Claimants alleged custodian aided and abetted Ponzi scheme.
And SEC chairman Jay Clayton tells senators his agency aims to preserve adviser, broker competition while bringing standards closer.
Massachusetts alleges firm flagged problem with former broker but did nothing to stop him.
A broker for Morgan Keegan, which Raymond James acquired in 2012, bought shares of two penny stock firms for IRAs, which was against firm policy.
Lawyer says the case gives SEC enforcement more ammunition on share-class crackdown.
SEC chair didn't offer details but seemed to suggest that a final rule was imminent.
Regulation would require firms to maintain funds that Finra would control to pay arbitration awards and for other purposes
Labor secretary says his agency is collaborating with the Securities and Exchange Commission as the regulator finalizes its own Reg BI.
Upstate New York couple cites five unsuitable variable annuity, life insurance transactions.
NASAA doesn't want regulator to assert federal preemption in advice rule.
