Willing to go to any length to avoid oversight by Finra, financial advisers are reluctantly accepting the idea of paying the SEC to regulate them.
A proposal put forward by the Obama administration and Rep. Paul Kanjorski, D-Pa., chairman of the House Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, would weaken the Investment Advisers Act of 1940, according to the head of a group that represents federally registered advisers.
A Florida investor filed a federal class action against Regions Financial Corp., alleging that when the bank tried to obtain shareholder approval for a 2006 acquisition, it misrepresented its financial condition to the investors.
A former Oklahoma State pitcher received a $750,000 settlement from the NCAA to end a lawsuit challenging a rule that bans college baseball players from using legal advisers in contract negotiations with professional teams.
President Barack Obama fought to keep his proposed banking overhaul on track Friday, casting the political struggle ahead as one between big financial interests and average Americans victimized by complex or unscrupulous financial transactions.
But the Financial Services Institute Inc. isn't suggesting it should be Finra just yet
Regulators and investor advocates voiced support Tuesday for a proposal that addresses consumer protection and would bring investment funds under government supervision as part of Congress' efforts to revamp the U.S. financial rule book.
House lawmakers crafting legislation to overhaul the system of financial regulation are focusing on the key elements of investor protection and bringing investment funds under government supervision as they hear the views of regulators, industry officials and investor advocates.
Some of the nation's secretaries of state want Congress to change regulations that kept them out of the loop during a federal probe of the now-defunct Stanford Financial Group.
Regulators and representatives of the insurance industry appeared before Congress today to discuss a new draft of the Federal Insurance Office Act of 2009.
The head of the Financial Industry Regulatory Authority Inc. today threw the group's support behind allowing the Securities and Exchange Commission to ban mandatory arbitration clauses in securities contracts.
The Financial Industry Regulatory Authority Inc. will expand a pilot program that allows investors to choose arbitration panels without industry participants.
Investment advisory firms would have to pay fees to cover the cost of SEC examinations under draft legislation released last week by a senior lawmaker.
The investment advisory profession is facing a number of serious policy issues that could dramatically alter the manner in which it is regulated and transform the high ethical standards that have been a hallmark of the profession for decades.
The Investment Adviser Association supports the Obama's administration's efforts to ban mandatory arbitration clauses in securities contracts.
The Securities and Exchange Commission would be expected to define a fiduciary standard that would be applied to brokers and investment advisers, according to draft legislation released this afternoon by House Capital Markets Subcommittee Chairman Paul Kanjorski, (D-Penn.).
In a lawsuit filed today, State Attorney General Richard Blumenthal says the two companies knowingly assigned false ratings to securities tied to subprime mortgages.
Buddy Rogers, who officially tossed his hat into the ring last week for a U.S. Senate seat in Arkansas, thinks that there is one important constituency that need a stronger voice in Congress right now: the financial advisory community.
Although a House Financial Services subcommittee plans to discuss adviser issues at a hearing on Oct. 6, it's unlikely Congress will debate the fine points of adopting a fiduciary standard for all financial advisers.
Progress on health care reform will finally come this year, though it will be made at the expense of other regulatory- and legislative-reform initiatives, two former political party bosses said yesterday at an insurance industry gathering.
