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.
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.
Rep. Waters Reintroduces SEC User Fees Bill
Rep. Maxine Waters, D-Calif., on Friday made another go at allowing the SEC to collect user fees to fund advisor exams.
State Securities Regulators to Hike Exam Fees for Series 63, 65 and 66
Despite increased costs of maintaining the exams, NASAA says the exam fees have not increased for the past four years.
Congress Must Fix Advisor Exams Now: SEC’s Walter
The switching of advisors from SEC to state oversight under the Dodd-Frank Act is not “the final answer” to ensuring advisors are adequately examined, SEC Commissioner Elisse Walter told state securities regulators.