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Finra arbitrators order Fidelity to pay options trader nearly $4 million
The dispute revolved around an account that was liquidated following the sharp market downturn at the beginning of the Covid pandemic.
What keeps these top securities regulators awake at night?
"I call it B-D/IA arbitrage," Finra's Christopher Kelly said, describing his concern about advisors flouting the boundaries between charging clients fees and commissions.
When fiduciary duty is at odds with what’s right for clients
It's time for the financial services industry to rethink its rules when it comes to offsetting fees.
Finra chair: Industry needs to improve disclosures about complicated investments
'We do it in a way where they're virtually unreadable,' Eric Noll, CEO of Context Capital Partners, said of disclosures at the Finra annual meeting.
Financial advisors tune out debt ceiling hysteria
Advisors shrug off Washington's noisy political spat as more of the same, anticipating a dramatic last-minute deal to increase the debt limit.
SEC’s Crenshaw sees potential overlap in EU-US climate rules
The watchdog agency teed up a sweeping proposal in March 2022 intended to standardize the types of disclosures public companies make about greenhouse gas reduction goals.
GOP attorneys general go after climate-minded insurers
The Republican AGs are examining net-zero goals that insurance companies have agreed to as part of an industry group.
Finra slaps MassMutual B-D with $250,000 fine for not promptly reporting customer complaints
The disclosures that MML Investors Services delayed making included customer complaints and arbitrations, criminal charges and bankruptcies.
Wells Fargo to pay $1 billion in class-action lawsuit
The shareholder suit accused the bank of making misleading statements about its compliance with federal consent orders following its 2016 scandal related to unauthorized customer accounts.
DOL’s apparent U-turn in court hints at new fiduciary rule in works
The American Securities Association says the Labor Department voluntarily dropped its appeal of a Florida court's decision striking down DOL guidance making rollover advice fiduciary.
RIAs are embracing compliance as a necessary evil
In an era of increasingly complex regulatory oversight and possibly the most aggressive SEC ever, breakaway RIAs are realizing that compliance is not something to be ignored.
SEC’s delay on climate disclosure rule leaves companies in limbo
Few companies have goals in place that would reduce their greenhouse gas emissions in line with Paris goals, according to MSCI.
Finra kicks B-D out of industry for Reg BI failures linked to pre-IPO market
Melville, New York-based SW Financial received $2 million in undisclosed compensation for selling the private placements, according to Finra.
NYC pension funds sued for selling fossil-fuel assets
Plaintiffs claim the three pension funds breached their fiduciary duty when they sold roughly $4 billion in fossil-fuel investments in 2021.
SEC steps up intensity of cybersecurity oversight
Investment advisors and brokerages shouldn't wait for final regulations to shore up their cyber defenses, experts say.
House hearing on ESG paints picture of two different Americas
Representatives took jabs at the other party and expressed opposing views on the potential of ESG.
Advisor, industry groups blast SEC custody proposal
Trade groups question a provision in the proposal that would deem advisors with discretionary authority over client accounts to have control of the assets.
Goldman to pay $215 million to settle case on underpaying women
The trial, which had been scheduled for next month in New York, would have provided a rare public forum for testimony about inequality inside the financial industry.
Audits on the rise amid a resurgent IRS
If the IRS thinks a taxpayer owes money, its efforts to collect could include levying bank accounts, placing liens on their home, garnishing their salary, and even refusing to issue a passport.
Maine legislators halt bill opposed to use of ESG factors
State pension professionals argued against it, saying the legislation would limit investment considerations.
