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Supreme Court rejects state challenge to SALT deduction cap
The court refused to review a New York-led constitutional challenge to the $10,000 cap on state and local tax deductions imposed in the 2017 tax law.
Has the SEC reached peak politicization?
The SEC's growing political rift reflects Washington's widening partisanship and threatens to diminish the agency's stature.
Industry groups want DOL to withdraw guidance on use of cryptocurrency
The agency's cautioning against using crypto in retirement accounts violates current law and sidesteps public input, the trade associations argue.
Fiduciary advocates raise alarm about SEC limits on term ‘fiduciary’
In a set of frequently asked questions about Form CRS, the SEC cautions investment advisers about saying that they're held to a fiduciary standard.
Finra arbitrators award former Morgan Stanley broker $900,000
The former rep, Joseph C. DeNicola, alleged wrongful termination, defamation and unpaid compensation.
Advisers cheer SECURE 2.0 and renewed focus on retirement savings
The proposed legislation's popular provisions include increasing the RMD age to 75 and allowing employers to match student loan payments with retirement plan contributions.
Goldman women pick lawsuit over arbitration but many abstain
Almost everyone who’s responded wants to stay in court. But half of the group didn’t respond at all, which means they’re leaving the lawsuit.
Trade associations raise concerns about SEC’s cybersecurity proposal
Investment Adviser Association, American Securities Association say advisers need more than 48 hours to report breaches to SEC.
Wells Fargo Advisors fires back in Georgia court dispute over arb decision
In its appeal, the firm argues that the judge was wrong and that the arbitration decision it had initially won against a client should stand.
SEC ruling reignites spot US bitcoin ETF approval debate
The agency gave its blessing to the Teucrium Bitcoin Futures Fund application which was filed under the Securities Act of 1933.
Made a killing in crypto? Your tax bill is coming due
Digital tokens like Bitcoin and Ethereum are classified as property by the Internal Revenue Service and taxed like stocks and bonds.
Pelosi adviser among Biden’s nominees for SEC commissioner slots
President Joe Biden plans to nominate Jaime Lizarraga, a senior adviser to House Speaker Nancy Pelosi, and Mark Uyeda, who has spent a chunk of his career at the SEC.
Partisan split dims outlook for retirement bill approved by House panel
Many provisions in the House Education and Labor Committee bill have only Democratic backing, which reduces their chances of being part of a bigger retirement savings measure later this year.
Finra bars ex-Cetera rep who used clients’ money for own family’s investments
The broker, Marianne O'Shee Smith, a 34-year veteran of the securities industry, used $45,100 she had received from three customers, all senior citizens.
Democrat Joe Manchin opposes SEC’s climate proposal
The senator expresseed concern that the proposal would unfairly burden carbon-intensive energy companies.
Ex-BofA employees among 6 banned by Fed over Covid loan fraud
The Federal Reserve banned the former bank employees for fraudulently obtaining loans designed to provide economic relief to small businesses during the pandemic.
Wells Fargo agrees to pay $32.5 million to settle 401(k) lawsuit
The settlement, filed in U.S. District Court for the District of Minnesota, relates to the 401(k) plan's use of the bank's own offerings.
Supreme Court ruling could add uncertainty in Finra arbitration
Petitions to confirm or vacate awards are now more likely to be heard in state courts, where judges tend to be more skeptical of arbitration than their federal counterparts.
Court orders former investment adviser to pay $530,000 in fraud case
Massachusetts adviser Richard Duncan got two clients to invest in a scam that originated in Turkey.
How Biden’s billionaire tax would hit the wealthy
Under Biden's plan, wealthy individuals would owe taxes on the unrealized gains of their assets, in addition to realized gains, a change that would upend long-standing tax principles.
