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.
Elisse Walter chosen to lead SEC
By Marcy GordonPresident Barack Obama has chosen Elisse Walter, one of five members of the Securities and Exchange Commission, to lead the agency after Chairman Mary Schapiro leaves next month.
November 26, 2012
SEC’s Schapiro to Step Down in DecemberAfter months of speculation that she would depart, Schapiro made it official Monday morning that she would depart the agency on Dec. 14; with a frontrunner emerging from Treasury Department.
November 21, 2012
Commonwealth Outlines ‘Glide Path’ at MeetingGathered at their national conference in San Antonio in early November, Commonwealth Financial executives said they plan to give financial advisors more official options in how they do business with the independent broker-dealer, starting in the second quarter of 2013.
November 21, 2012
Treasury’s Miller Surfaces as Possible Replacement for SEC’s SchapiroRumors are circulating that Treasury Department Under Secretary Mary John Miller, former T. Rowe Price executive, is the top candidate to replace Schapiro.
November 20, 2012
Judge Says Greenberg Accusations Against Fed ‘Worthy of an Oliver Stone Movie’A federal district court judge in New York on Monday dismissed a lawsuit brought by former AIG chief Maurice Hank Greenberg against the Federal Reserve Board regarding the Fed's rescue of AIG in 2008.
November 20, 2012
The Case of the Aspirational AUM: SEC Says RIA Inflated AUM TenfoldA New York-based firm inflated its AUM to qualify for SEC registrationliterally moving decimals on a spreadsheetwhile a San Francisco-based firm dithered for 18 months in delivering mutual fund records to the SEC.
November 20, 2012
IRS Relaxes Withdrawal Rules for Sandy VictimsThe IRS announced on Nov. 16 that Americans affected by Hurricane Sandy would be able to take advantage of relaxed rules regarding loans and hardship withdrawals from 401(k) and employer-sponsored plans.
November 20, 2012
SEC Enforcement Roundup: High School Dropout ‘Advisor’ Busted for FraudThe SEC charged a man who was high school dropout and a phony investment advisor who spent his clients funds on drugs and gambling; and a group of former high school buddies were charged with engaging in insider trading.