Results for "regulation"

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It's time to end 'rulemaking by enforcement'

July 29, 2019

For independent financial advisers and firms, regulatory requirements not only shape their conduct — they shape every element of their businesses. From strategic planning to pricing decisions to technology platforms, advisers and firms must...

CFP Board's effort to strengthen enforcement could sharpen teeth of fiduciary duty

July 31, 2019

The CFP Board recently delayed enforcement of the elevated advice requirement for its designation until next June. It can use the extra time to bolster its ability to give the new standard sharper teeth. Under the new rule, the approximately...

Is SEC disgorgement endangered? Supreme Court to decide

June 13, 2019

For decades, the Securities and Exchange Commission has relied on disgorgement: monetary relief created by the courts to recover a defendant's ill-gotten gains from violating the nation's securities laws. But two years ago, financial advisers...

Applauding the SEC's new approach to disclosure

July 11, 2019

The Financial Services Institute was pleased last month when the Securities and Exchange Commission passed Regulation Best Interest, a vital new rule that establishes a best-interest standard of care for all advisers on both the broker-dealer...

Finra expungement: More limitations on the way

February 22, 2019

Since the inception of the Finra's Central Registration Depository system in 1981, securities professionals have always had the ability to have customer complaints removed from their records under certain circumstances. While the same basic...

Don't bet your retirement on a fake track record

June 17, 2019

Suppose you like to play the horse races, and your bookie tells you he has developed a surefire, computer-generated formula for picking winners. It's based on hundreds of variables such as the weather and a horse's age, and he has "backtested"...

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...

Finra proposal to restrict recidivist behavior a good start — but more needs to be done

May 14, 2019

Recently, the Financial Industry Regulatory Authority Inc. published a proposal to impose restrictions on firms with a significant history of misconduct. Finra wants to label firms with high numbers of disclosures and with a history of employing...

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...

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...

Finra engages in rulemaking by enforcement: financial industry groups

June 21, 2017

Financial industry trade associations criticized Finra for using enforcement to establish regulatory standards for brokers rather than the formal rulemaking process, in letters to the broker-dealer regulator as part of its self-examination process....

Finra fines former Sterne Agee rep for VA violations

June 7, 2017

The Financial Industry Regulatory Authority has suspended a former Stifel, Nicolaus broker, for four months and fined him $10,000 for engaging in transactions involving variable annuities that allegedly violated Finra rules. In September 2014,...

Rep barred for not disclosing $100 million in private transactions: Finra

June 7, 2017

Correction: An earlier version of this story incorrectly identified Securities America as the firm that employed Jim Seol. He was employed by Ameriprise Financial Services. A Financial Industry Regulatory Authority hearing panel has barred a...

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...

Puzder withdraws as Trump's Labor nominee amid Republican doubts

February 15, 2017

Andrew Puzder withdrew Wednesday as President Donald Trump's labor secretary nominee as controversy deepened over his personal life and private sector background. Mr. Puzder had been scheduled for a Senate confirmation hearing on Thursday. The...

Finra bars former Hilliard Lyons broker

January 18, 2017

The Financial Industry Regulatory Authority Inc. has barred a former Hilliard Lyons broker who recently settled a customer complaint alleging excessive trading and commissions, unauthorized trades and portfolio mismanagement. Finra on Tuesday...

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...

SEC charges former broker with putting customers in unsuitable, risky investments

April 25, 2017

The Securities and Exchange Commission charged a former broker Tuesday with trading leveraged ETFs and ETNs in customers' accounts and misappropriating $170,000 from one of his customers. The SEC says that Demitrios Hall traded 179 daily leveraged...

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