Regulation And Legislation

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SEC warns industry against marketing rule pitfalls
NEWS PRACTICE MANAGEMENT APR 19, 2024
SEC warns industry against marketing rule pitfalls

An alert from the regulator details problems it found in firms' compliance procedures, advertising practices, and Form ADV disclosures.

What gets Finra's head of enforcement out of bed in the morning?
NEWS REGULATION AND LEGISLATION APR 18, 2024
What gets Finra's head of enforcement out of bed in the morning?

The regulator's Bill St. Louis has been sharing his priorities.

Senators push back against SEC climate rule
NEWS ESG APR 17, 2024
Senators push back against SEC climate rule

More than 30 senators are supporting a measure that would overturn the regulator’s climate disclosure rule.

SEC dings Minnesota investment manager over pay-to-play conflict
NEWS RIAS APR 17, 2024
SEC dings Minnesota investment manager over pay-to-play conflict

'Is four grand really going to influence a politician’s thinking?' one consultant asks.

Once again, IRS waives RMDs for beneficiaries subject to the 10-year rule
NEWS RETIREMENT PLANNING APR 17, 2024
Once again, IRS waives RMDs for beneficiaries subject to the 10-year rule

The new relief on required minimum distributions for this year builds on previous IRS relief for RMDs in 2021, 2022 and 2023.

Suit challenges SEC market surveillance tool as unconstitutional
NEWS BROKER DEALERS APR 17, 2024
Suit challenges SEC market surveillance tool as unconstitutional

The Texas lawsuit accuses the SEC of acting without authority to create the Consolidated Audit Trail, a database that would collect virtually all US trading data.

Morgan Stanley downplays AML scrutiny for wealth clients
NEWS WIREHOUSES APR 17, 2024
Morgan Stanley downplays AML scrutiny for wealth clients

CEO says it's nothing new to be talking to regulators.

Global regulators want to bolster hedge fund protections
NEWS REGULATION AND LEGISLATION APR 17, 2024
Global regulators want to bolster hedge fund protections

Proposals would help funds cope with market stress.

Empower settles with former advisors in poaching case
NEWS RETIREMENT PLANNING APR 12, 2024
Empower settles with former advisors in poaching case

The suit involved 13 advisors, all of whom joined Empower via its acquisition of Personal Capital, who departed to establish a rival advisory firm.

OMB draws flak on DOL fiduciary rule decision
NEWS RETIREMENT PLANNING APR 12, 2024
OMB draws flak on DOL fiduciary rule decision

Industry groups express disappointment at the Office of Management and Budget's speedy review of the controversial rule.

Five firms hit in SEC marketing rule sweep
NEWS REGULATION AND LEGISLATION APR 12, 2024
Five firms hit in SEC marketing rule sweep

The regulator’s crackdown centered on the firms' use of hypothetical performance data and led to a total of $200,000 in penalties.

Morgan Stanley’s wealth unit caught in AML crossfire
NEWS WIREHOUSES APR 11, 2024
Morgan Stanley’s wealth unit caught in AML crossfire

The SEC and other federal regulators are reportedly probing the banking giant over its anti-money-laundering and client vetting practices.

Don’t repeat 2016 fiduciary rule mistake, NAIFA urges DOL
NEWS REGULATION AND LEGISLATION APR 10, 2024
Don’t repeat 2016 fiduciary rule mistake, NAIFA urges DOL

'Real-world experience' shows impact of fiduciary standard on Main Street investors, advisor association warns.

UBS could face higher capital rules under Swiss reforms
NEWS WIREHOUSES APR 10, 2024
UBS could face higher capital rules under Swiss reforms

The bank's shares fell on the news that the government wants systemically important Swiss banks to hold significantly more capital against foreign units.

Saver's Match provides big incentive for 401(k) contributions
NEWS RETIREMENT PLANNING APR 09, 2024
Saver's Match provides big incentive for 401(k) contributions

A new survey builds on research showing the provision's potential reach and effect on retirement security.

West Virginia stops banking with Citi, Northern Trust, over fossil fuels
NEWS ESG APR 09, 2024
West Virginia stops banking with Citi, Northern Trust, over fossil fuels

The state treasurer added four financial services firms to a list of those ineligible to provide banking services to the state because he says they 'boycott' the fossil fuels industry.

Florida broker-dealer faces $500k fine over texting violations
NEWS BROKER DEALERS APR 08, 2024
Florida broker-dealer faces $500k fine over texting violations

Finra finds years of compliance shortfalls at Dawson James Securities involving more than 10,000 text messages, including inadequate system for private placements.

Commonwealth case sends crystal-clear message
NEWS BROKER DEALERS APR 08, 2024
Commonwealth case sends crystal-clear message

KO blow from the SEC offers pointed lesson: Don’t fight Uncle Sam

Finra caught up in email phishing scheme
NEWS COMPLIANCE APR 05, 2024
Finra caught up in email phishing scheme

A new cybersecurity alert warns member firms to be wary of fraudulent messages impersonating key members of the regulator’s leadership.

SEC seeks input on spot ether ETFs, whose future is hardly certain
NEWS ALTERNATIVES APR 04, 2024
SEC seeks input on spot ether ETFs, whose future is hardly certain

The SEC could put extra scrutiny on products that benefit from ether's proof-of-stake consensus mechanism, although most ETF applicants may not get the staking benefits in their funds.