Money Management Institute (MMI)
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Bipartisan support for SRO in question
Proponents of legislation that would shift the oversight of investment advisers from the Securities and Exchange Commission to a self-regulatory organization — perhaps the Financial Industry Regulatory Authority Inc. — assert that the bill has bipartisan momentum.
Small steps toward greater diversity in the advice business
Glance around most financial advisory conferences, and it is hard not to notice that white men greatly outnumber the women and minorities in the room.
Regulators turn up the heat on branch office oversight
Broker-dealers and their independent representatives are feeling the pinch of tougher oversight.
Adviser pricing transparency is coming
Faced with a dearth of reliable data on the fees and commissions being charged for advisory services, many financial advisers are basing their pricing structure on little more than their gut.
RIAs registered with multiple states get more time for help
RIA firms that must switch from Securities and Exchange Commission to state oversight this year have another month to sign up for a coordinated-review program offered by state regulators.
SEC's Walters: Stop carping
Securities and Exchange Commissioner Elisse Walter would prefer that firms kept their thoughts on money market fund reform out of the public eye.
Fund group warns of $1,000 shares
Investors can say goodbye to $1 shares of money market funds and hello to $100 or even $1,000 shares if the Securities and Exchange Commission requires the funds to float their net asset value, Investment Company Institute general counsel Karrie McMillan said at the ICI conference last week.
Money funds ain't broke, don't need fixing
A bit of advice to SEC Chairman Mary Schapiro, who has made it abundantly clear that she intends to make further changes to regulations governing money market funds: Quit while you are ahead.
N.Y. adviser bilked investors, bought a beach house: SEC
A New York investment adviser used some of the $74 million he raised from investors from 2005 through this January as a down payment on a $3.35 million beach house on Long Island, according to securities regulators.
Scoundrel alert: SEC warns firms to keep a sharp eye out for rogue trades
The SEC wants investment advisers and brokers to take a closer look at certain trading behavior to help root out unauthorized trading in accounts.
With administrative actions increasing, it's time to review compliance programs
THE CHECKLIST Last year marked a watershed for fines and other sanctions imposed on advisory firms and their individual principals by the Securities and Exchange Commission. Several individuals agreed to pay fines of $50,000 or more, while their firms also paid fines of similar amounts.
Reforms would hurt money funds, critics charge
POTENTIAL EXODUS FOLLOW-UP The Securities and Exchange Commission is weeks away from issuing a proposal to reform money market funds — and likely months away from a final rule — but critics are already warning that new regulations could undermine the savings vehicles, limiting an important
SEC targets compliance
THE BACKGROUND LACK OF GUIDANCE The SEC has compliance officers in their sights, but by dismissing a recent case against one of them, the commission failed to give clear instructions on the scope of their responsibilities. What is apparent is that the Securities and Exchange Commission sees
SEC, SIPC ready to rumble over Ponzi payouts
SIFMA SUPPORT SEC AT FAULT? The securities industry is watching intently as the Securities and Exchange Commission and the Securities Investor Protection Corp. get set to do battle in court over SIPC's refusal to make good on some of the losses suffered by victims of R. Allen Stanford's alleged
Cost is new front in adviser SRO fight
A report last week claiming that it would cost investment advisory firms more than twice as much if they were overseen by a self-regulatory organization than if the SEC continued its oversight was quickly attacked by SRO proponents.