Bills to Replace DOL Fiduciary Rule Pass House Panel
Both bills "codify loopholes … that make it all too easy" for advisors to avoid their best interest obligations, says consumer advocate Barbara Roper.
NASAA Adopts Model Rule to Fight Senior Financial Abuse
The model rule, should states choose to adopt it, would allow BDs or advisors to delay disbursements when they suspect financial exploitation.
RCS Capital Files for Bankruptcy; Cetera to Use $50M for Retention
In court papers, Chief Restructuring Officer David Orlofsky said the company took on debt through “significant acquisitions” costing over $1 billion.
Barclays, Credit Suisse Fined $154M Over Dark Pool Violations
The SEC and the New York Attorney General slammed the firms for making misrepresentations about their trading venues to investors.
FINRA, SEC to Get New Execs in 2016
New faces will be showing up this year at FINRA and the SEC.
DOL Fiduciary Rule Could Arrive by April
While DOL was putting finishing touches on its rule to retool the definition of fiduciary under ERISA, regulators for BD and advisory industries unleashed their exam priorities for the new year.
12b-1 Fees in the Crosshairs at SEC — and DOL
While the SEC continues its crackdown on 12b-1 fees, it's important to remember that the DOL's upcoming rule to redefine fiduciary under ERISA will place its own curbs on 12b-1 fees.
Is FINRA the Fox Guarding the Henhouse?
As I’ve written before, I have a grudging respect for the securities industry and its self-regulatory organization, FINRA: If he were alive today, Lex Luthor couldn't do it any better.
Is Your Advertising Prohibited?
Under Rule 206(4)-1(a)(1) of the Investment Advisers Act of 1940, advisors may not use client testimonials, directly or indirectly, in their advertising.
Bills to Replace DOL Fiduciary Rule to Get Marked Up on Tuesday
The proposals provide a "responsible legislative alternative" to the DOL’s "controversial" fiduciary plan, says House Education & Workforce Committee Chairman John Kline.