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Fiduciary duty finally hits mainstream — and Main Street

June 13, 2016

For most of the last six years, the battle over a Labor Department rule to raise investment advice standards for retirement accounts has been waged inside the Beltway in Washington. Attacking and defending the rule has taken place in the capital's...

DOL fiduciary rule can also be applied to insurance

June 12, 2016

What's the best type of life insurance? That question has been been debated for decades. In the 1980s, universal life products were considered the best. In the 1990s, it was variable universal life products, and in the 2000s, it was guaranteed...

With anti-DOL fiduciary rule lawsuits, industry organizations' actions speak louder than words

June 12, 2016

Just before explaining why they filed a lawsuit to kill the DOL fiduciary rule, every industry trade group is careful to assert that they, in fact, support its premise. Yes, they want to do away with the Labor Department measure that would require...

DOL must keep dialogue open on fiduciary rule

June 12, 2016

Whatever the reason, the sudden withdrawal of Deputy Assistant Secretary of Labor Timothy Hauser from a panel at the Insured Retirement Institute conference June 6 was a blunder. Mr. Hauser had an opportunity to clarify some of the issues, and...

House Democrats sponsor bill for universal retirement coverage

June 10, 2016

Democrats in the House of Representatives put forth legislation Friday seeking to promote universal retirement coverage for American workers by extending a retirement vehicle to those without access to a workplace savings plan. The bill, called...

Already sizzling market for advisory firms could be stoked by DOL fiduciary rule

June 9, 2016

The market for financial advice firms continues to run hot, with the number of deals and sophistication of transactions growing every year, acquisition experts said. Advisory firm sales have ramped up the last few years as demand for personal...

Our legal challenge to the DOL: Making our voices heard in court

June 9, 2016

For decades, Main Street American investors have been voting with their dollars in favor of a simple but critically important and effective advisory model based upon commissions that gives them access to objective, affordable investment guidance...

How software can help smooth the transition to fiduciary-rule compliance

June 9, 2016

Although the U.S. Department of Labor's (DOL) fiduciary rule has become the subject of two new lawsuits that could delay implementation, many investment advisers, brokers-dealers and other firms that offer retirement accounts are making operational...

Two more industry groups file lawsuits against the DOL fiduciary rule

June 9, 2016

The list of lawsuits against the Labor Department got longer Thursday, as two more industry groups joined three others in taking aim at the fiduciary rule in court. The rule requires advisers to retirement accounts to act in the best interests...

Finra orders Oppenheimer & Co. to pay $2.9M for unsuitable sales of nontraditional ETFs

June 8, 2016

Finra has hit Oppenheimer & Co. Inc. with a $2.25 million fine and ordered the firm to pay more than $716,000 to affected customers for selling leveraged, inverse and inverse-leveraged exchange-traded funds without reasonable supervision, and...

Advisory firms should prep for DOL fiduciary rule while court challenges proceed

June 8, 2016

Advisers need to begin taking steps to abide by requirements of the 1,023-page DOL fiduciary rule due to be implemented by April 2017, even though the entire rule, or just part of it, could be thrown out by the courts. That was the conclusion...

TD's Skip Schweiss to RIAs: Don't shrug off DOL fiduciary rule

June 8, 2016

Registered investment advisers shrugging off the Labor Department's fiduciary rule are making a mistake. That's the message that Skip Schweiss, a managing director of adviser advocacy at TD Ameritrade Institutional, is trying to get across to...

Obama vetoes resolution against DOL fiduciary rule; court sets date for NAFA's lawsuit

June 8, 2016

President Barack Obama vetoed Wednesday afternoon a resolution to kill the DOL fiduciary rule, which was approved by the House in April and the Senate in May. “This rule is critical to protecting Americans' hard-earned savings and preserving...

Insurance groups ACLI and NAIFA sue DOL over fiduciary rule's impact on annuities

June 8, 2016

Insurance groups filed a lawsuit Wednesday against a Labor Department rule that would raise investment advice standards for retirement accounts, arguing that the regulation would stifle annuity sales. The American Council of Life Insurers, the...

Senators Elizabeth Warren and Mike Lee introduce bill to help graduate students save for retirement

June 7, 2016

U.S. senators introduced bipartisan legislation Tuesday that seeks to help graduate students amass more of a retirement nest egg, building on government efforts at both the federal and state levels to address the country's retirement savings...

Finra targets variable annuities as 'sweet spot' of scrutiny

June 7, 2016

The term “variable annuities” may not appear in this year's list of Finra examination priorities, but that doesn't mean the broker-dealer regulator is taking it easy on the sector. Two Financial Industry Regulatory Authority Inc. enforcement...

Massachusetts follows Finra's lead with crackdown on rogue brokers

June 6, 2016

Piggybacking on a recent Finra crackdown on rogue brokers, the Massachusetts Securities Division on Monday said it was asking broker-dealers to hand over hiring information. Headed by Secretary of the Commonwealth William Galvin, the Massachusetts...

Inside broker and insurance groups' move to block the DOL fiduciary rule

June 6, 2016

Professional groups representing the brokerage and insurance industries last week finally broke their silence on the Labor Department's regulation to raise investment advice standards for retirement accounts by filing a lawsuit that could put...

Finra's BrokerCheck link mandate for adviser websites effective today

June 6, 2016

Starting Monday, financial advisers and firms must include on their websites a clear reference and link to Finra's BrokerCheck, the regulator's search engine tool for investors. In compliance with the Financial Industry Regulatory Authority...

RIAs are losing their competitive advantage

June 5, 2016

Registered investment advisers need a new card up their sleeve. For years, RIAs have marketed themselves as being a cut above their counterparts in the brokerage industry. While they followed a fiduciary standard, requiring them to act in their...

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