The agency could be on the path toward clarifying whether online trading platforms are giving investment advice. The examination will also consider potential conflicts of interest between brokers and investors.
The agency fined 8 firms, including Cetera and Cambridge, a total of $750,000 for inadequate policies and procedures to protect customer information.
The enforcement action centered on a decision in April 2019 to replace third-party ETFs in approximately 20,000 automated accounts with funds sponsored by the firm’s parent company, Social Finance Inc.
But Sen. Chris Van Hollen, D-Md., says it's too soon to tell whether his proposals will be adopted in the $3.5 trillion budget bill working its way through Congress.
Incumbent Paige Pierce and challenger Daniel Logue are competing in the only contested race in the election that concludes on Sept. 1.
The Securities and Exchange Commission alleges the funds solicited from elderly clients were used on 'lavish personal expenses,' including homes in New York and Santa Fe.
Lawmakers could decide to limit like-kind property exchanges as a way to pay for Biden administration spending priorities.
Lawmakers will wrestle with tax relief and increases for the wealthy as they put together a $3.5 trillion budget bill. SALT relief targets the $10,000 limit on the deduction for state and local taxes implemented under the 2017 tax reform.
The regulator is probing how brokerages approve and monitor options trading for customers and is requesting information pertaining to self-directed accounts and accounts in which a registered representative made recommendations.
The SEC leader used an analogy inspired by the 2020 Olympic Games to support increased public-company reporting. 'It's time for the Commission to take the baton,' he posted on Twitter.
