Fiduciary Stumbling Blocks Surface
Several potential stumbling blocks have surfaced in the past couple of months that could stymie—or outright derail—release of fiduciary rules by the SEC and DOL.
Galvin's ‘I-CROWD’ Unit to Fight Reg D Fraud in Massachusetts
High-profile state regulator Galvin says he's created unit because SEC’s new hedge fund and private equity ad rule “sets in motion a much easier path for shady operators and crooks.”
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.
Industry Groups Fear Wagner Bill Will Stop SEC, DOL Fiduciary Rules in Their Tracks
The bill, which passed the House Financial Services Committee on Wednesday, was unlikely to be made into law but could have serious implications anyway, the groups said.
New Hire Roundup: Magner Moves Up at Mercer
This week in new hires, Mercer announced a new position for Liana Magner and NAPFA named three to its board of directors.
House Passes SEC Cost-Benefit Bill
Planning groups are at odds over a bill that passed the House on Friday requiring the SEC to conduct more rigorous cost-benefit analyses before making rules.
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.
House Bill to Require SEC, DOL Fiduciary Collaboration
But SEC’s Mary Jo White maintains SEC and DOL are "two different agencies"; says more exam "coverage" is needed for advisors.
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.
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.