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Shut up and take our money, investors say about financial advice
Demand for paid financial advice is at a high level and rising, survey data show.
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.
‘Cash Flow King’ podcast host charged with running $11M Ponzi scheme
Matthew Motil is accused by the SEC of fraudulently raising money from investors.
Wall Street fights over tab for audit-trail system
The cost of the new system was estimated at $500 million at the end of last year.
Brokerages want speedy SEC review of Finra remote supervision proposals
Temporary relief from onsite inspections runs out at the end of this year, so firms are hoping the SEC moves quickly on the proposals.
Seniors take $28.3 billion hit annually from financial exploitation, AARP finds
Artificial intelligence and restrictions on some transactions by elder customers could help reduce the problem, financial industry officials say.
Industry groups ask SEC to extend timeline for cyberbreach notifications
The Investment Adviser Association and SIFMA say a proposed 30-day requirement is too short. But Better Markets says it should be shortened to 14 days.
Advisor, industry groups blast SEC custody proposal
Trade groups question a provision in the proposal that would deem advisors with discretionary authority over client accounts to have control of the assets.
Top Democrat opposes bill facilitating e-delivery of investment documents
Rep. Maxine Waters, D-Calif., said she's worried that seniors who aren't tech savvy may not be able to opt out and receive paper disclosures.
To close opportunity gaps, focus on investment education
Educating Americans about how to participate in capital markets, build wealth and ensure their financial security requires an early start and meeting them where they are.
Finra extends work on remote supervision proposals amid investor protection concerns
State regulators cite brokers' outside business activities and 'off-channel communications' as two areas that can't be overseen from afar.
Industry, investor advocates oppose key parts of SEC mutual fund reform
The SEC has proposed using swing pricing and a hard close for share purchases to protect investors during market meltdowns. Critics warn changes could ruin mutual funds.
Questioning the SEC’s outsourcing proposal
For advisors who don’t do their homework, the possibility of a regulatory slap on the wrist may be less of a deterrent than a whack in the wallet from aggressive attorneys.
Industry groups get creative to gain political influence
The FPA used Jan. 6 to rethink its approach. Other associations use various methods to be heard.
Overreach or on point? Gensler’s agenda debated
The SEC's rulemaking roster includes 27 in the proposal stage and 26 in the final stage — giving everyone plenty of favorites and targets.
Policy trumps democracy for most lobbyists ahead of midterms
Many trade groups representing financial advisers have donated to at least one lawmaker who objected to certifying the 2020 presidential election.
Reg BI turns 2, but not everyone is celebrating
Over the years, some have become convinced Reg BI is a significant step up from brokers’ previous suitability standard. Others remain skeptical that it’s tough enough to curb broker conflicts.
Finra focuses on sales of complex products, crypto
The theme of the broker-dealer self-regulator's agenda this year is protecting the retail investors who have surged into the financial markets, Finra CEO Robert Cook said during a webinar.
SEC can handle digital ‘nudges’ with Regulation Best Interest: SIFMA
The trade association said the regulator has all the tools and authority it needs through Reg BI. It's also pushing agencies to allow remote supervision permanently.
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.
