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Finra may boost enforcement actions in 2009
Finra may have given broker-dealers and registered representatives a reprieve of sorts last year as the amount in fines and enforcement actions it levied against firms plummeted.
Woodbury to pry into the finances of reps, spouses
Independent registered representatives and their spouses soon could face unprecedented scrutiny into their personal finances.
IRS to seek more regulation of tax preparers
The IRS is working on new rules that could require paid tax preparers to be licensed to improve tax compliance and reduce fraud, IRS Commissioner Doug Shulman announced today.
Carbon emissions bill should prompt new evaluation of companies as investments, study says
If proposed cap-and-trade legislation aimed at restricting corporate carbon emissions is passed, advisers and investors will have to re-evaluate companies on an individual basis, as the real-money effects of this law would vary dramatically from firm to firm, according a new research report.
Insurance Information Act of 2009, NARAB II likely to face uphill battle in Senate
Two bills that would transform the way insurance agents are licensed and regulated are likely to face a difficult time in the Senate, according to insurance industry officials.
Smith Barney charges broker breached a contract
Smith Barney is not letting at least one of its brokers break away without a fight.
Financial advisers give suggestions for surviving an SEC audit in the post-Madoff era
The following edited transcript is from “Surviving an SEC audit after Madoff,” an InvestmentNews webcast held May 19
Broker-dealer costs likely to rise if Senate arbitration bill passes
Broker-dealers may face higher costs connected with customer disputes if revised legislation that would do away with mandatory securities arbitration passes both houses of Congress and is signed into law.
Mary Schapiro said to backtrack on third-party compliance audits
In what may be a reprieve for advisory firms, Securities and Exchange Commission Chairman Mary Schapiro seems to have backed off from an idea that would require some advisory firms to face third-party compliance procedure audits.
SEC to propose major overhaul of money funds
The Securities and Exchange Commission is considering a list of regulations for money market funds that goes far beyond proposed reforms issued in March by the Investment Company Institute.
SEC sues defunct Brookstreet Securities and its former CEO
Federal regulators have sued a defunct California investment brokerage and its former CEO, accusing them of fraud in selling more than $300 million worth of risky mortgage-backed securities to unsophisticated investors.
It’s time to institute ‘limited-purpose banking’
The Obama administration's strategy to ad-dress the economic crisis may be making the problem worse.
Brokerage industry is up in arms about Obama plan to get rid of offshore tax breaks
The brokerage industry is angry about President Obama's efforts to eliminate certain tax breaks for U.S. corporations that do business -offshore.
‘Stranded’ ARS investors sue for a share of pie
Investors and financial advisers who are stuck holding auction rate securities bought from “downstream” broker-dealers have begun to step up their legal claims against the major firms that marketed the investments as safe.
Insurance industry needs federal oversight
Congress is likely to begin a review of the financial oversight system next month, with an eye toward revamping regulation. Banking, of course, will take center stage, especially now that the federal government has a direct stake in many of the nation's largest banks.
FPA, NAPFA and IAA to fight SEC’s pop-quiz proposal
The financial advisory industry is bracing for a battle over the Securities and Exchange Commission's efforts to subject thousands of investment advisers to surprise exams by outside auditors.
Though barred, rogue brokers often find work
Keeping track of rogue brokers is a tricky business, particularly when they leave or are booted from the confines of the securities industry, but keep peddling financial products.
NASAA and other regulators want in on systemic risk oversight
State-level financial regulators today urged Congress to set up a group of regulatory agencies to deal with systemic risk.
‘Shareholder Bill of Rights’ legislation introduced
Senators Charles E. Schumer, D-N.Y., and Maria Cantwell, D.-Wash., today introduced legislation called the Shareholder Bill of Rights that includes provisions to increase accountability and oversight at publicly traded corporations, including say on pay for shareholders.
Retirement group to propose changes to 401(k) disclosure bill
An industry association that represents the interests of retirement plan service providers this week will suggest modifications to proposed legislation that would require the industry to break out 401(k) fees on investors' statements.
