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In financial services regulation, less is often much more
Many elected officials share the belief that combining robust amounts of legislation, regulation and social engineering will manufacture good societal outcomes. It won't. Less is usually more, and particularly with regard to the regulation of the financial system.
Tommy Belesis still faces Finra fraud complaint
The storied chief executive of the now-defunct Wall Street brokerage John Thomas Financial Inc. continues to face an open Financial Industry Regulatory Authority Inc. fraud complaint that he bullied brokers, lied to senior staff and intimidated colleagues in his pursuit of penny stock riches.
BofA to pay $160M to settle racial bias case
Suit on behalf of 1,200 black brokers claimed discrimination in business opportunities.
Finra votes to bump arbitrators' pay by 50%
That change would increase the cost of arbitration for firms and retail investors, some industry watchers warned. But Finra describes the increases as necessary.
UBS Puerto Rico faces 'Whopper' of a problem over muni bond funds
The woes stemming from UBS AG's unit in Puerto Rico over the sale of local, closed-end municipal bond funds have landed squarely in the lap of UBS brokers and financial advisers in the island commonwealth.
SEC's Aguilar frustrated at pace of Reg D protections
Expressing disappointment that action hasn't come more quickly, Securities and Exchange Commission member Luis Aguilar Thursday called on the agency to move ahead on a proposal to strengthen rules surrounding sales of unregistered securities. In July, when the SEC voted to give hedge funds,
J.P. Turner must pay more than $700,000 in restitution to clients
Finra on Wednesday ordered midsize independent broker-dealer J.P Turner & Co. to pay more than $700,000 in restitution to clients who complained about unsuitable sales of leveraged and inverse exchange-traded funds and excessive mutual fund switching by one registered representative.
House approves bill to ease SEC registration for private-equity advisers
Effort to thwart Dodd-Frank provision has prompted White House veto threat.
SEC puts fiduciary duty on 2014 agenda as 'long-term action'
The Securities and Exchange Commission is pursuing a rule that would raise investment-advice standards for brokers — just not in the near future. But that's enough to give fiduciary-duty advocates hope.
National Planning slammed with $6.2M arbitration award
In a dispute focused on real estate investments, the indie B-D and a former broker 'breached fiduciary duty, were negligent,' complaint says. Big award comes with split decision.
SEC charges advisory firms and executives with not disclosing transactions
The Securities and Exchange Commission said representatives of two Houston-based advisory firms engineered thousands of so-called principal transactions between client accounts and their affiliated brokerage firms from 2009 to 2011, without obtaining clients' consent or making required disclosures.
Is the SEC's new enforcement zeal for real?
Taking the pulse of the securities regulator as chief Mary Jo White continues her charm offensive, in which she's hoping to prove that her agency is no longer the lap dog of Wall Street. Given the revolving door, proof will be in the pudding.
Markets brace for housing, consumer confidence data
Today's Breakfast with Benjamin: Markets brace for big economic data, insider selling at 30-year high, SEC tries to get tough, measuring Fed-speak, and how to behave at the company holiday party. Curated by InvestmentNews' senior columnist Jeff Benjamin
Redefining an 'accredited investor'
The Securities and Exchange Commission should proceed with caution as it considers whether to expand the “accredited investor” standards to allow individuals who don't meet the wealth threshold to
Advisory panel calls on SEC to move fiduciary duty to front burner
The Investor Advisory Committee gives the SEC two options for a uniform standard for advisers and brokers.
- Facebook's five-star ratings: The end of business pages for advisers?
- Pimco's El-Erian to step in to shore up $3B multi-asset fund
- Rebound in gold suits big guns Paulson, Soros
- New 3.8% surtax means new tax strategies for business owners
- Mountain of money in nontraded REITs continues to hold Wall Street's attention
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Blaine Aikin CEO, fi360
Timothy Welsh, CFP President and Founder, Nexus Strategy, LLC
Justin Wisz Co-Founder & CEO, Vestorly