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State regulators call for backup
IRVINE, Calif. — State regulators are seeking reinforcements. In a speech this month at the annual meeting of the National Conference of State Legislatures, Joseph Borg, president of the North American Securities Administrators Association Inc., called for the NCSL to develop a more detailed policy statement opposing federal pre-emption of state securities laws.
New IRS regs would limit fee deductions
Proposed IRS regulations that affect trusts and estates would carry with them a host of ills — including more trust fees for beneficiaries, additional work for financial advisers and increased client exposure to the alternative minimum tax — advisers and industry experts say.
Fate of estate tax worries planning lawyers
WASHINGTON — Estate planning lawyers are increasingly worried that Congress may not act on estate tax reform before the estate tax repeal expires at the end of 2010.
Advisers remain concerned about target date fund ‘advice’
As the first anniversary of the Pension Protection Act approaches, financial advisers remain wary of target date mutual funds.
New criticism for name of self-regulator
It’s FINRA, and it’s final. But the name of the self-regulatory organization formed by the consolidation of NASD’s and the New York Stock Exchange’s regulatory units is drawing a new wave of criticism.
Adviser group pushes for U-5 reporting reforms
IRVINE, Calif. — The Wealth Advisor Institute is calling for reform of the broker-termination-reporting process.
SEC gives SOX relief to smaller firms
The SEC approved a new accounting standard that would lower costs on Sarbanes-Oxley compliance.
401(k) disclosure legislation introduced
A bill that would increase 401(k) disclosure should be put on hold, according to the American Benefits Council.
National Insurance Act repitched
The first bipartisan House version of the National Insurance Act of 2007 was reintroduced today.
DOL said to keep stable value off default option list
The Department of Labor has rejected a proposal by the insurance industry to include stable-value funds as a default option for 401(k) plans, according to industry sources.
Washington state pushes for designation regs
WASHINGTON — Washington early this month became the third state to move toward regulating adviser designations when it issued two concept releases asking for public comments on the issue.
Plan sponsors embrace default investment alternatives
CHICAGO — While the Department of Labor has yet to issue final regulations on default options for 401(k) plans, many companies are jumping ahead and incorporating a qualified default investment alternative into their retirement plans.
SIFMA draws flak for Florida fee hikes
Some brokerage firms are miffed about higher registration fees that Florida implemented this month, and blame the Securities Industry and Financial Markets Association for not doing enough to stop the increases.
SEC hits hedge fund regulatory hurdle
A proposal to provide tougher qualification standards for investing in hedge funds and other alternative investments has proved to be so controversial that the Securities and Exchange Commission may have to alter the plan or scrap it altogether.
Dispute over broker-dealer cash erupts
IRVINE, Calif. — An SEC proposal to change how broker-dealers can invest customer reserve funds has come under attack from a variety of industry interests.
Firm aims to make DB plans a product advisers can sell
SAN FRANCISCO — A small company is betting that it can turn defined benefit plans into a mainstream product for financial advisers to sell.
Mutual funds fall under hedge regulation
Mutual funds will now be subject to a new rule that prohibits fraud in hedge funds and other private investment pools.
12(b)-1 fees come under attack again
On the heels of the federal appeals court decision rejecting fee-based brokerage accounts, brokers are facing yet another challenge from consumer advocates who are questioning whether 12(b)-1 fees are being used illegally.
Bernanke gets high marks despite economy’s hiccups
SAN FRANCISCO — The U.S. economy has some shaky elements, but Federal Reserve Board Chairman Ben S. Bernanke’s track record still is rock solid, according to financial advisers, chief economists and other executives in the investments industry.
Canada to weigh single regulator, existing alternatives
OTTAWA — In a confusing compromise, federal Finance Minister Jim Flaherty and his peers from the provinces and territories agreed last Tuesday that the feds would set up a panel to study the creation of a single Canadian securities regulator.
