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Bill to stop DOL fiduciary rule poised to pass House today

October 27, 2015

[Update since the story published: The bill did pass the House on Tuesday on an almost party-line vote, 245-186, with only three Democrats voting for it and two Republicans voting against it.] Legislation that would block a Labor Department...

Another five firms ordered to pay $18M for mutual fund overcharges

October 27, 2015

Five broker-dealers were ordered to reimburse clients a total of $18.4 million for charging them improper fees for mutual funds, Finra announced Tuesday. Edward Jones was ordered to pay $13.5 million, Stifel Nicolaus & Co., $2.9 million, Janney...

NAPFA leader claims 'moral high ground' in fiduciary fight

October 26, 2015

Fee-only investment advisers who support a pending Labor Department advice rule say they will step up their lobbying in order to project their voices amid the din of industry opposition. “We are outspent and outgunned, but we have the moral...

Latest sentencing in $1.2B Scott Rothstein Ponzi scheme

October 26, 2015

Five years after a South Florida lawyer went to prison for running a $1.2 billion Ponzi scheme, his financial adviser faced his own sentencing. In 2010, Scott Rothstein, an attorney with Rothstein Rosenfeldt Adler in Fort Lauderdale was sentenced...

Lawmakers chafe at SEC's slog through fiduciary rule process

October 23, 2015

Lawmakers expressed frustration Friday with the Securities and Exchange Commission's slow walk toward proposing a rule that would raise investment advice standards while the Labor Department marches along. In an appearance before a House Financial...

SEC cracks down on advisers' access to clients' outside accounts

October 22, 2015

Advisers who can access their clients' employer-sponsored retirement accounts may find themselves in the crosshairs of the Securities and Exchange Commission. As part of its ongoing emphasis on custody violations, the agency is looking carefully...

Advisers missing major wrinkle in DOL's fiduciary rule

October 22, 2015

Since the Labor Department reproposed its draft rule to expand the definition of fiduciary – and its oversight of Americans' retirement accounts – earlier this year, one key misconception has kept some segments of our industry from fully...

DOL supports ESG fund use in 401(k) plans

October 22, 2015

The Labor Department wants to make it easier for 401(k) plans to use environmental, social and governance funds by issuing new guidance meant to boost plan fiduciaries' consideration of such funds. Fiduciaries had been wary of introducing ESG...

Two SEC commissioners nominated

October 21, 2015

President Barack Obama nominated Democrat Lisa Fairfax and Republican Hester Peirce on Tuesday to fill two commissioner seats on the five-person Securities and Exchange Commission. Ms. Fairfax, an expert on shareholder activism, corporate governance...

Advice-industry leaders welcome Ryan's focus on getting things done in Congress

October 21, 2015

News that Rep. Paul Ryan, R-Wisc., put his hat into the ring as speaker of the House of Representatives — if and only if he can lead a unified Republican caucus that focuses on legislating — was welcomed by those in the financial advice...

Finra sanctions a dozen IBDs $6.7 million for breakpoint snafus

October 20, 2015

Finra continued to whack independent broker-dealers for failing to give clients discounts for large purchases of complex investment products, announcing Tuesday that it had ordered a dozen firms to pay restitution and fines totaling $6.7 million....

Finra efforts fail to reduce brokers' record-cleansing: PIABA

October 20, 2015

Finra's efforts to limit brokers' ability to clear their records of alleged misconduct have failed to reduce the number of times it occurs, according to an investor advocate group. The Public Investors Arbitration Bar Association released a...

Pension trade group believes DOL fiduciary rule is all but inevitable

October 19, 2015

Hundreds of retirement plan advisers are shifting their game plan as they descend on Capitol Hill this week. Instead of urging lawmakers to kill a Labor Department rule that would raise advice standards for 401(k)s and IRAs, they've accepted...

Building traffic to BrokerCheck

October 18, 2015

After two-and-a-half years of wrangling, the Financial Industry Regulatory Authority Inc. finally got a rule approved that requires brokerages to include a link from their websites to BrokerCheck, its database where investors can find a broker's...

DOL, industry spar over cost estimates for fiduciary rule

October 16, 2015

Labor Secretary Thomas Perez defended a proposal to raise investment advice standards for retirement accounts by asserting that studies showing the need for such a rule are more reliable than industry-funded analyses that question it. In a speech...

Gold rises from the dead

October 15, 2015

Gold shines bright above its 200-day moving average for the first time in five months. For that, and the rosier outlook for the precious metal, you can thank the lackluster U.S. economy. A dead asset no longer As trading continues to replace...

Managing the convergence of compliance and technology

October 15, 2015

Citigroup recently agreed to pay a $15 million penalty for failing to enforce compliance breaches that technology could have prevented. As evidenced by such high-profile cases, even some of the leading financial firms overlook the role that...

Finra fines six IBDs for failing to give discounts on large REIT sales

October 14, 2015

Voya Financial Advisors Inc., Transamerica Financial Advisors Inc. and four other independent broker-dealers failed to give clients appropriate discounts on large sales of nontraded real estate investment trusts and business development companies,...

UBS in $19.5 million settlement over misleading investors on derivatives

October 13, 2015

UBS Group AG will pay $19.5 million in a settlement with the Securities and Exchange Commission over claims the bank misled individual investors about the risks tied to debt securities packaged with derivatives. The Swiss bank misrepresented...

4 ways the Labor Department is about to rock our world

October 13, 2015

Every once in a while the government passes a regulation that completely alters the landscape. The new standards proposed by the Labor Department for ERISA participants and their advisers will have the biggest impact since the deregulation of...

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