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Crown Capital settles with SEC over 12b-1 fees
The SEC launched its Share Class Selection Disclosure Initiative in February 2018 to target advisory firms that recommended high-fee mutual funds.
Fiduciary backers seek ‘highest legal standard’ in Form CRS disclosures
The Institute for the Fiduciary Standard on Tuesday proposed a redesigned customer relationship disclosure, known as Form CRS, that provides a side-by-side comparison of advisers and brokers.
Banks’ robust capital mitigates risks, regulators tell Biden
At a meeting at the White House Monday, regulators including Fed Chairman Jerome Powell and SEC Chairman Gary Gensler reassured the president that the financial system is doing well.
House approves legislation requiring ESG disclosures
The Democratic majority barely prevailed, while SEC Commissioner Allison Herren Lee said the agency could propose a climate-risk rule by year-end. The vote came a day after a Securities and Exchange Commission deadline for public comment.
Crown Capital prepares for $1.38 million SEC penalty
The broker-dealer is potentially facing a penalty from the Securities and Exchange Commission due to sales of high-fee mutual funds. The regulator launched its Share Class Selection Disclosure Initiative in February 2018.
SEC receives more than 300 comment letters on ESG disclosures
Democrats and trade groups representing investment advisers were mostly on board with the proposed mandatory climate-risk disclosures. However, Republicans and other interest groups opposed the measure.
FSI vows to monitor Reg BI ‘regulation by enforcement’
The Financial Services Institute is worried about how the agency might expand Reg BI's reach. The problem is tied to setting new disclosure standards through enforcement initiative, rather than doing so through rulemaking.
Mandatory ESG disclosures are a political inevitability
The SEC's flurry of activity has drawn concern not only from Capitol Hill Republicans but also the agency’s Republican commissioners, Elad Roisman and Hester Peirce.
SEC fines robo-adviser Emperor Investments for false disclosures
SEC slapped Emperor Investments with a $25,000 fine. The charges mark the third enforcement action brought by the SEC against digital advisers.
House Republicans warn SEC against climate disclosure requirements
GOP members of House Financial Services Committee question whether climate risk meets the materiality standard.
Finra withdraws expungement reform proposal
The measure, which would have established a special roster of arbitrators to hear broker requests to clear their records, was criticized by PIABA as being too limited to address the problem.
Legislation would require ESG factors in investment decisions
The bills amend the Investment Advisers Act and federal retirement law to promote sustainable investing. The document must describe the factors advisers use in making investment decisions and they must 'align with an ESG framework'
Democratic-led SEC lets investors determine ESG materiality
The agency likely will propose disclosure rules and has already outlined compliance shortfalls, according to experts at the InvestmentNews Global ESG Summit.
Ex-SEC commissioner targets rogue brokers turning to insurance sales
Study co-authored by Robert Jackson Jr. shows that 'wandering advisers' who leave one regulator and continue operating under another are more likely to commit misconduct.
Crypto may ‘force’ SEC to modernize rules: Hester Peirce
The regulator is taking ownership of the work that is needed to provide some comfort around custody issues in the crypto space. 'The bottom line message I have is that we have work to do,' she said.
Rep. Casten pushes climate disclosure bill to strengthen SEC’s hand
The legislation advances to the House floor as the SEC is taking public comments on increasing ESG reporting requirements.
Gary Gensler uses political savvy for strong start at SEC
The SEC chair deftly handled four hours of questioning from lawmakers, including a query about Reg BI. He showed he’s a deft politician who will be able to guide policy in a direction he favors.
GameStop legislation causes partisan fissures
Democratic bills address investor protection concerns related to the frenzy; Republicans warn against regulating ordinary investors out of the market.
Gensler vows to ensure compliance with Reg BI ‘as written’
In his first appearance on Capitol Hill since being confirmed as SEC chair, Gensler also addressed ESG and the gamification of investing.
SEC charges barred broker in IPO scam
Peter Quartararo told clients he’d buy ‘pre-IPO’ shares in prominent private companies including Peloton and Airbnb.
