Certified public accountants who practice in New York — even if they are licensed in other states — will have to register with the New York State Education Department Office of the Professions when a new law goes into effect July 26.
Key regulators on today broke with the Obama administration, reaffirming their belief that some new powers to monitor big institutions against financial threats should go to an interagency council not the Federal Reserve.
Concerns that a new consumer watchdog agency proposed by the Obama administration could play a role in overseeing retirement plan products are unfounded, Rep. Barney Frank, D-Mass., said today at a press conference on Capitol Hill.
The White House proposal to give the Securities and Exchange Commission the authority to ban mandatory-arbitration contracts falls short in looking out for investors' interests, according to attorneys who represent investors in securities disputes.
Ameriprise Financial Services Inc. has agreed to pay $17.3 million to settle charges that it received nearly $31 million in undisclosed compensation for selling its brokerage customers real estate investment trusts between 2000 and 2004, according to the Securities and Exchange Commission.
Financial advisers are overwhelmingly in favor of adopting a uniform fiduciary standard for investment advisers and broker-dealers alike, and they also think that the industry should be governed by a single regulatory body.
Financial advisers are troubled by an administration proposal that would allow the Securities and Exchange Commission to ban commissions and take other sweeping actions regarding their fees.
Two House committees today approved the Affordable Health Choices Act, a health care reform bill that would expand health insurance to 97% of Americans.
Going beyond their past call for a professional oversight board for financial planners, the Financial Planning Coalition today will ask Congress to bring under one organizational umbrella all advisers who provide financial planning services.
Wall Street's major trade group has declared its support for a new federal fiduciary standard for broker-dealers and investment advisers who provide personalized investment advice.
Organizations representing investment advisers and consumers today called for Congress to ensure that fiduciary standards are not weakened as financial service regulatory reforms are enacted.
The Securities and Exchange Commission would gain more authority to make rules governing broker compensation under draft legislation sent by the Department of the Treasury to Capitol Hill Friday.
Financial advisers are overwhelmingly in favor of adopting a fiduciary standard for all advisers, and they also think that the industry should be governed by a single regulatory body.
State regulators have an ally in the Obama administration.
As the House Financial Services Committee this week begins to hash out plans to make President Obama's proposed consumer financial protection agency a reality, state-regulated investment advisers could find themselves under federal jurisdiction.
A bill to provide low-cost loans to unemployed homeowners with delinquent mortgages was introduced yesterday by Rep. Barney Frank, D.-Mass., chairman of the House Financial Services Committee.
The chairman of the House Financial Services Committee says that Congress will substantially increase the power of government regulators to monitor derivatives, a type of financial instrument that contributed to the U.S. economic turmoil.
Draft legislation that would give the Securities and Exchange Commission the authority to require brokers who give investment advice to act as fiduciaries was sent to Capitol Hill today by the Treasury Department.
House Financial Services Committee Chairman Barney Frank, D-Mass., has introduced legislation proposed by President Obama to set up a new Consumer Financial Protection Agency.
Morgan Stanley last month suffered a $1 million loss in an arbitration case charging that the firm had “blindsided” a small regional broker-dealer, Strand Atkinson Williams & York Inc., “by a swift and crippling raid” of senior management and top-producing brokers.
