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FPA, NAPFA, state regulators and other groups urge Congress to impose fiduciary standard on all advice providers
Organizations representing investment advisers and consumers today called for Congress to ensure that fiduciary standards are not weakened as financial service regulatory reforms are enacted.
Bill would give SEC vast powers to regulate broker compensation
The Securities and Exchange Commission would gain more authority to make rules governing broker compensation under draft legislation sent by the Department of the Treasury to Capitol Hill Friday.
Advisers back one standard, one regulator, survey shows
Financial advisers are overwhelmingly in favor of adopting a fiduciary standard for all advisers, and they also think that the industry should be governed by a single regulatory body.
State powers preserved under Obama plan
State regulators have an ally in the Obama administration.
Bill would escalate adviser oversight
As the House Financial Services Committee this week begins to hash out plans to make President Obama's proposed consumer financial protection agency a reality, state-regulated investment advisers could find themselves under federal jurisdiction.
‘TARP for Main Street’ legislation introduced in House
A bill to provide low-cost loans to unemployed homeowners with delinquent mortgages was introduced yesterday by Rep. Barney Frank, D.-Mass., chairman of the House Financial Services Committee.
Frank: Congress to clamp down on derivatives
The chairman of the House Financial Services Committee says that Congress will substantially increase the power of government regulators to monitor derivatives, a type of financial instrument that contributed to the U.S. economic turmoil.
Proposal to impose fiduciary standard on broker-advisers heads to Hill
Draft legislation that would give the Securities and Exchange Commission the authority to require brokers who give investment advice to act as fiduciaries was sent to Capitol Hill today by the Treasury Department.
Consumer Financial Protection Agency bill introduced in House
House Financial Services Committee Chairman Barney Frank, D-Mass., has introduced legislation proposed by President Obama to set up a new Consumer Financial Protection Agency.
Morgan Stanley slapped wth $1M arbitration award in raiding case
Morgan Stanley last month suffered a $1 million loss in an arbitration case charging that the firm had “blindsided” a small regional broker-dealer, Strand Atkinson Williams & York Inc., “by a swift and crippling raid” of senior management and top-producing brokers.
Bill to found Consumer Financial Protection Agency heads to Congress
The Obama administration sent a 152-page bill to Congress today that would set up a Consumer Financial Protection Agency, a key component of its financial services regulatory reforms.
Court: State can apply some laws to national banks
The Supreme Court on Monday ruled that states can apply some of their own laws to big national banks operating within their borders, a decision proponents called a huge win for consumers and for states seeking more power to regulate financial activities.
The cost of kidnapping an adviser: Six years in prison
The 'Geritol Gang' tried to recoup investment losses by making off with their financial adviser. Now, they're looking at serious prison time.
We need financial cops – and speed limits
Mary Schapiro, chairman of the Securities and Exchange Commission, is correct: Fiduciary standards for all who give investment advice won't be sufficient to deter fraud.
Target date funds seen as a question of how rather than if
Target date funds are ripe for regulation — a conclusion made abundantly clear at a joint Department of Labor and Securities and Exchange Commission hearing this month dissecting these popular retirement funds.
Advisers, investors call for reinstating uptick rule
Highlighting investor concern about the market effects of short selling, more than 3,000 comments have been filed with the Securities and Exchange Commission on proposed changes to the short-sale rule.
Insurance-affiliated brokers face major changes under Obama plan
Broker defections, a loss of market share and spinoffs could be on the horizon for insurance-affiliated broker-dealers if the Obama administration's proposed regulatory reforms force them to act as fiduciaries.
Big fraud cases put focus on disclosure
The Stanford and Madoff fraud cases have put the brokerage industry's disclosure system under the spotlight.
SEC doesn’t need a defibrillator after all
At the beginning of the year, after it missed cues for seemingly everything from the massive Madoff Ponzi scheme to the credit crisis, the Securities and Exchange Commission was being written off as all but dead.
Attempt to blame fair-value accounting for AIG’s woes was misleading, FASB chairman says
Former American International Group Inc. Chairman Martin Sullivan misled Congress last year when he told lawmakers AIG’s financial problems were caused by fair-value accounting standards, the chairman of the Financial Accounting Standards Board said today.
