NASAA Adopts Model Succession Plan Rules
The rules are meant to be a roadmap for states. The SEC is developing its own succession planning rules for RIAs.
529 College Plan Bill to Be Debated in Senate Committee
The bill is intended to "modernize" 529 plans and would designate computers as a qualified expense, among other provisions.
SEC Probing BofA Over Customer Protection Rules: WSJ
Bank of America is being investigated by the SEC over whether it broke rules designed to safeguard customer accounts, according to the Wall Street Journal.
FINRA Charges Avenir Financial With Fraud in Equity Interest Sales to Seniors
An Avenir broker used $77,000 of investor money for personal expenses, FINRA said.
FINRA Chief to Testify in House
The House Financial Services Capital Markets Subcommittee will question FINRA CEO Richard Ketchum on May 1. The controversial CARDS plan will be a likely topic.
Senate Democrats Push Back on DOL Fiduciary Plan
The Obama administration plan to tighten rules on brokers is facing blowback from the president’s own party.
SEC Gives Compliance Officer $1M Whistleblower Award
The whistleblower is set to receive between $1.4 million and $1.6 million for reporting "imminent misconduct."
Enforcement: Deutsche Bank to Pay $2.4B Over LIBOR Manipulation
Meanwhile, RBC will pay $1.4 million to FINRA for failing to follow its own guidelines, resulting in unsuitable sales.
DOL Not Budging on Fiduciary Rule Comment Period
Labor Secretary Thomas Perez says that the current timeline, including a hearing and another chance to comment, is "a long time."
IRS Ripped at Hearing Over Service Cuts to Taxpayers
The IRS commissioner countered that budget cuts had constrained the agency's capacity to help taxpayers during filing season.