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SEC slaps NYSE parent firm with $10M penalty for cyber reporting failure
The federal securities regulator says the exchange giant took four days to report a vulnerability in its network, violating its internal procedures.
Focus on outcomes, not mythical legal jargon, says Finseca CEO
Marc Cadin responds to a recent InvestmentNews editorial and explains why he believes the DOL process and pro-fiduciary rule argument are both flawed.
Louisiana moves to adopt annuity best-interest standard
Associations for life insurers and financial advisors laud the move, renews call for “sensible protections” around guaranteed lifetime income products.
High school financial literacy education now mandatory in Oklahoma
State Governor Stitt signs legislation adding financial literacy education as a requirement for high school graduation.
Finra dings small Calif. B-D over Reg BI, missing red flags
'Our department’s Reg BI-related disciplinary actions have been increasing,' noted a senior Finra executive.
Supreme Court backs CFPB funding, avoiding potential problem for the Fed
Decision overturns lower court ruling won by payday loan trade bodies.
SEC tightens rules around data breach disclosures
Updates to a 24-year-old rule will require firms, including broker-dealers and RIAs, to prevent cyber risks and notify clients of incidents.
DOL fiduciary rule faces pushback in congress
A bicameral group of senators and house representatives have launched a joint resolution seeking to quash the rule.
Finra clarifies guidelines around AI, chatbot communications
The self-regulator has updated its guidance around requirements for firms to oversee chatbot messaging for investors and AI-generated content.
SEC, FinCEN float new anti-money laundering requirements for RIAs
Proposed rule aims to tighten client information and verification processes in order to curb risks from money laundering and other illicit activities.
SEC probing Boeing’s safety claims following Alaska Airlines incident
The federal regulator is examining statements from the company after a failure in one of its planes led to a near-tragedy in January.
Former Nuveen trader behind $47M insider scheme seeks leniency
Defense attorneys for the disgraced trader argue his criminal behavior was spurred by trauma and phobia about financial insecurity.
Banking giant hoping for “global resolution” to drug-money probes
The financial titan’s CEO urges employees to “hold heads high” as it faces anti-money-laundering actions from multiple regulators.
If it’s a rollover, it’s fiduciary
The new fiduciary rule will pull a lot of brokers under the Employee Retirement Income Security Act, and harkens back to the levelized compensation from the 2016 rule.
Robinhood’s crypto business under fire after SEC warning
The stock trading platform is facing an enforcement action as the federal regulator continues to crack down on digital assets.
Fiduciary commitment should be table stakes
Speed and nature of new DOL rule has left many in the insurance industry fuming, losing sight of the impact on ordinary investors
DOL’s fiduciary rule faces first legal challenge
Lawsuit filed in Texas federal court argues that the agency “has exceeded its authority,” acting inconsistently with ERISA’s intent.
DOL urged to refresh guidance for target-date funds
New report argues the guidelines, developed more than a decade ago, must be updated to better reflect current landscape of 401(k) plan options.
Trump Media stock plunges after SEC auditing bombshell
The company’s share price slumped after the federal regulator revealed charges of “massive fraud” against its auditing firm, leading to $14M in penalties.
JP Morgan data breach hits 451,000 retirement plan members
The financial services giant reported a years-long system failure that exposed names, addresses, Social Security numbers, and other sensitive info.
