Regulation And Legislation

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NEWS REGULATION AND LEGISLATION JUN 30, 2010
Finra's battle with Jesup is heating up

A series of nasty legal fights involving Jesup & Lamont Inc., Penson and Finra may be coming to a head.

NEWS REGULATION AND LEGISLATION JUN 29, 2010
Byrd's death, last-minute add-ons cast doubt on financial bill's future

The sweeping financial-regulatory reform bill faces an uncertain fate in the Senate following the death early today of Sen. Robert Byrd, D-West Virginia.

NEWS REGULATION AND LEGISLATION JUN 29, 2010
A 'major tax hit' lurking for financial planners

NEWS REGULATION AND LEGISLATION JUN 29, 2010
Banned SagePoint broker testifies he received 'gifts' — not fees

The banned broker's responses to questioning, however, often come across as confused.

NEWS REGULATION AND LEGISLATION JUN 29, 2010
Adviser – and investment author – facing private-placement dust-up

Bambi Holzer hit with client complaint over selling of risky offerings; broker has appeared on 'Today,' CNN and CNBC

NEWS REGULATION AND LEGISLATION JUN 29, 2010
Lawyer to Finra: Private-placement litigants suffering from 'selective amnesia'

With the sale of private placements facing intense scrutiny from securities regulators, one due diligence attorney has fired off a potent missive to Finra officials about clients' responsibilities when buying the high risk deals.

NEWS REGULATION AND LEGISLATION JUN 29, 2010
Obama's 'Glass-Steagall lite' surprises even staunch supporters

The Obama administration's stepped up demand for tougher restrictions and new taxes on big banks is complicating Senate efforts to write a bipartisan financial regulation overhaul, even drawing a sharp rebuke from a top presidential ally in the Senate.

NEWS REGULATION AND LEGISLATION JUN 29, 2010
Securities America and CapWest sued over allegedly misleading private placements

Investors filed a class action yesterday against Securities America Inc. — a subsidiary of Ameriprise Financial Inc — and CapWest Securities Inc., alleging that the two firms falsely represented private placement investments and used incoming assets to pay dividends to investors in older investments.

NEWS LIFE INSURANCE AND ANNUITIES JUN 28, 2010
Indexed-annuities amendment: Insurers yea, advisers nay

Congressional committee approval late last week of an amendment to the financial-reform bill maintaining state regulation of equity-indexed annuities drew mixed reaction, with insurers cheering the action and advisers largely opposing it.

Senate compromise on fiduciary duty draws cheers, jeers
NEWS REGULATION AND LEGISLATION JUN 27, 2010
Senate compromise on fiduciary duty draws cheers, jeers

An insurance group lauds a proposal requiring the SEC to merely examine a single standard of care. And what will come of the study? Not much, says a consumer advocate.

NEWS REGULATION AND LEGISLATION JUN 25, 2010
BP sued over retirement plan losses

BP Plc was sued by an ex-employee over losses to the company's retirement plan caused by the Gulf of Mexico oil rig explosion and subsequent spill.

NEWS LIFE INSURANCE AND ANNUITIES JUN 25, 2010
Committee votes to keep states in charge of indexed annuities

The proposal clarifies that the funds are insurance products that should be overseen by states rather than securities that should be regulated by the Securities and Exchange Commission.

NEWS LIFE INSURANCE AND ANNUITIES JUN 25, 2010
Senate conferees approve Harkin amendment on equity-indexed annuities

Mr. Harkin's amendment would clarify that these funds are insurance products that should be overseen by states rather than the Securities and Exchange Commission.

NEWS REGULATION AND LEGISLATION JUN 25, 2010
Feds bust 'pretty inept' $45M Ponzi scheme

A New Jersey woman was charged with directing a $45 million real estate Ponzi scheme that allegedly defrauded more than 20 investors in New York and New Jersey.

NEWS REGULATION AND LEGISLATION JUN 25, 2010
SEC sues duo who ran alleged $300M Ponzi scheme

The U.S. Securities and Exchange Commission sued two Canadian men, accusing them of running a $300 million Ponzi scheme that promised returns of as much as 36 percent on investments in gold-mining companies.

NEWS RIAS JUN 25, 2010
Geller Group confirms Labor Department probe

The Geller Group LLC, a New York retirement plan administrator and registered investment adviser, has confirmed in internal memoranda that it is being investigated by the Labor Department.

NEWS RIAS JUN 25, 2010
Geller Group under investigation by Labor Department

The Labor Department is investigating Geller Group LLC, a retirement plan administrator and registered investment adviser, for failing to disclose alleged ties to an accounting firm it recommended as an auditor and for other possible violations, according to former employees and others close to the investigation.

NEWS REGULATION AND LEGISLATION JUN 24, 2010
SEC limits political gifts from advisers to pension funds

Under the rule, if an investment adviser or certain employees of an advisory firm contribute to a politician with influence over hiring, they cannot be paid by the pension fund for two years.

House-Senate negotiators hit impasse on fiduciary standard
NEWS REGULATION AND LEGISLATION JUN 24, 2010
House-Senate negotiators hit impasse on fiduciary standard

Standard of care takes center stage on Capitol Hill amid a flurry of offers, counteroffers, and counter-counteroffers. Right now, House-Senate negotiators appear to be locked in a stalemate.

NEWS REGULATION AND LEGISLATION JUN 24, 2010
Finra probing B-Ds' role in subprime underwriting: Source

The Financial Industry Regulatory Authority Inc. is actively investigating broker-dealer underwriters of subprime securities, a Finra official said this morning at the regulator's national conference in Baltimore.