Although the brokerage industry is shrinking, it's still doing well financially. Aggregate revenue for Finra-registered firms totaled $362 billion in 2020, down from $388 billion in 2019 but higher than every other year since 2016.
The wirehouse disputes the damages and asserts the case is not indicative of how other arbitration panels may rule on the investment products.
The overturned Trump regulation would have provided certainty to independent brokers and advisers, FSI said. But an advocacy group says DOL has the authority to go in a different direction.
The legislation advances to the House floor as the SEC is taking public comments on increasing ESG reporting requirements.
The SEC chair deftly handled four hours of questioning from lawmakers, including a query about Reg BI. He showed he’s a deft politician who will be able to guide policy in a direction he favors.
President Biden likely will need to keep all Democrats on board to get his spending and related tax proposals through Congress.
President Joe Biden's plan is designed to boost IRS funding to lower the tax gap and raise $700 billion over 10 years.
Finra will reopen 62 of its 69 hearing locations in July, while allowing arbitration parties to continue to request remote proceedings. Even if in-person proceedings are allowed, Finra said arbitration parties can still continue to request a remote hearing.
Tax planning has become an urgent topic following President Joe Biden's proposal aimed at high earners and wealthy investors.
An unscientific poll of readers found 61% disapproving of Biden and 60% opposing his proposed tax increases. The survey was released on April 29, Biden’s 100th day in office.
