State regulators are up in arms about a provision in the proposed Investor Protection Act which would eliminate a requirement that an independent consultant hired by the Securities and Exchange Commission look into the failures at self-regulatory organizations.
The Securities and Exchange Commission would be instructed to study whether pre-sale disclosures should be required for all products sold to retail investors under a provision of financial services regulatory-reform legislation likely to be approved this week by the House Financial Services Committee.
Some 4,200 advisory firms can expect more oversight and higher costs under legislation that would remove them from SEC oversight and place them under state regulation.
The House Financial Services Committee today unanimously approved a measure that would move oversight of investment advisory firms with less than $100 million in assets to state securities regulators.
President Barack Obama on Tuesday endorsed a bill in the U.S. House of Representatives that would give the government unprecedented power to seize bank holding companies teetering on the brink of collapse and stick their competitors with the cost.
State regulators are objecting to proposed amendments to the Investor Protection Act that would eliminate a requirement to look into the failures at self-regulatory organizations.
A jury will return Tuesday to further deliberate the fate of a Minnesota businessman accused of operating a Ponzi scheme that cost investors more than $3.5 billion.
If the SEC has its way, more disciplinary information about brokers will be available to investors.
The SEC may be examining fewer investment advisers than ever, but when it does pay a visit, even routine exams are more demanding, according to lawyers, consultants, advisers and the agency itself.
Richard Ketchum, the chairman and chief executive of the Financial Industry Regulatory Authority Inc., told a gathering of brokerage firm executives that his group will be more aggressive about investigating the advisory activities of their brokers — regardless of whether it <a href= http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20090517/REG/305179968&ht=SRO>gets full regulatory authority </a> to oversee investment advisers.
Members of the insurance industry are applauding an amendment to the Consumer Financial Protection Agency Act of 2009 that eliminates a section that would have given the agency oversight of some insurance products.
Patricia Cornwell, the author of several best-selling crime novels, is going after her financial advisers in an attempt to recover $40 million she has lost, according to multiple published reports.
The House Financial Services Committee voted Thursday to create a federal agency devoted to protecting U.S. consumers from predatory lending, abusive overdraft fees and unfair rate hikes.
A member of the House Financial Services Committee next week plans to propose an amendment to financial service legislation that would require that a study be done on the regulation and oversight of financial planning.
Matthew Weitzman, a former principal of AFW Asset Management Inc., was sentenced to 97 months in prison after he pleaded guilty last year to stealing from the firm's clients.
Fears abound about the potential for change in the regulatory and compliance arena.
Based on a draft amendment of the Investors Protection Act that was distributed today by the House Financial Services Committee to select members of the financial services industry, the duty of care applied to both brokers and financial advisers would be at least as high as the standards that the SEC applies to investment advisers.
Three men are accused of running a Ponzi scheme that scammed more than $14 million from hundreds of Haitian-American investors in South Florida and New Jersey.
The industry effort to regulate financial planning as a profession has support from within, but it won't escape opposition from other sectors of the financial services community, several industry leaders said last week.
A federal jury in Minnesota ruled last week that Allianz Life Insurance Company of North America used deceptive materials to market its two-tiered equity-indexed annuities, but declined to assess damages against the company, saying that the plaintiffs suffered no harm.
