Legislation And Regulation
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LPL hit with largest Finra fine ever for e-mail case
Finra on Tuesday slapped LPL with a record $7.5M fine for allegedly failing to adequately oversee 28 million e-mails over a four-year period.
Alternatives crackdown continues as Finra fines VSR
More pain for broker-dealers as Finra fines another alternatives specialist. One exec cites the regulator's powerful message on need for supervision and approval processes among alternatives.
Fewer advisers than expected switch to state oversight
Back in 2009, regulators predicted that 4,000 investment advisers would shift from SEC regulation to state oversight. They were slightly off.
White: SEC's No. 1 priority is more adviser examinations
The Securities and Exchange Commission's top priority is to increase the number of investment adviser examinations it handles every year. How to go about doing that is another question. “Significant additional coverage is essential if investors are to be appropriately protected,” SEC Chairman Mary
In Washington, policy proposals target retirement plans
As Congress searches for ways to generate revenue to reduce the burgeoning federal deficit and debt — and possibly fund a broad overhaul of the tax code — retirement income policy could be a focus on Capitol Hill. The latest manifestation of the trend is the Obama administration's budget proposal,
SEC focusing on B-D registration issues for private-fund managers
The Securities and Exchange Commission is cracking down on private-fund managers for not using registered broker-dealers in fundraising. At the same time, recent public comments by the SEC staff indicate that certain activities of private-fund managers may require that they become registered with
No fiduciary rule better than bad one, NAPFA official says
The financial advisory business and the Securities and Exchange Commission would be better off if the SEC did not propose a uniform standard for investment advice, rather than offering one that dilutes the concept of acting in a client's best interest. At least according to the National Association
SEC floats small step in money market fund reform
The SEC under Mary Jo White floats one small step in money market fund reform with a proposal that would make only institutional prime funds float NAVs. It's a good deal for the likes of Vanguard, Schwab.
Regulators warn about selling — or buying — pensions
SEC and Finra urge caution when buying or selling pensions, citing fears of extensive and unexpected costs.
Finra fines three firms $900,000 for failing to stop money laundering
The Financial Industry Regulatory Authority Inc. today fined three financial companies a total of $900,000 for failing to stop money laundering and other suspicious transactions. Officials at the firms were fined a total of $100,000. The organization fined Atlas One Financial Group LLC $350,000 and
Labor seeking ways to illustrate lifetime income streams
The Labor Department is taking another run at depicting how lifetime-income streams might look to participants in defined-contribution plans. The regulatory agency today posted an advance notice of proposed rule making, signaling that the department is considering a rule that would require that
Finra: REIT information misleading
The Financial Industry Regulatory Authority Inc. has alerted broker-dealers to a number of shortcomings in how they communicate with investors about nontraded real estate investment trusts.
White offers little on future of MM reform
Making her first major public speech to an audience of mutual fund executives, Securities and Exchange Commission Chairman Mary Jo White said next to nothing about one of their biggest concerns: a regulatory revamp for money market funds.
SEC 'not alone' in global regulatory world: White
In her first 18 days at chairman of the Securities and Exchange Commission, Mary Jo White has spent a lot of time looking beyond U.S. borders. “A defining fact of life at the SEC today is that we are not alone in the global regulatory space,” Ms. White told an audience at an Investment Company
SEC's White plays money market reform close to the vest
Making her first major public speech to an audience of mutual fund executives, Securities and Exchange Commission Chairman Mary Jo White said next to nothing about one of their biggest concerns — a regulatory revamp for money market funds. “As the SEC works to develop and propose meaningful money
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Mary Beth Franklin, InvestmentNews
Davis D. Janowski, InvestmentNews