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‘Too big to fail’ may boost brokers’, banks’ loan costs
Provisions in legislation aimed at “too-big-to-fail” financial firms will increase borrowing costs for large institutions — and will make it harder to get secured lending, according to financial industry officials.
$121M award for botched transaction rocks Tokyo exchange
A court ordered the Tokyo Stock Exchange Friday to pay 10.7 billion yen ($121 million) in damages to Mizuho Securities Co. Ltd. over massive losses in a botched transaction.
Too-big-to-fail fund will lead to premium hikes, say insurers
Life insurers are concerned that legislation the House Financial Services Committee is likely to approve after Thanksgiving will increase costs substantially for the 28 carriers that have assets of more than $50 billion.
Labor Department scraps investment advice rule
The Department of Labor's withdrawal of a controversial rule allowing advisers to work directly with retirement plan participants — just days after the agency extended the effective date of the rule — has some industry observers wondering if DOL officials are buckling under pressure from Congress.
SWIFT end to U.S. plan to get data from EU banks
The European Parliament on Thursday strongly rejected a deal that would have allowed U.S. authorities access to European bank transfers, allegedly to track funds supporting terror groups.
Individual adviser faces class action over private placements
In an apparent first, a registered representative and his individual practice have been sued in a potential class action stemming from oil-and-gas private placements that the SEC claims were fraudulent.
XBRL still a foreign language for advisers
The use of XBRL continues to grow in the financial services industry and among its regulators, but it…
Securities America advisers hawked private placements, suit claims
Financial advisers with Securities America Inc. continued to sell offerings of allegedly faulty private placements after an executive at the firm sounded the alarm bell about the deals last year, according to a recently filed lawsuit.
Money funds caught between staying safe and staying around
These days, money market funds are investing only the safest securities.
Broker wrong to cover client flights, meals, ‘gentleman’s club’ visits, regulators say
Terra Nova Financial LLC, a Chicago-based broker, has been fined $400,000 by federal regulators who say the firm made unauthorized payments to clients, including money to cover one hedge fund manager's visits to a “gentleman's club.”
In B-D deals, it’s impossible to know what lies beneath
The dispute between LPL Investment Holdings Inc. and Pacific Life Insurance Co. over liability for rogue brokers is a reminder that unseen risks can be part of any acquisition, no matter how well-vetted, according to lawyers and investment bankers.
Pacific Life takes a punch at LPL over potentially millions in lawsuits
LPL Investment Holdings Inc. and Pacific Life Insurance Co. are staring each other down over which firm will have to pony up the potentially millions of dollars in claims stemming from fraud suits against a rogue broker from one of the three independent-contractor firms LPL acquired from Pac Life two years ago.
Congress to tackle rule on retirement advice
Now that the Department of Labor is scrapping a rule proposal that would have allowed brokers affiliated with financial-services firms to provide advice to 401(k) participants, Congress will move forward with legislation that would require that such advice be given by independent advisers, according to a key congressman.
State regulators pursue increased oversight of advisers
In the coming months, state securities regulators will focus on increasing the threshold for state regulation of investment advisers to $100 million, according to Texas securities commissioner Denise Voigt Crawford.
Ex-GunnAllen, Ameriprise broker could serve 23 years in prison
A former GunnAllen Financial Inc. and Ameriprise Financial Services Inc. broker pleaded guilty this month to two federal charges, one of mail fraud and the other of filing a false tax return, and he faces up to 23 years in prison when he is sentenced in September.
Congress may yank advice provision from pension bill
Lawmakers in Washington are discussing scrapping the conflicted-advice provision of the 401(k) Fair Disclosure and Pension Security Act of 2009 — a move that would be welcomed by many in the financial services industry.
Labor Department reworking investment advice rule
Despite having seemingly killed its proposed rule on providing investment advice to participants in defined-contribution plans, the…
Labor Department kills Bush investment-advice rule
The Labor Department has officially killed a Bush administration rule that would have cleared the way for mutual fund companies to offer direct one-on-one investment advice through their affiliates to defined contribution plan participants.
SIFMA: Surprise audits could carry a $200K price tag
A proposal by the Securities and Exchange Commission that would require advisory firms that hold custody of client assets to be audited by accountants that are inspected by the Public Company Accounting Oversight Board would cost each firm an average of $200,000, according to one new estimate.
SEC’s pop-quiz proposal provokes adviser opposition
The financial advisory industry is rallying its troops against a controversial SEC rule proposal that would subject thousands of investment advisers to surprise exams by outside auditors.
