Displaying 22 results
California governor backs best-interest bill for annuity sales
Gov. Newsom’s signing of SB 263 makes California the 44th state to adopt the NAIC's controversial model for annuity transactions.
SEC orders TIAA to pay $2.2M for violating Reg BI
Disclosure failures at the organization’s broker-dealer arm led to nearly $1 million in unnecessary costs for retail customers in IRAs.
Reg BI enforcement poised to take next step
Brokers have been wondering whether they’re complying correctly with the standard of conduct. Enforcement cases this year may shed more light than ever before.
What do regulators have in store for financial services in 2024?
With lots of new and existing regulations to deal with, as well as the challenges posed by AI, it's shaping up to be a strenuous year for compliance executives.
SEC orders brokerage, two reps to pay $1 million for Reg BI violations
'The strategy involved frequent in-and-out trades that placed the broker’s interest in generating commissions and fees ahead of the customers’ interest in making a profit,' the SEC order states.
SEC drops final Reg BI staff bulletin, covering duty of care
Brokers and investment advisors should thoroughly understand products and clients' financial needs before making recommendations, the SEC said in the bulletin.
ESG, Reg BI top SEC’s examination priorities
The SEC will be on guard against greenwashing, and it also will probe RIAs regarding revenue sharing, 12b-1 fees and wrap-fee accounts.
SEC emphasizes weighing costs of account recommendations
Advisers don't always have to recommend the least expensive option, but they'd better explain why they opted for the costlier one.
Is Reg BI working? It depends on how you read Finra’s report
Now that the broker standard of conduct has been in force for 20 months, the debate over its effectiveness is intensifying.
Finra finds brokerages fall short on Reg BI compliance
The Reg BI examination results are part of a 60-page report outlining the regulator's 2022 priorities.
Investor advocate comes off the sidelines, gets into the regulatory game
Even before drawing her first government paycheck, Barbara Roper has influenced how the SEC under Gary Gensler is approaching Regulation Best Interest.
States picking up annuity best-interest standard
Recently, Nebraska, Idaho and North Dakota passed rules matching NAIC’s standard, joining other states on the roster: Arkansas, Arizona, Delaware, Iowa, Michigan and Rhode Island.
What the Biden administration really means for fintech
While conventional wisdom suggests a Democratic administration will move to strengthen regulations, there's potential for focus on how fintech can be used to help accomplish the new administration’s goal of expanding access to financial services.
End the confusing muddle of advice standards
Establishing an easily understood rule for advisers shouldn't be this difficult
Election poses fresh challenge for Reg BI
If Democrats prevail, regulators may upset the new Reg BI standard, leading to big changes in fee structures — or they may just leave it alone
Reg BI promotes same standard of care across advice models: SEC’s Clayton
'I think it’s going pretty well,' he said about the first four months since implementation
XYPN rules out Supreme Court appeal over Reg BI
The network of fee-for-service advisers will instead focus on state-level fiduciary advocacy
Scalia making hay in his time inside
First he convinced the courts to throw out the fiduciary rule; now he’s crafted a new one as agency chief
Massachusetts begins enforcing fiduciary rule despite Reg BI
Secretary of the Commonwealth William Galvin could take a more aggressive approach toward advice regulation than the SEC
Could Reg BI be a business opportunity?
The SEC's regulation could give some firms a way to set themselves apart from the rest
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