Former SEC Exam Chief Walsh: SEC Whistleblower Program 'Showing Traction'
The former chief counsel at the SEC's exam division, John Walsh, has formed a Whistleblower Response Team with several of his colleagues to help firms develop whistleblower response programs as the SEC’s 'initiative is beginning to show traction.'
Outlook 2012: Washington — Final Outcomes on Fiduciary, SRO?
The regulatory/legislative front will heat up in the New Year for advisors, with four issues taking center stage—the SEC and DOL's fiduciary rules, an SRO for advisors and the 'switching' of advisors.
SEC to Get $136M Increase Under New Spending Bill for 2012
Bipartisan deal to avert government shutdown includes $1.3 billion in funding for the SEC in 2012, but $25 million cut from Dodd-Frank reserve fund; extension of payroll tax cut still up in the air.
Reaction to Schapiro Comments on Fiduciary Rule Are Quick and Varied
Bloomberg reports SEC chairman considering “business model neutral” rule that retains proprietary products, commissions; Evensky, Tittsworth, Brown and Barry respond.
NASAA Launches Coordinated Review Program to Help Advisors ‘Switch’
NASAA announced Tuesday that it had developed a coordinated review program for investment advisors switching from federal to state oversight as mandated by the Dodd-Frank Act.
Rep. Barney Frank to Retire, Will Not Run in 2012
Rep. Barney Frank, D-Mass., ranking member on the House Financial Services Committee who co-authored the landmark Dodd-Frank financial reform legislation, announced Monday that he will not seek re-election in 2012 and plans to retire from Congress at the end of next year.
Treasury’s Crime Unit Drafting Anti-Money-Laundering Rule for Advisors
The Treasury Department’s Financial Crimes Enforcement Network is drafting a proposal that would require investment advisors to establish anti-money-laundering programs and report suspicious activity.
SEC Sees No Way to Adequately Examine Advisors, Senators Told
Carlo di Florio, director of the SEC's Office of Compliance Inspections and Examinations, said the agency “will not have sufficient capacity in the near or long term to conduct effective examinations of registered investment advisors with adequate frequency.”
Janus Chooses Fidelity as Retirement Benefits Provider
Fidelity has been chosen by Janus Capital Group (JNS) as its retirement benefits provider, the company announced Tuesday. It will provide a defined contribution plan, a nonqualified retirement savings plan and stock plan services to approximately 1,100 Janus participants with some $250 million in assets under administration when rollout is...
Big U.S. Banks Are ‘Uninvestable,’ Say Industry Insiders at SIFMA Meeting
Industry insiders criticized big U.S. banks as being “uninvestable” on Tuesday at the Securities Industry and Financial Markets Association’s (SIFMA) annual meeting in New York.