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.
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.
Stop Denying Investor Rights: End Forced Abitration Now
For too long, investors have been forced to "take it or leave it" by mandatory pre-dispute arbitration clauses. The time is now for this denial of investor rights to end, which is why NASAA supports the Arbitration Fairness Act.
Is Schwab’s Arbitration Win Really a Loss?
There's much backlash in Washington over Schwab's successful rebuttal of a FINRA challenge to its expanded mandatory arbitration clause.
Sen. Franken Urges SEC to Ban ‘Unfair’ Arbitration Agreements
Sen. Al Franken, D-Minn., told SEC Chairwoman Mary Jo White in a Tuesday letter to act now to prevent Wall Street brokerage firms from forcing investors into “unfair” arbitration agreements.
SEC Comings and Goings: Canellos, Ceresney Named Co-Heads of Enforcement
SEC Chairwoman Mary Jo White has named her former colleague Andrew Ceresney and acting enforcement director George Canellos co-directors of the enforcement division.
SEC’s Aguilar: Predispute Mandatory Arbitration Denies Investors’ Rights
“A client’s right to go to court to recover monetary damages is an important right that should be preserved and kept in the client’s toolkit,” SEC Commissioner Luis Aguilar told state securities regulators Tuesday.
White Sworn In as SEC Chief; Walter, Paredes Likely Leaving SEC Soon
Interim Chairwoman Elisse Walter will remain at the agency as a commissioner, but it doesn't look like she'll be there for long, David Tittsworth of IAA said.
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.”
SEC Will Pursue Fiduciary Rule in 2013
The agency’s just-released 2012 Financial Report states that it will move forward with its uniform fiduciary standard rule as well as “continue to assess” ways to better harmonize advisor and BD rules.