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SEC keeps up pressure on firms’ cash sweep accounts
'Interest rates are coming back, so where you put clients' money in cash is an issue again,' one attorney notes.
Tribalism threatens the DOL investment advice rule
'The best kind of regulation is when the private sector works with regulators to craft regulation that is efficient, effective, workable and narrowly targeted,' says the architect of the Obama DOL's fiduciary rule.
Silver-coin IRA seller settles with CFTC over alleged $68M fraud
Safeguard Metals allegedly steered retirees who cashed out of IRAs toward high-markup silver coins
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 steps up enforcement: Actions increase, money obtained falls in fiscal 2023
'Some may call high-impact cases regulation by enforcement,' SEC Chair Gary Gensler said. 'I call it enforcing the laws and the regulations that are on the books.'
Asset managers tune out anti-ESG noise
“Energy transition and environmental investing are not slowing down,” says portfolio manager as Cerulli report offers fresh insight.
Former broker sentenced to more than 10 years in prison for fraud
'[Thomas] Brenner used the funds for his benefit, including to make large race car-related purchases, and to pay back tax debts,' according to the U.S. Attorney's Office for the Northern District of Ohio.
Out of sight but top of mind: SEC maintains ESG focus despite absence in exam priorities
'Firms should continue with rigor and diligence to operate their ESG risk and compliance programs,' a compliance expert says.
NYSE, Nasdaq volume discounts for brokers threatened by SEC proposal
The setup can result in larger firms offering customers better transaction prices than smaller ones, SEC Chair Gary Gensler said.
SEC to investment funds: Quit playing name games
For years, investors in mutual funds and ETFs have been investing in products whose actual portfolio holdings can stray dramatically from what's implied by the name of the fund.
Don’t say ‘fiduciary rule’; DOL terms next attempt a ‘retirement security’ reg
'We are trying to protect retirement savers,' says DOL assistant secretary Lisa Gomez. 'This is a new approach. Stay tuned.'
SEC targets marketing rule, advisor compensation, complex products in 2024
'What they’re seeing is a need for increased disclosures and transparency to the investors,' a compliance expert says.
Grayscale bitcoin discount narrows with conversion to ETF seen as ‘inevitable’
The prospect of Grayscale converting its bitcoin trust into an ETF is seen as more likely after the SEC declined to appeal a court ruling in Grayscale's favor.
SEC won’t appeal Grayscale court ruling, paving way for spot bitcoin ETF
The federal appeals court ruling in August was heralded by crypto advocates as a watershed moment for the industry.
House Republican demands SEC turn over ESG documents
House Oversight Committee Chairman James Comer wants to know about US involvement in crafting EU ESG regulations.
SEC orders firm to pay $1.3M for failing to disclose conflicts related to high-cost funds
'If you’re an investment advisor and you’re not putting your clients in the lowest-cost share class, then you’re running the risk of a fiduciary failure,' an expert says.
Judge lets Finra proceed with enforcement action against broker
'If Finra doesn’t have the ability to enforce its own rules and discipline its members, then chaos will reign,' says PIABA President Hugh Berkson.
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.
California gets ahead of SEC in forcing firms’ carbon disclosure
Golden State’s proposal will force corporations to make carbon emissions public.
SEC proposal would require brokers, advisors to remediate conflicts related to use of AI
SEC Chair Gary Gensler says investors deserve to be protected but a critic argues proposal shows 'hostility toward technology.'
