House Bill Nixes DOL Fiduciary Rule’s Funding; Perez to Testify
A House Appropriations Committee bill released Tuesday prohibits any of DOL’s funds from being used to finalize, advance or enforce its fiduciary rulemaking.
House Introduces Internet Sales Tax Bill
NAREIT’s president and CEO says House bill "would create a more level playing field on which all retailers may compete."
Mike Tyson’s Former Advisor Bilked Athletes at Live Nation-Owned Firm: SEC
Brian J. Ourand, former president of SFX, wired money to himself from client accounts, SEC says. The firm's CCO was fined for failing to supervise.
SEC’s Stein Expects Fiduciary Rule, Sees ‘Cracks’ in Registered Funds
SEC Commissioner Stein voiced concern with “cracks” starting to appear in the Investment Company Act's foundation, particularly regarding bank loans, ETFs and alternative mutual funds.
SEC Seeks Comments on Listing, Trading of New, Complex ETFs
The agency has seen a big increase in requests to approve novel exchange-traded products and is concerned about effects on retail investors.
House Panel to Keep SEC Budget Flat as Lobbyists Lose Hope on User Fees
The advisory industry needs “to move on to other [exam] options” like third-party audits and raising the AUM threshold for state-examined advisors, says TD's Schweiss.
IRS Deadlines Loom for Taxpayers With Offshore Accounts
IRS reminds taxpayers of important June deadlines for FATCA and FBAR filings.
Craigslist Ponzi Scheme Snares Retired Teacher: State Regulators
Regulators in Massachusetts and Alabama issue cease-and-desist orders against Premiere Asset Management for orchestrating a Craigslist-based scheme.
DOL Fiduciary Proposal Threatens Small-Biz Retirement Plans: U.S. Chamber
Former EBSA head Brad Campbell notes another potentially "significant" problem of DOL plan is requiring advisors to purchase "fiduciary insurance."
DOL Fiduciary Rule Out by May 2016: Lawyer
DOL must finalize a rule in the next year in order to implement it before another president takes office, ERISA lawyer Steve Saxon says.