Results for "regulation"

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SEC commissioner Stein suggests Congress address differing broker, adviser standards

October 16, 2018

Securities and Exchange Commission member Kara Stein said Tuesday that Congress may have to get involved in raising investment advice standards. The Democratic commissioner suggested amending securities laws that allow brokers to provide advice...

New Jersey could be first in fiduciary 'blue wave' with pending proposal

October 9, 2018

A calm surface on the waters of investment advice reform is about to be broken by what could be the beginning of a fiduciary blue wave at the state level. Next Monday, the New Jersey Bureau of Securities is expected to release for public comment...

The public can be better served without state regulation of planners

September 22, 2018

A profession is built upon the principles of ethics, education, experience and a competency assessment ensuring that someone has the knowledge and skills to work with the public. Professionals who serve the public are also typically held accountable...

All clients deserve advice that is in their best interest

September 19, 2018

With all of the recent discussion about the standards of conduct for financial professionals, it is important to remember that there is one legal standard that has required professionals to act in the best interest of their clients for more...

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...

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....

SEC Regulation Best Interest an important step for our industry

August 29, 2018

The Securities and Exchange Commission's introduction in May of a proposed best-interest standard of care for all advisers — including those affiliated with broker-dealers and RIAs — was a watershed moment for the financial advice profession....

SIFMA: Regulation Best Interest raises bar on investor protection

August 7, 2018

The United States' extensive history of individual investing has resulted in more options, greater competition and lower costs compared to the rest of the world. Just as the mix of financial products has evolved, with great benefit to everyday...

The SEC's opportunity to serve the best interests of investors

August 2, 2018

In my first column, I tried to give some historical context on how we got here: With margins rapidly declining, broker-dealers found safe haven in asset-based fees. While their shareholders enjoyed the recurring revenue, the underlying services...

The SEC proposal does not protect Americans from 'harmful practices' by broker-dealers

August 3, 2018

Your lawyer can't take money from your opponent to give you bad legal advice. If you're on Medicare, your doctor can't take kickbacks from drug manufacturers for prescribing their drugs. But, under current law, your broker-dealer can receive...

Finra has made genuine efforts to improve

January 3, 2018

The past year was a time of significant change not only for our industry, but for our regulators, as well. In particular, Finra — where Robert Cook took over as CEO in 2016 — made a concerted effort to adapt to the shifting financial services...

Finra notes compliance pitfalls in first-time release of exam findings

December 6, 2017

Finra released for the first time on Wednesday a summary of findings from recent examinations, highlighting areas where the broker self-regulator's member firms are experiencing compliance shortfalls. The 14-page report is one of the first major...

Democrats criticize SEC advice rule, push for fiduciary standard

July 23, 2018

Midterm elections usually don't generate the same energy as presidential elections, but this year is different because it is shaping up as a referendum on President Donald J. Trump. If Democrats take over the House — which many analysts see...

The SEC knows what's best

July 19, 2018

As the father of three kids, I'm keenly aware that in the age of descriptor inflation, good things are called "the best," a great meal is "amazing," something funny is "hilarious" — you get the idea. Up until the 1980s, when investors wanted...

Behind closed doors: The big problem with how the SEC is getting insights from investors

July 19, 2018

Usually when I receive a news release about an upcoming event on my beat that's occurring at at the Securities and Exchange Commission, I put it on my coverage calendar and just show up. Something moved me to register for the recent investor...

An advisor's guide to engaging the modern family

July 17, 2018

The following is an excerpt from the new white paper from Cadaret, Grant & Co., Inc. and the InvestmentNews Content Strategy Studio, “An Advisor's Guide to Engaging the Modern Family". The following scenario is all too common: An advisor works...

Brace yourself for more SEC exams

October 11, 2017

The new Securities and Exchange Commission chairman, Jay Clayton, recently testified before Congress that the agency will increase its examinations of investment advisers by 20% in the current fiscal year, and nudge those numbers up a further...

Trump wants SEC to look at axing quarterly earnings reports

August 17, 2018

President Donald Trump said he's asked the Securities and Exchange Commission to study ending quarterly reporting for U.S. businesses in order to ease regulations and spur growth. "In speaking with some of the world's top business leaders I...

Pennsylvania broker hit with $200,000 fine for 'dishonest or unethical practices'

July 25, 2017

Citing "dishonest or unethical practices in the securities business," the Pennsylvania Department of Banking and Securities on Monday fined a Philadelphia area broker $200,000. According to the BrokerCheck report for the broker, Austin Dutton,...

Supreme Court curbs SEC's power to recoup illegal profits

June 5, 2017

The U.S. Supreme Court put sharp new limits on a favorite tool used by securities regulators to recoup money from people found to have violated federal laws. The justices unanimously said the Securities and Exchange Commission is bound by a...

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