Cybersecurity Tops Advisors’ Compliance Worries: Poll
Other big worries cited in the survey were FATCA compliance, advertising and fraud prevention.
SEC Busts Firms in $79M Immigration Scheme
The SEC charged two firms with illegally brokering more than $79 million of investments from foreigners seeking U.S. residency through the government’s immigrant investor program.
Fiduciary Rule Crucial for Protecting Middle Class: DOL Chief
Labor Secretary Perez says DOL is sharpening its thinking on the fiduciary rule thanks to comments; FPA plans to weigh in in "very comprehensive" fashion.
Madoff Trustee’s High Court Rebuff May Cut Victim Recoveries
The Supreme Court denied to hear a case involving money that went to some of Madoff's clients more than two years before his scam collapsed.
SEC to Scrutinize Retirement Advice
The SEC has launched a multiyear targeted review of investment advisors’ and BDs’ retirement planning sales practices.
Morgan Stanley, Scottrade Fined by FINRA for Failing to Detect Fraudulent Wire Transfers
The firms were alerted to gaps in their systems but went years without correcting them, FINRA says.
SEC Enforcement: Fantasy Sports-Style Investing Site Gets a Little Too Real
Meanwhile, Massachusetts-based Interinvest Corp. and its owner funneled more than $17 million in client assets into four troubled Canadian penny stock companies, the SEC says.
House Panel Votes for Deep Cut to IRS Budget
The funding bill includes provisions to stop the IRS from further implementing the individual mandate under the Affordable Care Act; SEC's budget stays flat.
36 BDs to Pay SEC $9M for Muni Bond Underwriting Failures
Raymond James, Merrill Lynch and Goldman Sachs were among the firms fined.
Combating Elder Abuse Requires More Than Raising Awareness
NASAA is drafting model legislation to address how broker-dealers and advisors should respond when they suspect or detect senior financial exploitation.