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.
Unfinished Business: Advisors Debate Fiduciary Standard, SRO
By Melanie WaddellAs we near the end of 2011, two of the top issues for the advisory industry remain unresolved: a fiduciary mandate for brokers and a SRO for advisors.
November 01, 2011
Kudos to Mary Schapiro for Her Non-Action in FINRA Document CaseSometimes character is revealed by what people dont do as much as by what they do.
October 31, 2011
“I didn’t know” defense on shaky groundOnce upon a time, financial advisors who unknowingly got ensnared in investment schemes could get off by pleading, I didnt know. Those times may be over.
October 28, 2011
SEC Slapped Down in Two Cases Against BanksU.S. District Court Judge Jed Rakoff administered a mighty tongue-lashing to the SEC in a proposed settlement with Citigroup the same day his colleague on the bench Miriam Goldman Cedarbaum dismissed fraud charges against a JP Morgan executive.
October 27, 2011
After FINRA Office Alters Files, SEC Orders SRO to Change Its WaysFed up with receiving altered documents--three times in eight years--the SEC ordered FINRA to hire an independent consultant to improve its procedures for producing documents during SEC inspections.
October 27, 2011
Forget Advisor SRO; Use External Auditors for Exams, Academic Study UrgesA Georgetown business school professor offers another option in lieu of an SRO for advisors: outsourcing routine advisor exams to external third parties, such as accounting and consulting firms.
October 26, 2011
SEC Adopts Hedge Fund Reporting RulesThe SEC on Wednesday adopted a rule to require advisors to hedge funds and other private funds with at least $150 million in assets to report information for use by the FSOC in monitoring risks to the U.S. financial system.
October 26, 2011
Ex-Goldman Sachs Board Member Indicted in Insider CaseA former board member of Goldman Sachs and Procter & Gamble surrendered Wednesday to face a six-count securities fraud indictment that makes him the latest defendant in the biggest insider trading case in history.