Should something that happened when applicants were teenagers still be held against them?
It’s not clear how many people may be suffering from the legal restraints that were supposed to protect them.
Opponents contend the measure, known as the PRO Act, could negate independent-contractor agreements between advisers and financial firms.
Temporary relief from onsite examinations, which began at the start of the pandemic, is set to expire in December.
The mention of GPB auditors in a court filing highlights earlier allegations of executives using clients' money for their own personal benefit. Focused on independent broker-dealers, GPB was a leading seller of high-risk private placements in the past decade.
The agency's risk alert highlights problems that it found in examinations of more than 100 advisers who served as portfolio managers or sponsors of wrap-fee programs or who advised their clients’ accounts through third-party wrap managers.
Cash spreads are certainly nothing new, but with almost $64 billion in assets, Charles Schwab & Co. is likely the largest robo-adviser to hold significant chunks of client assets in cash.
The Republican SEC commissioner's doubts provide ammunition to those who want to push back against mandatory disclosures.
The SEC chairman made it clear that digital assets that mirror the performance of Amazon.com, Tesla and other well-known companies are probably still covered by U.S. securities laws.
The bill, which was written by Senate Finance Chairman Ron Wyden, D-Ore., would limit the benefit to individuals earning less than $400,000 a year.
Investments pegged to market volatility remained in client accounts for up to a year when they were meant to be short-term investments.
Florida-based adviser Scott Jay Matalon was fired from RBC after facing charges of kidnapping, domestic battery and false imprisonment.
Congress will likely have to provide the legal framework for the SEC to regulate cryptocurrencies more efficiently and is working quickly to shape future regulation.
Koch will pay $4 million in a case alleging excessive record-keeping fees, and Voya reached a confidential agreement in a separate lawsuit. Yum Brands was also sued by a participant who claims he was wrongly classified as an independent contractor and denied retirement benefits.
He replaces Peter Driscoll, who is leaving the agency after heading the examinations division since January 2017.
The SEC has been intense about ESG and wait-and-see on Reg BI. But new Enforcement Director Gurbir Grewal supported New Jersey's fiduciary rule and may put teeth in the broker advice standard.
Experts acknowledge the "Tower of Babel" criticism regarding ESG guidelines and nomenclature, but are concerned too much structure could be harmful.
The Kestra settlement and other recent ones demonstrate the SEC’s concern is extending to revenue sharing.
The ripped-off investors allege Pershing looked the other way when it serving as custodian and clear agent for the fraudster.
The political infighting won't affect the $1 trillion in benefits Social Security sends each year to 65 million Americans. But it will likely make it more difficult to begin work on a solution to the program's long-term financial challenges.
