SEC examiners will turn to outside auditors and other third parties to help verify records at investment advisory and broker-dealer firms, an agency official said last week at the CCOutreach conference.
Many investment advisers are trying to determine whether they will be subject to new audits under custody rules that take effect March 12, according to Chris Thompson, assurance partner in the asset management practice of PricewaterhouseCoopers LLP.
Broker-dealers and investment advisers should be subject to the same fiduciary standard of conduct and heightened regulations when providing the same services, Securities and Exchange Commission Chairman Mary Schapiro said in prepared testimony today before the Financial Crisis Inquiry Commission.
Investment advisers whose only fees are deducted from client accounts — and do not have custody of assets — will not be subject to additional exams under a regulation expected to be approved today by the Securities and Exchange Commission.
Finra expects to bring cases against brokerage firms involved in selling private placement offerings next year, its head of enforcement said today.
Investment advisory firms that act as trustees and have some form of asset custody are weighing whether to continue offering the services in light of new SEC rules that include mandated surprise audits and go into effect March 12.
Retirement savings for workers automatically enrolled in individual retirement accounts under the administration's fiscal 2011 budget proposal would be invested in Roth IRAs — unless they specifically chose a traditional IRA.
State Street Bank and Trust Co. has agreed to pay more than $300 million to investors who lost money during the subprime meltdown in 2007 under a settlement announced today by the Securities and Exchange Commission.
The Labor Department is likely to issue new rules governing investment advice given to 401(k) plan participants by the end of this month, Assistant Labor Secretary Phyllis Borzi said today.
