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SEC cost-benefit analysis turns up dearth of data on fiduciary rule
An indication by the Securities and Exchange Commission that it has failed to collect much data to gauge the potential impact of a rule to raise investment advice standards has fiduciary-duty advocates scratching their heads. The request for information that the SEC put out a year ago generated 225
Finra's BrokerCheck comes under fire
Database omits bankruptcies, tax liens, and other vital information, lawyers group claims
Finra arbitration panel tags Signator Investors for $1.6 million in selling-away case
Three clients of former broker at Hancock unit receive award for losses in failed land deals.
Finra arb panel sends reps a message
Steep punitive damages awarded to a client show that reps will be forced to pay heavily for their misconduct
Ex-Wells Fargo adviser wins nearly $1 million in promissory note quarrel
Wells Fargo sought $76,152 from a former broker, but in the end was ordered to pay the adviser more than 10 times that amount .
Finra fines, complaints drop as market improves
Finra reports that suitability fines and customer complaints have dropped as the financial crisis has faded further into the rearview. It's not all smooth sailing, however, as new regulatory priorities have emerged.
Finra fines Berthel Fisher $775,000 for compliance failures
Regulator said IBD didn't adequately train or supervise brokers selling alternative investments and nontraditional ETFs .
Finra agrees to dump expungement agreements
Rule change would stop brokers from placing conditions on settlements stipulating that customers agree not to oppose brokers' move to clear record.
Finra approves rule to redefine public arbitrators
Regulator will send a proposal to the SEC that could limit those with industry ties from serving on panels.
Finra moves ahead with BrokerCheck, arbitration and expungement efforts
At its board meeting, the regulator put out for public comment changes to how firms link to its BrokerCheck database. It also backed changes to how it defines arbitrators and moved to prohibit firms and brokers from putting conditions on settlements.
Finra seeks to beef up use of BrokerCheck
Revives proposal that would require brokerages to link to regulator's database, including disciplinary background info.
Finra moves to tighten public arbitrator definition
The Financial Industry Regulatory Authority Inc. is making a move to further limit Wall Street veterans’ ability to serve as public arbitrators, according to sources with direct knowledge of the proposal. The regulator plans to seek approval from its board Thursday for a controversial amendment
Regulators have an uphill battle to bring transparency to illiquid investments
Bringing light and due diligence should be a priority for the investment advice industry.
Finra moves to allow arbitrators to call for enforcement midcase
Finra has proposed a rule that could give arbitrators more authority in referring cases for disciplinary action.
Individual advisers can be liable for money laundering, Finra warns
In some cases, the failure to supervise rests with the adviser, not the firm, senior director says.
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February 27, 2014