Results for "regulation"

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Stifel CEO Kruszewski named chairman of American Securities Association

September 12, 2018

Ronald J. Kruszewski, chairman and chief executive of Stifel Financial Corp., was named chairman of the American Securities Association on Wednesday, helming a group that represents regional financial firms in Washington. Mr. Kruszewski will...

Finra suspends former Merrill Lynch broker for impersonating client

September 12, 2018

The Financial Industry Regulatory Authority Inc. has suspended a former Merrill Lynch broker for impersonating a client. Luke A. Eddy joined Merrill Lynch in Worcester, Mass., in 2014. According to Finra, he was terminated in June 2017 for impersonating...

Democrats urge SEC to strengthen broker standard in advice rule

September 12, 2018

Leading Democratic lawmakers are calling on the Securities and Exchange Commission to strengthen its proposal to raise investment advice standards for brokers, asserting it "falls woefully short." In a letter to SEC chairman Jay Clayton on Wednesday,...

BB&T fined $100,000 for failing to disclose wrap-fee conflicts

September 11, 2018

The Securities and Exchange Commission has fined BB&T Investments $100,000 for failing to disclose to clients certain conflicts of interest related to the sale of wrap-fee programs to banking customers. The suit states that from March 2012 through...

Finra makes its first cryptocurrency bust

September 11, 2018

The Financial Industry Regulatory Authority Inc. has charged former broker Timothy Ayre with securities fraud and the unlawful distribution of HempCoin, an unregistered cryptocurrency security. The case marks Finra's first disciplinary action...

Shorthanded SEC may have to decide investment advice proposal on its own

September 11, 2018

For the moment, the Securities and Exchange Commission has a full complement of five members, but it may not last for long. Last week, the Senate confirmed Elad Roisman to a Republican seat that had been vacated by Michael Piwowar in July. It...

Tax Reform 2.0 adds to momentum for open MEPs

September 11, 2018

The House of Representatives is building on recent momentum to enact a popular retirement-security measure seeking to make it easier for small businesses to offer workplace savings plans. Rep. Kevin Brady, R-Texas, chairman of the House Ways...

Finra bars ex-Wells Fargo broker with 41 years in the securities industry

September 10, 2018

The Financial Industry Regulatory Authority Inc.​ has barred a Wells Fargo broker with 41 years' experience for not taking part in an investigation into allegations that he made unsuitable investments for a client. Texas-based broker Edward...

Former HDVest brokers barred for not cooperating in Woodbridge investigation

September 10, 2018

Finra barred two former HD Vest Investment Services brokers who did not cooperate in an investigation of a real estate investment Ponzi scheme. Finra barred Jerry Davis Raines and Donna Lynn Barnard for failing to provide documents and information...

Finra fines Citigroup $100,000 for overcharging clients

September 10, 2018

Citigroup Global Markets Inc. has been fined $100,000 by the Financial Industry Regulatory Authority Inc. for failing to properly supervise the sale of mutual funds to certain retirement plan and charitable organization customers. According...

Merrill Lynch takes two avenues with annuity commissions

September 10, 2018

When Merrill Lynch recently decided to reverse its ban on commissions in individual retirement accounts, it did so for all products with one exception: annuities. The policy effectively creates a dual approach for Merrill's 17,000-plus advisers...

Galvin orders SII to pay restitution on nontraded REIT sales

September 7, 2018

Massachusetts Secretary of the Commonwealth William Galvin banged away Friday on another independent broker-dealer for sales of nontraded real estate investment trusts, this time ordering SII Investments Inc. to pay money back to clients who...

Finra bars ex-JP Morgan broker being investigated for failing to report liens and judgments

September 7, 2018

The Financial Industry Regulatory Authority Inc. has barred a former JP Morgan Securities broker who was being investigated for failing to report financial liens and judgments. Finra started investigating Benjamin S. Johnson, a Ohio-based broker,...

Trump administration hypocrisy on retirement security

September 6, 2018

Is President Donald J. Trump a hypocrite when it comes to retirement security? His actions certainly suggest so. On Aug. 31, Mr. Trump signed an executive order meant to strengthen retirement security by expanding access to workplace retirement...

William Galvin wins again in Massachusetts

September 6, 2018

The odds increased earlier this week for Massachusetts Secretary of the Commonwealth William Galvin to continue to be a thorn in the side of the securities industry for another four years. That's because Mr. Galvin, who has held the office since...

Legislation affecting advisers may fall victim to tight Capitol Hill calendar

September 6, 2018

Legislation that would reform how advisers are regulated, increase contribution limits for health savings accounts and strengthen retirement security could fall victim to a tight congressional calendar or partisan divisions this fall. In late...

Wells Fargo said to face Justice Department probe of wholesale banking unit

September 6, 2018

Wells Fargo & Co. is facing a Department of Justice investigation into whether employees in the company's wholesale banking unit improperly altered customer data, a person familiar with the matter said. The changes were made to meet a regulatory...

Turns out commissions are OK at Commonwealth Financial, JPMorgan, Merrill Lynch

September 6, 2018

Last week, Merrill Lynch said it was reversing its ban on commissions in individual retirement accounts now that the Department of Labor's fiduciary rule is officially dead. It turns out the home of the thundering herd is not the only retail...

Ex-Wells Fargo broker suspended for coaching client to lie about excessive commissions

September 6, 2018

A former Wells Fargo Advisors Financial Network broker who coached an elderly client to respond falsely to the firm when it asked her about his excessive commission charges agreed on Wednesday to an eight-month suspension and a $10,000 fine....

Merrill Lynch can't reverse progress on eliminating conflicts of interest

September 5, 2018

The fiduciary rule is dead, but its spirit lives on. The rule, which the Department of Labor first proposed in 2015, required brokers to act as fiduciaries — to put their clients' interests ahead of their own — when handling retirement accounts....

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