulators urge...

Debate on crypto oversight intensifies as SEC clashes with Facebook over Libra

August 27, 2019

The scene was straight out of the era of Bitcoin mania: a man on an Amtrak train to New York speaking loudly into his mobile phone, discussing a digital token he was promoting and bragging about how he planned to pump up the price. [More:​...

Massachusetts fines Wells Fargo $450,000 over unregistered agents

August 27, 2019

Massachusetts has fined Wells Fargo $450,000 for failing to ensure that its agents and supervisors were appropriately registered in the state. [More:​ Galvin to propose fiduciary rule for Massachusetts brokers] According to the offer of settlement...

SEC upholds Finra bar despite recent Supreme Court ruling

August 27, 2019

A unanimous Securities and Exchange Commission decision upheld a Finra industry bar against a former broker who argued that a recent U.S. Supreme Court case prohibits such sanctions. The former broker, John M.E. Saad, said the high court's decision...

UBS hit with $4.4 million arb award over Puerto Rico bonds and funds

August 22, 2019

A group of investors who bought Puerto Rico bonds and closed-end funds won a $4.4 million arbitration claim against UBS Financial Services Inc. and its related business in Puerto Rico. The three investors and related trusts and businesses initially...

DOL readies proposal for more digital 401(k) disclosures

August 21, 2019

The Department of Labor is close to proposing a rule that would boost digital delivery of employees' 401(k) statements, a prospect that has drawn excitement from the retirement plan industry but concerns investor advocates worried that a shift...

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