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 Wants to ‘Keep Alive’ the ’40 Acts Through New Regs; Bogle Talks ETFs
At 75th anniversary event, Vanguard founder John Bogle and T. Rowe Price’s James Riepe debate ETF regulation; SEC Chief White talks about upcoming rules.
House Panel Sets Wednesday Markup on Bill to Halt DOL Fiduciary Rule
The Retail lnvestor Protection Act would force the DOL to wait for an SEC fiduciary rule.
CFP Board, FPA Advocates Agree on Likely Timetable for DOL Fiduciary Rule
Marilyn Mohrman-Gillis, Karen Nystrom think it likely DOL rule will be out this year, but SEC fiduciary rulemaking prospects still cloudy.
For Compliant Advisors, Known (and Unknowable) Unknowns
The SEC, FINRA, DOL — regulations and oversight come from all sides, and anticipating what's compliant today but won't be tomorrow is a tricky game.
House GOP Makes Last-Ditch Effort to Stall DOL Fiduciary Rule
Rep. Jeb Hensarling said he would advance Rep. Ann Wagner's Retail Investor Protection Act to “stop” the Department of Labor's “misguided” fiduciary rule.
Over Half of House Democrats Call for Changes in DOL Fiduciary Plan
A comment letter signed by 96 House Democrats asks for a less prescriptive approach to fiduciary regulation.
Puerto Rico Loophole Utilized by UBS Targeted by House Lawmaker
Congressman plans to introduced bill to eliminate the island's exemption from the Investment Company Act of 1940.
LPL-Affiliated RIA Merges With Bank-Focused Wealth Group
The deal gives some 500 IFP advisors acccess to a large number of bank clients and accounts, the two firms say.
SEC Censures, Fines St. Louis Advisor Firm for Lax Cybersecurity Policies
A firm that "failed entirely" to protect thousands of clients' data from a cyberattack will pay a $75,000 fine.