SEC Swears In 2 Commissioners; FINRA Names New Governors
Kara Stein and Michael Piwowar, both former congressional staffers, are new SEC commissioners, replacing Elisse Walter and Troy Paredes.
Several notable compliance-related measures have been approved—or tabled—by the Securities and Exchange Commission, Financial Industry Regulatory Authority and state securities regulators over the past couple of months that should be on advisors’ and brokers’ radar.
New Hire Roundup: Gamble Named Managing Director at F-Squared
This week in new hires, F-Squared Investments named Paul Gamble managing director, and Sean Curry and Kimberly Palleon moved up at BMO Global Asset Management.
Sen. Harkin Floats Bill to Help Charities, Co-Ops Offer Pensions
Sen. Tom Harkin, D-Iowa, chairman of the Senate Health Education Labor & Pensions (HELP) Committee, introduced legislation Tuesday that would make it easier for charities and cooperatives to continue to offer pensions to their employees.
SEC Lifts Ban on Hedge Fund Advertising
The new rule, approved by a 4-1 vote, was required by the JOBS Act. NASAA and ICI voiced their disappointment in the rule's lack of investor protections.
Wedbush Recruits Ex-Raymond James Rep; LPL Affiliate Adds 5 Advisors
Stratos Wealth attracts advisors with $470 million in assets from Wells Fargo and other firms.
Supreme Court Backs Mandatory Arbitration; NASAA Calls for Action
After the decision, which backed American Express' right to bar class-action suits, Congress must "restore some vestige of consumer protection," NASAA's Heath Abshure said.
Morgan Stanley Nabs Wells, UBS Reps
Meanwhile, Janney recruits a team from Stephens in Columbia, S.C.
Schwab Backs Off on Class-Action Ban—for Now
Charles Schwab on Thursday said it would lift a ban on client class-action suits until all legal and regulatory challenges were resolved.
NASAA Joins FINRA in Fight Against Schwab Class-Action Ruling
State securities regulators are throwing their support behind FINRA in its battle to overturn a decision by its hearing panel that allowed Charles Schwab & Co. to block customer participation in class-action lawsuits.