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Bill would block gifts to donor-advised funds
Legislation allowing donations from IRAs to individual charities will not include donations to donor-advised funds.
Chinese banks said to freeze lending
Regulators have asked local banks and foreign banks’ Chinese subsidiaries to ensure that loans at year’s end do not exceed the total outstanding by Oct. 31.
AMT debate could delay filers
The IRS could miss its early season filing peak if Congress waits until December to complete its tax bill.
Tax bill ‘dead on arrival,’ says McCrery
A bill that would protect 21 million taxpayers from paying the AMT “will not become law,” said the congressman.
E-M Management hits up investor for cash
After his business fell apart, Ed May asked a former client to put money into a new set of investments.
SEC to investigate Street insider trading
Senior official says SEC has formed a working group to look into “rampant” insider trading among Street pros.
FINRA to help firms affected by wildfires
The regulator said it would give temporary leeway to firms affected by the California wildfires.
Why the SEC should not be all lawyered up
Here is a quick quiz that will test your qualifications to fill either of the two current openings on the Securities and Exchange Commission:
Banks to create fund to head off asset sale
The Master-Liquidity Enhancement Conduit seeks to prevent an asset fire sale and to stimulate credit markets.
House eyes replacement for AMT
House Republicans have introduced a bill that would repeal the AMT with an optional “simplified tax.”
Private-equity tax said to be alive in House
The private-equity tax hike will not go gentle into that good night, according to published reports.
SEC drafting sales suitability rules
Securities and Exchange Commission officials are drafting a document that defines suitability as it relates to the sale of securities. “The document is an extensive and comprehensive view of securities and case law in this area,” including some useful examples, Erik Sirri, director of market regulation, said at the SEC’s second annual Seniors Summit.
Defense Dept. on to crooked advisers
With a recently passed law, the Department of Defense has declared war on bogus financial advisers.
Ex-Amex chief Sodano settles with SEC
This week, after a long battle with the SEC, former American Stock Exchange chairman and chief executive Salvatore F. Sodano consented to SEC findings that he failed to supervise the exchange's oversight of its order-handling and record-keeping rules from 1999 through June 2004.
CFP Board targets phony designations
As regulators and Congress scrutinize the proliferation of financial advisory designations aimed at bilking elderly investors, the organization that grants the certified financial planner credential is investigating whether its name is being improperly used by groups that promote bogus certifications.
Carried-interest tax hike slammed
Pension funds would be adversely affected if taxes on private-equity were raised, said witnesses.
Carried tax plan ignites debate
Senate hearings on taxing-carried interest begin tomorrow, but reports predicting its impact are out now.
FINRA urged to cut industry ties for arbitrators
IRVINE, Calif. — Critics of the industry arbitration system want the Financial Industry Regulatory Authority to require that “public” arbitrators have no ties to the industry. In a rule awaiting approval at the Securities and Exchange Commission, New York- and Washington-based FINRA has proposed limiting to $50,000 a year the amount of revenue a public arbitrator could receive from brokerage firms for handling customer disputes.
Deferred-comp legislation may be introduced in Sept.
Senate Finance Committee leaders are working on a plan to resurrect legislation to cap deferred compensation, which they could reintroduce next month as part of a bill that would extend popular education tax breaks.
SEC’s principal trade proposal raises new fears
Some financial advisers fear that a proposal backed by the Financial Planning Association that would allow brokers to make principal trades in their fee-based accounts would result in a new loophole that brokers can use to skirt investment adviser regulations.
