Federal Regulation
Get the latest news and insights on regulatory developments affecting financial advisors and the stock market and trading, including news about the SEC, DOL, IRS and the Financial Industry Regulatory Authority.
FINRA Fines Pershing $3M for Cash Reserve Shortfall
By Melanie WaddellPershing's failure to hold enough cash and securities in reserve broke the SEC's Customer Protection Rule, FINRA said.
December 22, 2014
SEC Needs More Funding to ‘Solve’ Advisor Exam DeficiencyWhile there may be ways that the SEC can reallocate its existing resources to accommodate a higher advisor exam rate, the SEC cannot solve this [exam deficiency] problem without additional resources from Congress."
December 22, 2014
Republicans Get Tough With SEC Over User FeesIndustry trade groups remain steadfast in their bid to secure more backers of a bipartisan user-fees bill.
December 22, 2014
SEC Exam Process Lacks ConsistencyMultiple exams make it difficult for firms to predict what types of questions theyll have to answer.
December 22, 2014
SEC Tests Effectiveness of Disclosures; Fiduciary Rule PendingAs a decision regarding a fiduciary rulemaking hangs in the balance, two SEC commissioners are espousing investor testing as a way to help the agency better disclose broker and advisor standards of care.
December 22, 2014
Feds aim benefits scenario at young invinciblesInstead of breast cancer, the third SBC example would focus on a bone fracture.
December 22, 2014
Feds aim benefits scenario at young invinciblesInstead of breast cancer, the third SBC example would focus on a bone fracture.
December 22, 2014
FINRA Bars Ex-Broker for Stealing From Elderly CustomerEx-Wells Fargo broker Jeffrey McClure was permanently barred from the industry for using nearly $89,000 in an elderly client's blank checks for his own expenses.