From 2000 until 2015, Citigroup overcharged about 60,000 advisory client accounts and was unable to locate another 83,000 client contracts that were opened between 1990 and 2012.
The trade group for independent broker-dealers will take the offensive in trying to shape the kind of fiduciary standard it believes will be advantageous for its business in the future.
The North American Securities Administrators Association's model rule requires that financial advisers report suspected abuse to state and other authorities, allows them to stop disbursements from seniors' accounts and gives them protection from liability.
Trump administration could put regulation on hold while courts decide its legality
Lobbyists say the move could come as soon as Friday afternoon, or Monday, in the form of a directive to acting agency heads to postpone and review regulations that aren't yet operational.
It's not clear how President-elect Donald J. Trump's nominee for Treasury secretary, Steven Mnuchin, would approach the Treasury estate-tax rule.
Letter to 33 companies asks six questions, including whether they support the delay or would reverse course on changes already implemented if a delay occurs.
Ms. White is departing the agency at noon on Friday, just as President-elect Donald Trump is sworn-in.
CEO says he got the idea by talking to firms during a "listening tour" shortly after taking over the reins of the securities industry regulator.
Connecticut adviser John W. Rafal obtained a new client with accounts in excess of $100 million, and agreed to pay the referring attorney $50,000 annually from the advisory fees paid, according to the SEC.
