SEC Budget Faces $108M Cut Under Sequester; House GOP Blasts SEC’s ‘Misplaced Priorities’
Republicans on the House Financial Services Committee criticized the agency Tuesday for “repeatedly failing to fulfill any part of its mission.”
SEC’s Champ Outlines ‘IM Moving Ahead’ Initiative
The director of the SEC's Division of Investment Management said Friday that his division had launched an “IM Moving Ahead” initiative to assess where the division had “gaps” and to help the division identify its policy priorities.
Fidelity to SEC: Money Funds Don’t Need Further Reform
Fidelity Investments told the SEC on Friday that it believes the 2010 reforms made to money-market funds were “sufficient” and that any further reform proposals should be “be based on data and facts that are accurate and complete.”
Emboldened Borzi Is Back
Bolstered by another four years in her position under a re-elected Obama administration, Phyllis Borzi is adamant that EBSA’s fiduciary rule will see the light of day this year.
Three Washington Heavyweights to Drive Advisor Agenda in ’13
Three key Washington heavyweights will have a crucial role in advisors’ lives next year: Elisse Walter, the new SEC chairman; Rep. Jeb Hensarling, the incoming House Financial Services chairman; and Phyllis Borzi, at the DOL’s EBSA.
SEC’s Schapiro to Step Down in December
After months of speculation that she would depart, Schapiro made it official Monday morning that she would depart the agency on Dec. 14; with a frontrunner emerging from Treasury Department.
In Money Market Fund Reform, FSOC Must Act Carefully: Dechert
Treasury Secretary Geithner's proposal seeks to have the FSOC make recommendations for fund reform before it has established a fair process, Dechert says.
SEC's Gallagher: Fiduciary Rule Needs More Study; Failure to Supervise Should be Focus
As SEC Chairwoman Mary Schapiro was stating last week her belief that the agency could issue a proposed rule to put brokers under a fiduciary mandate next year, the newest SEC commissioner, Daniel Gallagher, declared that the SEC must first determine if such a rule is “necessary,” stating the agency...
Breach of Fiduciary Duty Most Common FINRA Complaint
While attending the last in a series of events to celebrate what the Institute for the Fiduciary Standard christened as Fiduciary September, one comment stood out: The No. 1 compliant in FINRA arbitration cases is breach of fiduciary duty.
SEC’s Gallagher Challenges Idea of FINRA as Advisor SRO
“Should FINRA be seeking to branch out into entirely new fields of responsibility, such as regulating investment advisors?” a commissioner asks.