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‘Ponzi-like’ private placement mess GPB slides into receivership
GPB's founder was an accountant who couldn't do the firm's accounting.
Industry opponents call on DOL to withdraw retirement advice proposal
On day one of public hearing, critics argue potential new measure will alienate some clients and is 'overbroad, unnecessary and inconsistent.'
Will rising interest rates spark SEC crackdown?
Some broker-dealers are 'in a bit of a pickle' due to how they invested client cash, industry executive says.
Panel suggests SEC use existing rules to address advisor AI conflicts
'You don’t need to reinvent the wheel here. You’ve got the building blocks to address [AI and predictive data analytics] concerns,' says a member of the advisory committee.
SEC wrestles with how to open private-market door to ordinary investors
RIAs could serve as a portal to private placements for their clients, says member of an SEC advisory committee.
Supreme Court arguments cast doubt on SEC’s use of in-house judges
Conservative justices suggest that people accused of fraud by the SEC have a constitutional right to go before a federal court jury.
Young advisors welcome AI, but regulatory concerns restrict its use
'We all have too much to lose in reputation,' warns one CEO. 'It’s not worth it.'
Investment advisory firm case hits Supreme Court this week
Ruling could upend SEC’s 'Orwellian and terrifying' powers, amicus brief argues.
DOL proposal starts where Reg BI stops
Opponents say the DOL’s proposed rule overrides Reg BI by imposing fiduciary duty on brokers working with retirement savers. Backers say the measure fills in Reg BI’s gaps in investor protection.
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.
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.
Finra performance advertising proposal helps it keep pace with SEC marketing rule
'There seems to be a little more detail in the Finra rule about the guardrails on the use of the projections,' a compliance lawyer says.
Finra in surprise proposal to allow predicted returns in marketing
SEC reviewing submission to allow 'useful' projected performance.
SEC increases enforcement actions, imposes second-highest amount of penalties
'Last fiscal year’s results demonstrate yet again the Division’s effectiveness,’ says SEC Chair Gary Gensler.
Government shutdown would threaten SEC agenda
If a federal shutdown occurs, the SEC would cease most operations, potentially jeopardizing pending rules. The IRS would also go quiet as advisors wait for SECURE 2.0 guidance.
GOP riders to stop SEC rules face difficult legislative path
'Senate Democrats are highly unlikely to go along with [those provisions] that have been inserted into appropriations bills in the House,' says an official at an advisor trade association.
Gensler says proposal on AI conflicts aligns with Reg BI
'We're not trying to change Reg BI or change the fiduciary guidance,' the SEC chair says at SIFMA's annual conference.
State regulators, PIABA back Finra against claim it’s unconstitutional
'Finra provides essential services ... thousands of firms, hundreds of thousands of registered persons, and millions of American investors rely upon,' the North American Securities Administrators Association says in a brief.
Finra arbitrators exonerate Raymond James in scam targeting Ecuadorian investors
'It’s a devastating award, or lack thereof, for the claimants and a massive victory for Raymond James,' says an attorney not involved in the case.
Sen. Tim Scott wants to open private markets to more ordinary investors
'My suspicion is that if [Scott’s bill] passes, then the number of Main Street investors who are sold an unregistered security will far exceed the number of Main Street investors who actually go looking for such a product,' an advisor says.
