Regulation And Legislation

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What's keeping investment firm compliance officers awake at night?
NEWS PRACTICE MANAGEMENT JUL 14, 2023
What's keeping investment firm compliance officers awake at night?

The Investment Adviser Association reveals the results of its 2023 Investment Management Compliance Testing Survey.

Gensler's SEC crypto clampdown hits legal speed bump
NEWS ALTERNATIVES JUL 14, 2023
Gensler's SEC crypto clampdown hits legal speed bump

A U.S. District Court judge pushes back against the SEC's attempt to regulate Ripple XRP token.

SEC charges former broker with ripping off elderly, disabled clients
NEWS REGULATION AND LEGISLATION JUL 13, 2023
SEC charges former broker with ripping off elderly, disabled clients

Joseph Michael Todd of Florida stole at least $3 million from 20 customers, according to the regulator.

Closing broker-dealer's financials 'were horrible'
NEWS PRACTICE MANAGEMENT JUL 13, 2023
Closing broker-dealer's financials 'were horrible'

Arizona-based Arque Capital Ltd. sold bonds issued by bankrupt GWG Holdings Inc.

Former Celsius CEO charged with fraud in latest DOJ crypto case
NEWS ALTERNATIVES JUL 13, 2023
Former Celsius CEO charged with fraud in latest DOJ crypto case

The SEC, the CFTC and the FTC also filed lawsuits against Alex Mashinsky and his crypto lending company.

House kicks off 'ESG month' with heated hearing
NEWS ESG JUL 13, 2023
House kicks off 'ESG month' with heated hearing

The House Financial Services Committee heard testimony on 18 bills that would curtail SEC efforts or otherwise restrict ESG considerations.

SEC seeks to raise capital requirements for brokers holding substantial customer funds
NEWS REGULATION AND LEGISLATION JUL 12, 2023
SEC seeks to raise capital requirements for brokers holding substantial customer funds

The proposed rule would require certain brokerages to compute the net cash they owe customers and other B-Ds on a daily, rather than weekly, basis.

SEC overhauls money-market fund rules to thwart rapid outflows
NEWS MUTUAL FUNDS JUL 12, 2023
SEC overhauls money-market fund rules to thwart rapid outflows

The regulator won't require 'swing pricing' for money funds after fierce pushback from the industry.

Money market funds to avoid new 'swing pricing' rules
NEWS MUTUAL FUNDS JUL 12, 2023
Money market funds to avoid new 'swing pricing' rules

The SEC is due to finalize its rules Wednesday with Wall Street now expecting a victory on a key component.

Verizon 401(k) lawsuit settles for $30 million
NEWS RETIREMENT PLANNING JUL 11, 2023
Verizon 401(k) lawsuit settles for $30 million

The settlement sends an uncomfortable message to retirement plan advisors and other fiduciaries, an observer says.

Six states impose $4.2M fine on Raymond James for excessive fees
NEWS BROKER DEALERS JUL 11, 2023
Six states impose $4.2M fine on Raymond James for excessive fees

The firm was also ordered to return $8.25 million to retail customers.

Merrill Lynch smacked with $12 million penalty for reporting violations
NEWS PRACTICE MANAGEMENT JUL 11, 2023
Merrill Lynch smacked with $12 million penalty for reporting violations

According to the SEC and Finra, for years Merrill botched the reporting threshold for potential suspicious transactions.

CFPB slams BofA with quarter-billion-dollar settlement
NEWS WIREHOUSES JUL 11, 2023
CFPB slams BofA with quarter-billion-dollar settlement

The bureau will keep $90 million, with the rest going to consumers, Office of the Comptroller of the Currency.

Financial industry, regulators likely to clash over rules slated for second half
NEWS RETIREMENT PLANNING JUL 10, 2023
Financial industry, regulators likely to clash over rules slated for second half

The Labor Department's advice rule is likely to lead to controversy over whether a recommendation to roll funds from a 401(k) to an IRA constitutes advice.

Investors continue to get roasted in pig-butchering schemes
NEWS REGULATION AND LEGISLATION JUL 10, 2023
Investors continue to get roasted in pig-butchering schemes

The Alabama Securities Commission issues a cease-and-desist against two men who scammed 88 victims out of more than $22.5 million.

FDIC hit with $1.9 billion suit from SVB Financial
NEWS REGULATION AND LEGISLATION JUL 10, 2023
FDIC hit with $1.9 billion suit from SVB Financial

The parent of failed Silicon Valley Bank is chasing cash held by the regulator.

Regulators likely to take wait-and-see approach on AI
NEWS FINTECH JUL 10, 2023
Regulators likely to take wait-and-see approach on AI

The SEC is working on proposed rules related to artificial intelligence and other technologies, and Senate Majority Leader Chuck Schumer has announced a framework for AI legislation.

SEC charges former Army financial counselor with Gold Star family frauds
NEWS REGULATION AND LEGISLATION JUL 10, 2023
SEC charges former Army financial counselor with Gold Star family frauds

The regulator alleges unauthorized trading for recommending inappropriate investments forbenefits including $50,000 of a minor child whose parent died on active duty.

Move over Shark Week, July is ESG Month
NEWS ESG JUL 07, 2023
Move over Shark Week, July is ESG Month

House Republicans have planned six hearings in their anti-ESG blitz, along with bill markups dedicated to the topic.

Finra expels brokerage for Reg BI violations
NEWS REGULATION AND LEGISLATION JUL 07, 2023
Finra expels brokerage for Reg BI violations

Reps traded excessively in 110 customer accounts, racking up close to $4 million in commissions and trading costs.