SEC’s Former IM Director Returns to Help Craft Fiduciary Rule
Andrew "Buddy" Donohue's "deep knowledge of asset management will be especially useful' as the SEC considers a uniform fiduciary standard," said Chairwoman Mary Jo White.
Talk of FINRA as Advisor SRO Rears Its Head Again
A Republican on the House Financial Services Committee said at FINRA's annual conference that he would "explore" legislation to give FINRA advisor exam authority.
Don Trone: Father of Fiduciary—The 2015 IA 35 for 35
Don Trone’s transition from Coast Guard helicopter pilot to a fiduciary leader was a personal one: “A mortgage broker took advantage of me and I hated the feeling. I reported the incident to the regulators and they did nothing.”
FINRA’s Ketchum Blasts DOL Fiduciary Plan; White House Says ‘Work With Us’
FINRA CEO Richard Ketchum talked at the regulator's conference about what's wrong with the DOL plan and offered an alternative approach to putting customers first.
Massachusetts, Montana Sue SEC Over JOBS Act
The states are unhappy with the capital-raising provisions, known as Regulation A+, which bar them from regulating some small offerings.
Deutsche Bank Hit With $55M SEC Fine for Misstating Financial Reports
During the financial crisis, “Deutsche Bank’s financial statements did not reflect the significant risk” in large, complex illiquid derivative positions, says SEC's Ceresney.
SEC, FINRA Enforcement: BHP Billiton to Pay $25M Over Olympics Invites
Meanwhile, FINRA has censured and fined EDI Financial Inc. for failing to have supervisory procedures in place for sales of private placements.
SEC Charges Atlanta Advisor With Defrauding Police, Firefighter Pension Plans
Firm breached its fiduciary duty by selling unsuitable investments to pension funds for the city’s police, firefighters and transit workers, the SEC says.
On Wall Street, if You Earn More You Cheat More, Study Finds
More than a third of the highest paid financial professionals have firsthand knowledge of wrongdoing, and many say compensation plans incentivize lawbreaking, the study found.
SEC Wants Big Form ADV Changes
The SEC has approved a plan to require advisors to provide more data on separately managed accounts, branch offices and social media on Form ADV.