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.
While the executive order is designed to promote competition in the economy, the Securities and Exchange Commission will likely need to get involved for it to have a direct impact on the advice sector.
The defendants did not appear to solicit competitive bids for record-keeping services and allowed funds with high revenue-sharing to compensate service providers, according to the complaint.
The Massachusetts lawmaker expressed concern that digital-asset markets lack the same investor protections as the New York Stock Exchange and Nasdaq.
Two former reps say African Americans received less pay, support than others at the firm.
The potential action on one of the largest digital investment platforms sheds light on the increasing need for transparency among automated advice providers.
Chairman Gary Gensler says agency is looking into what asset managers mean when they call funds 'sustainable.'
While the provision helps level the playing field, prominent industry observers, like Michael Kitces, worry the benefit is too narrow. Investment Adviser Association, and other groups, are pushing for a broader tax deduction.
The Indianapolis-based firm, formerly David A. Noyes & Co., agrees to censure, a fine and restitution.
The defendants succeeded in getting the case dismissed in 2018 at the district court level, a decision that was upheld by an appellate court in March 2020.
As robos have become increasingly popular, their automated investing choices have come under greater scrutiny.
Legislation introduced by Reps. Anthony Gonzalez, R-Ohio, and Gregory Meeks, D-N.Y., would lift restrictions on closed-end funds' investments in unregistered securities.
The same week that Finra levied a record $70 million penalty against the online trading app, Robinhood filed for an IPO Thursday, becoming one of the year's most high-profile listings.
The company said the SEC is looking at disclosures around the Schwab Intelligent Portfolios product, which had $64 billion in client assets at the end of March.
Sens. Patrick Toomey, R-Pa., and Ron Johnson, R-Wisc., say proxy votes by BlackRock and State Street Global Advisors promote 'left-leaning' ESG priorities over investment returns
The SEC launched its Share Class Selection Disclosure Initiative in February 2018 to target advisory firms that recommended high-fee mutual funds.
The SEC alleges the firm failed to safeguard clients from Hector May, who pleaded guilty to stealing $8 million from clients and was sentenced to 13 years in prison.
Ransomware attacks in the U.S. increased 300% in 2020 and cost victims $350 million. Advisers make easy targets because they publicly release AUM and hold some of the most sensitive client data that directly connects to their finances.
The online trading platform will pay a $57 million fine and $12.6 million in restitution to settle a series of alleged failures, from tech outages to misleading information; it is the largest financial penalty ever ordered by Finra.
Finra also censured the firm in connection with privacy breaches that occurred during transfers of new clients.
