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Finra pushes for public majority in arbitrations
In another sign that industry-affiliated arbitrators may be on their way out, the Financial Industry Regulatory Authority Inc. wants to stop using industry panelists in most cases involving a registered representative and a brokerage firm.
Finra walks fiduciary/suitability tightrope
Finra chief Richard Ketchum's call for a fiduciary standard for all advisers, even as he indicated that he would not want to significantly alter suitability rules for broker-dealers, highlights the difficulties inherent in harmonizing the two regulatory standards as the strife-torn industry moves towards establishing a single self-regulatory organization for advisers.
Agent fingerprinting seen as gap in state insurance regulation
The lack of a uniform fingerprinting requirement for insurance agents and brokers may serve as new ammunition in the battle over federal regulation of the insurance industry.
Lawsuits against Fisher Investments may lead to other adviser litigation
If legal action against Fisher Investments is any indication, financial advisers increasingly will face lawsuits and arbitration claims from clients who are angry about investment losses.
In new regulatory regime, Finra and SEC will work together, study predicts
The Financial Industry Regulatory Authority Inc. will likely take a more active role in the examination of registered investment advisers as a result of regulatory reform, the Tower Group Inc. concluded in a study to be released Monday.
House Democrats consider aid for health insurance
House Democrats are looking at big health care changes, including federal aid to help families earning up to $88,000 pay for insurance and a requirement that all must carry coverage.
Treasury asks for control of derivatives market
The legislative proposal is the administration's first major step in overhauling the nation's financial regulatory system.
Ex-exec files $5M arbitration claim against Ladenburg Thalmann and Investacorp
A former employee of Ladenburg Thalmann Financial Services Inc. of Miami has filed $5 million arbitration claim against the firm and its subsidiary, Investacorp Inc., for alleged breach of contract.
Congressional hearing focuses on insurance regulation
Members of Congress today weighed the implications of the federal government’s regulating the insurance industry.
Couple slaps a feisty Ken Fisher with $1.2M arbitration claim
Fisher Investments, one of the country’s most noted investment advisory firms, has been tagged with a $1.2 million arbitration claim, alleging that it failed to live up to its fiduciary duty during the recent calamitous market meltdown.
Vast regulatory reform bill will be law by yearend, Barney Frank says
President Obama will likely sign comprehensive financial services regulatory reform legislation into law by yearend, House Financial Services Committee Chairman Barney Frank, D.-Mass., said today at the Financial Industry Regulatory Authority Inc.’s annual meeting in Boston.
Congress will review oversight for advisers of municipalities, Frank says
Congress will review legislation next week proposing regulation and oversight for investment advisers of municipalities, according to House Financial Services Committee Chairman Barney Frank, D.-Mass., in remarks today at a meeting of the Financial Industry Regulatory Authority Inc. in Boston.
Obama wants to fund agency that would support IRAs for all workers
President Obama has asked for $1 billion to create a new agency that will support the automatic individual retirement account proposal included in his 2010 budget.
SEC chief backs ‘systemic risk council’ idea
The head of the Securities and Exchange Commission said today she favors a new proposal for federal regulators sharing oversight of companies that pose financial risks to the economy.
Merging of financial regulators not in cards, experts say
Although regulatory reform will result in more-stringent enforcement in the wake of the financial crisis, the authorities in charge of that enforcement are not likely to change much, according to a panel of experts speaking today at the Financial Industry Regulatory Authority Inc. at its annual conference in Boston.
Bernanke calls for revamped banking oversight
Federal Reserve Chairman Ben Bernanke today called for a holistic approach to strengthening oversight of the banking system to prevent future financial crises.
FDIC chief calls for systemic risk council
The head of the Federal Deposit Insurance Corp. says new powers are needed to oversee companies that pose financial risks to the economy, an authority that could be shared by the FDIC and other regulators.
Obama’s corporate tax proposal panned by advocacy group
President Obama’s proposal to rein in tax deferrals for U.S. corporations doing business overseas will have a negative impact on the ability of financial services firms to compete worldwide, according to the Financial Services Roundtable.
SEC’s Donohue mulling adviser SRO
The Securities and Exchange Commission’s top regulator of investment advisers is considering whether investment advisory firms should be…
Hennessee pushes for changes in the regulation of hedge funds
A day before he and his hedge-fund consulting firm were stung by the Securities and Exchange Commission with $815,000 in fines and penalties, a major figure in the hedge fund world started his own effort to change hedge fund audits.
