Displaying 21 results
Investor advocates call on SEC to end RIAs’ use of mandatory arbitration
'Investors are forced into an arbitration process that’s unfair – a process that too often leaves retirees ripped off by unscrupulous RIAs and then priced out of justice by forced arbitration clauses inserted by folks who are fake fiduciaries,' PIABA president says.
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.
Finra asks SEC to extend remote inspections program
The rule allowing such inspections is due to expire at the end of this year, but Finra has asked to delay the expiration until June 30.
State regulators continue to oppose Finra remote supervision pilot program
Over nearly three years 'our branch examiners have refined their skills and become very adept at identifying risk remotely,' insists LPL Financial.
Finra adopts reforms to make it tougher for brokers to clear their records
Securities attorney hails 'good day for Finra and an even better day for investors.'
Permanent remote supervision? Not so fast
The industry’s frustration is understandable. But state regulators and the plaintiff’s bar have a point, too.
SEC report on RIA mandatory arbitration leaves many questions about potential investor harm
The report says more than half of investment advisors force their clients to go to arbitration to settle disputes, but it doesn't put a number on RIA arbitration cases or the costs for claimants.
SEC approves Finra expungement reform proposal
The measure establishes tighter procedures and a special roster of arbitrators to hear brokers' requests to clear their records of customer disputes.
Finra proposes to Illuminate arbitrator selection process
The measure codifies Finra's practice for vetting arbitrators for conflicts of interest, and it requires a written explanation when a challenge to an arbitrator's seating is granted or denied.
SEC seeks more input on Finra proposal to allow supervision from home offices
State regulators and PIABA have questioned whether a residential supervisory location would provide appropriate investor protection.
Legislation would help senior investors obtain legal help
Bills in both the House and Senate would establish an SEC grant program to support investor advocacy clinics at law schools.
Revised Finra expungement proposal gains support of previous critics
A major modification to the proposal would allow state regulators to participate in arbitration hearings that determine whether to clear a broker's record of a customer dispute.
Leading state regulator sees arbitration reform gaining momentum
A NASAA model rule gives states the ability to yank the license of a brokerage or advisory firm that dodges an arbitration award or other judgment.
Expungement reform advocates taken by surprise as Finra revises proposal
The Finra board announced that it had approved sending a reworked rule to the SEC but it provided no details on substance or timing.
Political tension could permeate the SEC’s 2022 agenda
Republican commissioners have criticized SEC Chairman Gary Gensler's expansive agenda.
Bill to end mandatory arbitration faces steep climb in Senate
Democrats back the legislation, but Republicans are united against it. While the measure was passed by a House committee, an advocate calls winning congressional approval a 'Herculean task.'
Finra moves toward hybrid arbitration hearings
The regulator is considering how to utilize in-person and remote participation to capture 'the best of both worlds,' CEO Robert W. Cook said.
Industry, investor advocates differ on NASAA’s unpaid arbitration model rule
Generally, financial industry groups encouraged state regulators to narrow the measure, while advocates want them to expand it.
PIABA finds arbitrators grant expungement 90% of the time
Lawyers group says regulators and the customers who had complaints should be able to present evidence in expungement requests.
Finra proposal to tighten expungement process heads to SEC
The rule would establish a special roster of arbitrators for expungement and set deadlines for requests
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