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.
SEC’s Rominger: Agency Studying Mutual Fund Shareholder Reports, Financial Literacy
The SEC's study on financial literacy will help SEC in rulemaking on point of sale disclosures of an investment product or service, Rominger says
Forget Advisor SRO; Use External Auditors for Exams, Academic Study Urges
A Georgetown business school professor offers another option in lieu of an SRO for advisors: outsourcing routine advisor exams to external third parties, such as accounting and consulting firms.
SEC Adopts Hedge Fund Reporting Rules
The SEC on Wednesday adopted a rule to require advisors to hedge funds and other private funds with at least $150 million in assets to report information for use by the FSOC in monitoring risks to the U.S. financial system.
Volcker Fallout? Morgan Stanley, Goldman Might Exit Bank Business
Susquehanna Financial Group analyst David Hilder says Goldman Sachs and Morgan Stanley may consider dropping their status as bank holding companies to avoid increased costs related to the 'Volcker rule,' the latest fallout from the proprietary trading proposal released earlier this week.