Displaying 229 results
Robinhood to pay states $10.2 million over outages prior to meme stock frenzy
A multistate investigation of the problems in 2020 cited Robinhood for technology failures as well as lack of diligence in approving options trading.
Finra extends work on remote supervision proposals amid investor protection concerns
State regulators cite brokers' outside business activities and 'off-channel communications' as two areas that can't be overseen from afar.
Securities regulators warn of risks related to self-directed IRAs
The SEC, Finra and NASAA issue identical alerts telling retirement savers they're on their own if they open accounts that give them complete autonomy on the investment lineup.
Legislation lets funds delay redemptions if transfer involves senior abuse
The bill sails through House, 419-0, on a fast track. Its author, Rep. Ann Wagner, R-Mo., hopes the Senate acts this time around.
IARs in 10 states, D.C. must complete continuing education by year-end
The CE requirements are the first for investment advisors, who must take 12 credit hours of courses in products and practice as well as ethics.
Questioning the SEC’s outsourcing proposal
For advisors who don’t do their homework, the possibility of a regulatory slap on the wrist may be less of a deterrent than a whack in the wallet from aggressive attorneys.
Crypto lender Nexo pays $45 million in fines to SEC, states
The SEC said Nexo's Earn Interest Product amounted to a security that should have been registered with the agency.
State regulators urge Congress not to expand private securities markets
NASAA's policy agenda asks lawmakers not to erode state oversight of unregistered securities in the effort to bolster capital formation, warning of potential investor harm.
SEC meets strong industry resistance on advisor outsourcing proposal
Critics say the measure's due diligence and monitoring requirements for third-party providers of portfolio management and other services are unnecessary given advisors' fiduciary duty.
Advisers should look to alts to attract high-net-worth clients
But they need to be aware of stepped-up regulatory scrutiny of complex products, an expert tells advisers at the Financial Planning Association annual conference.
How to keep elderly clients safe from scams this holiday season
There are many ways financial advisers can protect elderly clients from financial abuse. The first trick is to spot it.
Colorado revisions to financial planning guide don’t quiet a critic
The state is concerned that fee-for-service financial planners aren't aligning their charges with work done for clients. Michael Kitces said the guidance remains biased toward the AUM model.
SEC seeks more input on Finra proposal to allow supervision from home offices
State regulators and PIABA have questioned whether a residential supervisory location would provide appropriate investor protection.
Four states move to shut down investment scheme tied to metaverse casinos
State regulators filed cease-and-desist orders against an organization based in the country of Georgia that was selling non-fungible tokens known as Slotie NFTs.
Investment scams targeting the elderly surge, government agency reports
The Federal Trade Commission says older Americans lost $147 million in 2021, up 213% from 2020, with crypto rip-offs being a leading culprit.
State regulators look to keep pace with SEC marketing rule
The North American Securities Administrators Association is working on a model rule that 'mirrors' the SEC regulation.
Colorado regulators mulling update to guidance on financial planning fees
Groups like XY Planning Network and the CFP Board view a document from the state's Division of Securities as undermining fee-for-service models.
New NASAA leader wants Reg BI to give investors ‘best bang for buck’
Andrew Hartnett, who's deputy administrator for securities in Iowa's Insurance Division, has put assessing the broker conduct standard at the top of his priority list at NASAA.
State regulators see decline in enforcement actions
But NASAA reports increase in both fines and restitution in 2021, with states collecting $145 million in fines and returning $312 million to investors.
NASAA model rules let advisers maintain licenses while out of industry
The move aligns state policy with a Finra initiative that extended the grace from two to five years as long as brokers stay current on continuing education.
