FINRA, SEC Wallop UBS Puerto Rico With $33.5M in Penalties Over Closed-End Funds
Company failed to ensure suitability for clients of Puerto Rican CEFs that were highly invested in Puerto Rican municipal bonds; branch manager and rep charged.
SEC Hits Edward Jones With $20M Fine Over Muni Bond Overcharges
Firm settles on SEC fraud charges that it overcharged customers on new municipal bond sales.
Defining ‘Best Interest’ Standard in Fiduciary Debate a Head Scratcher
Two industry trade groups and the Financial Industry Regulatory Authority came out recently with uniform best interest standards in an attempt to squelch what they say will be competing fiduciary plans to be issued by the Department of Labor and the Securities and Exchange Commission.
FINRA Floats ‘Watered Down’ BrokerCheck, Broker Bonus Rules
The new broker bonus plan “runs counter to the current industry debate” over a common fiduciary standard, which brokerage firms largely favor, lawyer Patrick Burns says.
FINRA Enforcement: Oppenheimer to Pay $3.75M for Failure to Rein In Broker
Meanwhile, FINRA fined Ameriprise Financial over a rep who hid a customer complaint.
New FINRA Broker Bonus Rule Out ‘Fairly Soon’: Ketchum
The FINRA CEO also told ThinkAdvisor at a SIFMA conference that "CARDS as it exists now is unlikely to move forward."
No, New Broker Rules Won't Strand Investors
In opposing DOL's proposed fiduciary rule on retirement advice, Wall Street is really arguing it would be too costly to provide non-conflicted advice. That's different from saying the rule would harm lower-income savers.
Are Changes Coming to FINRA Exams?
At SIFMA annual, CEO Richard Ketchum says FINRA is anonymously surveying brokers about its exam program.
Dodd-Frank Rulemaking Like ‘Shoveling Manure’: SEC’s Gallagher
The SEC won “the Dodd-Frank ‘booby prize,’ and we are still paying the price over four years later,” said SEC Commissioner Daniel Gallagher.
SEC's Uniform Fiduciary Rule Could ‘Haunt’ Advisors
Creating a uniform fiduciary duty rule for brokers and advisors is a “deeply flawed” concept, Robert Plaze, the former deputy director of the agency's Division of Investment Management, said in September.