Regulation And Legislation

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New fiscal spending bill threatens DOL fiduciary rule
NEWS RETIREMENT PLANNING JUN 27, 2024
New fiscal spending bill threatens DOL fiduciary rule

The proposed legislation governing funds for fiscal year 2025 would hamper the agency’s ability to administer, implement, or enforce the rule.

Supreme Court dampens SEC's use of in-house courts
NEWS REGULATION AND LEGISLATION JUN 27, 2024
Supreme Court dampens SEC's use of in-house courts

The conservative majority decision nullifying a nearly $1M penalty could hamper the regulator's power to extract high-dollar settlements.

A Republican makes a case for ESG and sustainable investing
NEWS ESG JUN 26, 2024
A Republican makes a case for ESG and sustainable investing

Despite attacks on environmental, social, and governance data being used, one former Congressman said he is hopeful about climate investing.

Wall Street banks pick up buyback pace ahead of key Fed tests
NEWS REGULATION AND LEGISLATION JUN 26, 2024
Wall Street banks pick up buyback pace ahead of key Fed tests

The six largest lenders bought back more than $14B in shares in the first quarter as regulators hint at "lite" version of new rules.

Morgan Stanley faces Reg BI lawsuit over interest in cash sweep accounts
NEWS BROKER DEALERS JUN 24, 2024
Morgan Stanley faces Reg BI lawsuit over interest in cash sweep accounts

The firm fell short of its fiduciary duty by paying customers dismal rates compared to what’s available in the market, according to class action.

Massachusetts moves to limit REITs' hospital ownership
NEWS ALTERNATIVES JUN 24, 2024
Massachusetts moves to limit REITs' hospital ownership

High-profile hospital collapse sparks legislative action to ban REITs as landlords that experts say misses the mark.

Fed finds chinks in Wall Street banks' living wills
NEWS REGULATION AND LEGISLATION JUN 21, 2024
Fed finds chinks in Wall Street banks' living wills

BofA, Citi, Goldman, and JPMorgan must take remedial action on "shortcomings" in wind-down plans, finds regulators.

SEC actions hint at looming "AI washing" crackdown
NEWS ESG JUN 21, 2024
SEC actions hint at looming "AI washing" crackdown

Recent moves against issuing firms and money managers show some parallels to the regulator's early crypto focus.

SEC bars advisor who used senior clients’ cash for secret options trading
NEWS REGULATION AND LEGISLATION JUN 18, 2024
SEC bars advisor who used senior clients’ cash for secret options trading

The ex-Merrill Lynch, Fifth Third advisor concealed his activities by telling clients to put $683k in a shell company, according to a complaint.

Devil is in the detail of Finra's new remote inspections pilot
NEWS OPINION JUN 17, 2024
Devil is in the detail of Finra's new remote inspections pilot

FSI will work constructively with the regulator to find the best way forward, just as it did over residential supervisory location designations.

Wells Fargo latest to be sued over forfeited 401(k) money
NEWS RETIREMENT PLANNING JUN 14, 2024
Wells Fargo latest to be sued over forfeited 401(k) money

A proposed class action accuses the company of violating ERISA for its $45.8 billion 401(k) plan.

White House unlikely to support SALT cap hikes as tax fight looms
NEWS REGULATION AND LEGISLATION JUN 13, 2024
White House unlikely to support SALT cap hikes as tax fight looms

A second term for President Joe Biden would mean focusing on higher taxes for corporations and billionaires, says top economic advisor.

Brooklyn-based brokerage TradeZero hit with $250k penalty over finfluencer activities
NEWS REGULATION AND LEGISLATION JUN 11, 2024
Brooklyn-based brokerage TradeZero hit with $250k penalty over finfluencer activities

Finra investigation finds pandemic-era promotions, recordkeeping, and privacy notices to investors breached a raft of rules and regulations.

Auto-IRAs get another push in Rhode Island
NEWS RETIREMENT PLANNING JUN 10, 2024
Auto-IRAs get another push in Rhode Island

Senate Bill 2045 aims to require state private employers to provide a workplace retirement plan, with provisions for a state auto-IRA program.

SEC alleges pre-IPO share sales fraud 'like a Hollywood movie'  
NEWS REGULATION AND LEGISLATION JUN 10, 2024
SEC alleges pre-IPO share sales fraud 'like a Hollywood movie'  

Sales force said to have made $45M, agency warns of similar investment scams.

Financial Fitness Act gets a thumbs up from IRI
NEWS RETIREMENT PLANNING JUN 07, 2024
Financial Fitness Act gets a thumbs up from IRI

The Insured Retirement Institute is applauding a new bill that could help more Americans address the problem of student debt.

Canadian bank TD sues wealth advisor who "abruptly" exited amid AML probe
NEWS REGULATION AND LEGISLATION JUN 07, 2024
Canadian bank TD sues wealth advisor who "abruptly" exited amid AML probe

The Toronto-based lender says the advisor and a colleague breached contract as they joined Raymond James.

Mind SEC’s new data breach rules, says Finra
NEWS REGULATION AND LEGISLATION JUN 06, 2024
Mind SEC’s new data breach rules, says Finra

The industry regulator is urging member firms to start taking appropriate measures as changes to Regulation S-P take effect.

SEC sued over broker-dealer texting fines data
NEWS REGULATION AND LEGISLATION JUN 06, 2024
SEC sued over broker-dealer texting fines data

'Extraordinarily large' sums prompt American Securities Association's lawsuit, which asks commission to turn over documents showing how those amounts were reached.

SEC marketing rule has 'fallen short' of industry expectations
NEWS REGULATION AND LEGISLATION JUN 06, 2024
SEC marketing rule has 'fallen short' of industry expectations

Seward & Kissel report finds rule is creating challenges for investment advisors.