Third-Party Advisor Audits Could Be a Disaster: Norm Champ
Champ, a former SEC Investment Manangement director, looks at other cases in which SEC outsourced its authority with "disastrous results."
SIFMA Says Its Cyberattack Drill Was Successful, but More Action Is Needed
Findings from SIFMA's Quantum Dawn 3 cybersecurity testing exercise show progress, but more needs to be done, the Wall Street advocacy group said.
Fidelity and Betterment, Once Partners, Become Robo Rivals
Fidelity says its digital deal with Betterment “was not gaining significant traction with our clients." Betterment's goal is to be the "leading digital-first custodian."
SEC Halts Nursing Home Investing Scam
Atlanta businessman falsely promised investors they were investing in specific senior living projects when they also were funding his personal expenses and other businesses.
IRS, Treasury Continue Tax Inversion Crackdown
But only legislation “can decisively stop” inversions, Treasury Secretary Jack Lew says.
SEC Charges Woman With Ripping Off Immigrant Investors to Go on a Cruise
Lin Zhong of South Florida and her company used money invested by EB-5 immigrants to cover personal expenses, SEC says.
SEC Hits Sands Brothers With $1M Fine for Repeat Violation of Custody Rule
The firm paid a $60,000 fine for custody rule violations five years ago. There's “no place for recidivism in the securities markets,” the SEC says.
SEC Fiduciary Rule to Include ‘Deep Economic Analysis’: Chief White
The SEC’s uniform fiduciary proposal for brokers and advisors will include plenty of research on the rule’s impact on retail investors.
Rep Rallies Small Businesses Behind Alternative to DOL Fiduciary Rule
Rep. Peter Roskam, R-Ill., told a Chamber of Commerce gathering that the DOL intends to “get the private sector out of the retirement space.”
SEC’s Aguilar to Leave by Year End
SEC Commissioner Luis Aguilar announced that he will be leaving his post by the end of December.