Fidelity Submits Proposal to Retrofit Closed-End Funds as ETFs
Firm’s application calls for new exchange-traded active funds; Fidelity proposal would eliminate daily disclosure of holdings.
Morningstar to Help BDs Manage Small 401(k)s
Morningstar Plan Advantage will let broker-dealers offload the fiduciary responsibility of managing defined contribution retirement plans.
LPL Details New Mutual Fund-Only Accounts
The new accounts deliver “cost benefits of direct business but with the ability to supervise that comes with LPL custody,” the firm says.
CFP Board to Make Advisor Arbitration Results Public
All CFP Board arbitration results will be made public, with advisors' names removed in most cases, starting Sept. 12.
Enforcement: Advisor Inflated AUM, Stole From Client, SEC Says
Meanwhile, the SEC fined a company for its anti-whistleblower policy.
SEC Charges Ex-NFL Player With Defrauding Former Coaches, Elderly
The player cheated seniors and coaches, donors, alumni and employees of schools out of $10 million, the SEC said.
SEC Names Snyder Co-Head of Advisor Exams
Synder joins Jane Jarcho in OCIE to help oversee more than 520 lawyers, accountants and examiners.
Cetera BD Adds President for Robo-Push
As president of Cetera Financial Institutions, LeAnn Rummel will be in charge of efforts to offer robo-advice to banks and credit unions.
FINRA Floats Rule Changes on Gifts, Noncash Comp
The proposed changes "make sense" as some of the current rules, especially on business entertainment, are "too subjective," Cipperman Compliance Services says.
Treasury's AML Rule for RIAs Could Kick In Any Day Now
Be forewarned that AML rules have a way of expanding to new and unanticipated areas, creating large enforcement targets for regulators to pursue aggressively.