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GOP bill to kill SEC proposal on advisor AI conflicts faces obstacles
It’s more likely the GOP will make a point about their frustrations with the SEC than actually get the bill through the Democratic-controlled Senate.
Industry, investor advocates square off in comment letters about DOL advice rule
Battle lines drawn again as trade associations call on DOL to withdraw proposal, while proponents say measure fills a regulatory gap.
Brokerage industry applauds, PIABA criticizes approval of remote inspection proposals
'It's supervision by Zoom,' PIABA says, while Finra says the new rules reflect hybrid work arrangements while protecting investors.
Trying to halt the SEC
A wide range of financial industry groups are urging the agency to withdraw its most controversial proposals, but even the most reviled likely will avoid major changes.
SEC AI proposal would hurt retirement savers, industry group warns
Some trade associations want the SEC to withdraw the measure. 'There is nothing for the chairman to do other than throw it in the garbage,' says the head of the American Securities Association.
Tsunami of new rules bears down on advisors
With the SEC preparing to approve a number of major proposals next year, firms face added costs and a huge amount of compliance work.
Industry groups question justification, cost of SEC trading-execution reforms
Critics say proposals that target payment for order flow try to do too much, too fast, and conflict with rules in place that are working.
Florida court strikes down DOL guidance making rollover advice fiduciary
The American Securities Association had filed suit alleging that a DOL document improperly claimed that a one-time recommendation to transfer assets from a company plan to an IRA triggered fiduciary duty.
Trade associations raise concerns about SEC’s cybersecurity proposal
Investment Adviser Association, American Securities Association say advisers need more than 48 hours to report breaches to SEC.
PRO Act opponents target new bill that could curtail independent advisers
The bill, drafted by Senate Finance Committee Chair Ron Wyden, D-Ore., is aimed at reforming the unemployment compensation system, and could restrict use of the independent contractor classification. However, the proposed legislation lacks bipartisan support.
Bill that could make independent advisers employees faces Senate stall
The measure has drawn strong opposition from financial industry trade associations. In a March 4 letter to House leaders, 14 groups warned that the bill 'would cause significant disruption to the independent financial services and property casualty insurance industries and the customers we serve.'
Trade group sues SEC to stop collection of retail investor data
SEC goes too far in gathering names, addresses and birth years for new market surveillance system, group argues
Financial industry groups seek SEC rule on 12b-1 fee disclosure
Investor advocates: Common sense and the Investment Advisers Act require the disclosure of higher-fee funds
Financial industry opponents remain wary of SEC’s crackdown on share-class disclosure
The end of the formal initiative failed to soothe worries about future enforcement
