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Finra wants to improve how it digitally interacts with member firms

May 14, 2019

The Financial Industry Regulatory Authority Inc. is taking on a multiyear project to improve how member firms digitally interact with the regulator. Based on feedback from more than 50 firms about how the industry engages with Finra for compliance...

New bill links 401(k) matches to student loan payments

May 14, 2019

A bill that includes a provision to make it easier for companies to contribute to the retirement accounts of employees who are paying down student debt was reintroduced in the Senate this week. Among other changes, such as stepping up the age...

Reg BI looks strong, if you squint just right

May 13, 2019

The Wall Street Journal's Jason Zweig recently complained about a study from Fidelity Investments that was interpreted to show that "Most index funds are 'below-average investments'" and that except for large U.S. stocks, in nearly every other...

How much is enough compliance? SEC grumbles about firms' efforts to cover risks

May 13, 2019

The Securities and Exchange Commission is warning investment advisory firms to devote adequate resources to compliance, which has spurred a debate about whether attitude or money is more important. In a recent speech, Pete Driscoll, director...

May 13, 2019

BY Mark Schoeff Jr. The Securities and Exchange Commission is warning investment advisory firms to devote adequate resources to compliance, which has spurred a debate about whether attitude or money is more important. In a recent speech, Pete...

Finra plan to address unpaid arbitration award problem deserves fair hearing

May 11, 2019

The Finanical Industry Regulatory Authority Inc. finally may have come up with a fair way to ensure that investors who win arbitration awards actually receive them. Under a new rule proposal, Finra would require firms with a track record of...

SEC, Finra warn investors not to base stock decisions on social sentiment

May 9, 2019

The Securities and Exchange Commission and the Financial Industry Regulatory Authority Inc. are warning investors about using social media data to make investment decisions. In recent years, companies like TickerTags, Social Market Analytics...

Money manager who stole $500 million serves a quarter of his 20-year prison term

May 9, 2019

Former WG Trading Co. money manager Stephen Walsh was ordered released from a federal prison after serving a little more than a quarter of his 20-year prison term for his part in swindling investors out of more than $500 million. In 2009, Mr....

Finra arbitrators award Stanford victims $1.4 million, rule against Pershing

May 9, 2019

Finra arbitrators ruled that Pershing must pay $1.4 million to several victims of R. Allen Stanford's Ponzi scheme. The three-person, all-public Financial Industry Regulatory Authority Inc. panel found in favor of six claimants who alleged Pershing...

Morgan Stanley advisers win huge $6.4 million deferred comp claim against Credit Suisse

May 8, 2019

Two star brokers at Morgan Stanley won a stunning $6.4 million arbitration award against their old firm, Credit Suisse Securities, claiming they did not receive deferred compensation they were entitled to after the firm closed down its U.S....

SEC commissioner Hester Peirce says Reg BI is stronger than fiduciary duty

May 8, 2019

Members of the Securities and Exchange Commission have defended their agency's forthcoming final advice-reform rule in exchanges over the last couple days. SEC commissioner Hester Peirce said the proposal to raise advice requirements for brokers...

Retirement investors win $1.8 million arbitration against Raymond James for penny-stock sales

May 7, 2019

Retirement investors won a $1.8 million Finra arbitration award against Raymond James in a case involving penny stock investments in energy companies. A three-person, all-public Financial Industry Regulatory Authority Inc. arbitration panel...

Galvin charges Janney with churning high-fee mutual funds

May 7, 2019

Massachusetts Secretary of the Commonwealth William Galvin charged brokerage Janney Montgomery Scott with churning high-fee mutual funds, a signal of continued regulatory interest in share-class violations. In a complaint filed Tuesday, Mr....

Federal appeals court rules against advisers on disclosure failure

May 6, 2019

A federal court recently ruled a Texas investment advisory firm failed to disclose conflicts related to the sale of mutual funds, but it also said it didn't do so willfully — vacating the civil penalties and sending the case back to the Securities...

Maxine Waters puts bank chiefs in hot seat and gets results

May 6, 2019

Maxine Waters hauled seven Wall Street bank chiefs to a hearing that had all the elements of a show trial: contrite executives, lecturing lawmakers and TV cameras to magnify every exchange. Civil rights activist Jesse Jackson even showed up....

Trump could cost future retirees billions

May 6, 2019

Last year, the Trump administration abandoned a regulation designed to protect U.S. savers from conflicted investment advice. Known as the fiduciary rule, it would have required more brokers and insurance agents to disclose when they're getting...

How should advisers treat rollovers from 401(k)s to IRAs?

May 3, 2019

Recommendations that 401(k) participants take distributions from their plans and roll them over to individual retirement accounts are coming under increasing scrutiny. That scrutiny is focused on both the quality of the recommendation, including...

Building dialogue with lawmakers to advance women's careers

May 3, 2019

As our members know, the Financial Services Institute is firmly committed to championing the cause of helping more female professionals not only enter, but achieve lasting success within the financial advice industry. The formation of the House...

Clayton hints Reg BI may be out earlier than expected

May 2, 2019

Securities and Exchange Commission Chairman Jay Clayton remained tight-lipped about investment advice reform regulation on Thursday, but he hinted that it might be released sooner than expected. In a discussion with reporters, he sidestepped...

Finra proposes rule to hit rogue firms in the pocketbook

May 2, 2019

Brokerages that have a track record of violations or that hire a high number of registered representatives with disciplinary actions in their past would draw tougher oversight under a Finra rule proposal released on Thursday. Firms targeted...

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