Results for "regulation"

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Finra slaps Summit Brokerage with fines, restitution over broker churning

July 2, 2019

Summit Brokerage Services Inc. on Tuesday was hit with $880,000 in sanctions for a variety of supervisory failures, including not keeping tabs on a broker who for three years churned client accounts. In fact, compliance employees at Summit failed...

Finra bars broker accused of stealing $1 million from clients

July 2, 2019

Finra has barred a former LPL Financial broker for taking at least $1 million from clients for his personal use. The broker, James Thomas Booth, took the funds from several customers over a five-year period through May 2019, according to a Finra...

Treasury proposes curtailing 'one bad apple' rule for MEPs

July 2, 2019

The Treasury Department Tuesday issued a proposed regulation to water down the "one bad apple" rule that critics claim has prevented broader uptake of certain retirement plans by employers. The one bad apple rule applies to a type of defined-contribution...

Financial industry group asks CFP Board to back off if reps comply with Reg BI

July 2, 2019

A trade association representing regional financial services companies is asking the Certified Financial Planner Board of Standards Inc. to back down on enforcing the fiduciary duty associated with the credential if financial advisers are adhering...

SEC commissioner Jackson seeks data on potential harm of easing rules for private placements

July 1, 2019

SEC commissioner Robert Jackson Jr. voted in favor of publishing for comment a 211-page document on easing rules surrounding investments in unregistered securities. But he has qualms about allowing ordinary investors to participate in private...

SEC bars head of terminated RIA, orders $1.3 million in payments

July 1, 2019

The Securities and Exchange Commission has censured Foxboro, Mass.-based Fieldstone Financial Management Group and charged the firm and its principal, Kristofor R. Behn, with defrauding clients by failing to disclose conflicts of interest. The...

SEC files charges in alleged $19.3 million fraud offering huge returns

June 28, 2019

The Securities and Exchange Commission filed charges Friday against a Long Island, N.Y., man and an investment partnership for defrauding investors of more than $19.3 million. In its complaint, the agency alleges that from 2013 through December...

Adviser regulation caught up in partisan era, making it hard to plan for future

June 27, 2019

Opponents of the Securities and Exchange Commission's recently approved investment advice reform — including the SEC member who voted against it — suggest the regulations will be revisited and changed by a new SEC in a Democratic administration....

White House considers capital gains tax break that would benefit wealthy

June 27, 2019

The White House is developing a plan to cut taxes by indexing capital gains to inflation, according to people familiar with the matter, in a move that would largely benefit the wealthy and may be done in a way that bypasses Congress. Consensus...

Finra suffers net $68.7 million loss despite increased revenue, decreased expenses

June 27, 2019

Finra suffered a net loss of $68.7 million in 2018 despite increasing revenue and declining expenses, according to the regulator's annual report released Thursday. The primary culprit was a 2.3% decline in its investment portfolio. The Financial...

Galvin smacks LPL with $1.1 million fine

June 26, 2019

In yet another chapter of the seemingly constant battle between the largest independent broker-dealer and the most notable state securities regulator, Secretary of the Commonwealth of Massachusetts William Galvin said on Wednesday his office...

Finra panel awards $513,715 to divorcee who says Edward Jones rep favored husband

June 26, 2019

Finra arbitrators awarded $513,715 to a North Dakota woman who claimed Edward Jones improperly delayed payments to her following a bitter divorce because its representative favored her ex-husband. The three-person Financial Industry Regulatory...

House passes Maxine Waters' amendment to stymie SEC advice reform rules

June 26, 2019

The House of Representatives approved legislation Wednesday that effectively would kill the Securities and Exchange Commission's recently approved advice reform package of regulations. The measure by House Financial Services Committee chairwoman...

Finra fines, suspends ex-Merrill Lynch broker over loans from clients

June 25, 2019

The Financial Industry Regulatory Authority Inc. on Tuesday fined a former Merrill Lynch broker $12,500 and suspended him for eight months after the broker borrowed $69,000 from two of his clients without telling his firm. The broker, Fred Brown,...

Retail derivatives that pay out in bitcoins approved by CFTC

June 25, 2019

Small U.S. retail investors will soon be able to buy derivatives that pay out with bitcoins. LedgerX, a U.S.-regulated bitcoin derivatives exchange and clearinghouse, won approval from the Commodity Futures Trading Commission to serve as a designated...

Funding for Reg BI, other SEC advice reform efforts denied in Waters amendment

June 25, 2019

The House of Representatives is likely to approve this week legislation written by House Financial Services Committee chairwoman Maxine Waters, D-Calif., that effectively would kill the Securities and Exchange Commission's investment advice...

Repeal of SALT cap would be $40 billion windfall for millionaires, according to new data

June 24, 2019

More than half of the benefit of repealing the $10,000 deduction cap for state and local taxes would go to millionaires, according to Congress' nonpartisan tax scorekeeper. (More:​ SALT apocalypse predictions have not come true) Getting rid...

Congress members ask GAO to study fallout from death of DOL fiduciary rule

June 24, 2019

High-level Democrats in the Senate and House of Representatives have asked a congressional watchdog to study the fallout from the now-defunct Department of Labor fiduciary rule, including the regulation's effect on a wide range of business practices...

The pros and cons of state fiduciary rules

June 22, 2019

Just as one state this month announced its intention to pursue a fiduciary rule, another postponed its efforts amid industry pushback. It's been a series of starts and stops in states since threats to the Labor Department's fiduciary rule for...

SEC advice rule brings tech focus back to compliance

June 21, 2019

The Securities and Exchange Commission's new reforms on financial advice could push firms to rethink how they invest in technology. Technology vendors say they've experienced a flurry of incoming questions from broker-dealers, registered investment...

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