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‘Madoff’ audits will crimp broker-dealers
An SEC rule proposal intended to thwart the likes of Bernard Madoff likely would result in significantly higher compliance costs for smaller broker-dealers.
Senate Republicans prod SEC nominees on Dodd-Frank
The leading Senate Republican on financial issues won't block the confirmation of two Securities and Exchange Commission nominees, though he will push the agency to conduct economic analyses of financial regulations — a demand that is slowing down the implementation of the Dodd-Frank reform law
‘Switch’ deadlines still could be in flux
The SEC's action last week in setting new deadlines for midsize financial advisers' switch to state registration should assuage many about the lack of a clear timetable
ADV-2: How much can you learn about your competitors now?
In addition to satisfying regulators, the wealth of information contained in revised ADV forms may be a gold mine of competitive intelligence
Pay-to-play ‘death penalty’ scaring the life out of advisers
New regulations aimed at ending the cozy relationship between government and those who advise the government on investment matters sound good on first blush. But as firms have discovered, the devil's in the details.
SEC eyes opening up private placements
Despite the fact that investors have lost billions of dollars in private placements that have blown up in recent years, the SEC last week said that it is looking to relax rules that regulate the marketing and sale of these offerings
Plan is under way to boost disclosure for muni bonds
With criticism mounting about the lack of disclosure in the municipal bond market, the agency that oversees the sale of muni securities is working on initiatives designed to encourage broker-dealers and issuers to provide more information to investors
SIPC: Liquidating Lehman, Madoff won’t be a problem
The Securities Investor Protection Corp. is taking issue with a warning from the SEC's inspector general that the cost of liquidating Bernard Madoff's firm and Lehman Brothers could deplete the SIPC's reserve fund
Reg switch from SEC to states delayed until 2012
Like many other areas of the sweeping Dodd-Frank financial regulatory reform law, the transfer of some investment advisers…
SEC gets modest bump in its fiscal 2011 budget
In the give-and-take of congressional budget negotiations, the SEC got a little more funding than expected — but…
Wells Fargo to pay $11.2M in case of alleged overpricing
Home loan giant Wells Fargo & Co. has agreed to pay $11.2 million to settle federal securities charges involving mortgage-based investments that Wachovia Capital Markets LLC sold to the Zuni American Indian tribe and other investors
National Lampoon goes to jail? SEC, Justice Dept. file charges
The chief executive and financial officers of comedy company National Lampoon Inc. have been charged with running a…
SEC enforcement to target fund industry
The mutual fund industry will be one of the targets of more-aggressive enforcement by the SEC, according to experts who spoke last week at an Investment Company Institute conference
Advisers grapple with regulatory disconnect
The frustration felt by advisers about the growing wave of regulation and failed attempts to influence policy erupted last week at a town-hall-style meeting in Las Vegas.
Schapiro: Budget cuts would ‘dramatically’ curtail exams
Securities and Exchange Commission Chairman Mary Schapiro told a congressional panel last Tuesday that spending reductions of the magnitude sought by Republicans would force the agency to cut back investment adviser examinations substantially
Advisers may blow deadline on ADV-2 forms
Flooded with last-minute calls from registered investment advisers who haven't filed their new plain-English ADV Part 2 forms, compliance consultants estimate that a third or more of them will miss the Securities and Exchange Commission's Thursday deadline
Custody rule hits firms in wallet
Blame it on Bernie
More rules on the horizon
The regulatory burden on financial advisers is mounting as various government agencies parse the fine points of the Dodd-Frank financial reforms and develop new rules
Paper jam
Maybe the shift from the SEC to state regulation won't be as bad as critics are making it out to be, but observers predict that some advisers will resort to “creative accounting” and “flat-out lying” to avoid having to change their registration
Power grab
Given the chance to ease its regulatory burden, the Securities and Exchange Commission was expected to recommend that a self-regulatory organization be established to oversee investment advisers
