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Financial Services Institute defends Reg BI under new administration
Fiduciary advocates are pressing the Securities and Exchange Commission to overhaul the measure. FSI and other industry groups will lobby to keep it intact.
Finra zeroes in on online brokerage apps
The broker-dealer self-regulator cited a surge of new retail investors entering the markets via online platforms, which has led to a spike in more sophisticated kinds of trading, such as options.
SEC vows to act on potential manipulation during trading surge
Market volatility related to a surge in trading of shorted stocks has drawn the attention of regulators and lawmakers. But it’s not clear whether there's a role for them to play.
Fiduciary advocates urge SEC to rename Reg BI, eliminate broker conflicts
In addition changing Reg BI's nomenclature, the Institute for the Fiduciary Standard called for eliminating some broker conflicts of interest, such as compensation incentives for product sales, revising the disclosure Form CRS and clarifying that investment advisers must avoid conflicts of interest rather than just disclosing them.
Experts anticipate SEC probe of GameStop trading fluctuations
The agency is likely parsing the activity to see if there’s deliberate manipulation or collateral effects more broadly on stock prices. Shares of the video game and consumer electronics retailer soared 93% on Tuesday and are up more than eightfold for the month.
Regulators, investor advocates warn against deregulating private markets
As the Biden administration and lawmakers begin negotiations over President Joe Biden’s $1.9 trillion coronavirus relief proposal, state regulators are concerned that private-market deregulation could become a bargaining chip.
Dramatic changes to legislation seem unlikely despite full Democratic control
An evenly divided Senate might tweak rather than overhaul investment-advice policy, such as the treatment of rollovers, while resisting some tax increases Biden advocated during the election.
Trump pardons provide leniency in cases involving investor harm
Such pardons don’t sit well with securities attorneys, who say they contradict the mission of regulators and send the wrong message to perpetrators.
Biden signals administration will review DOL ESG rule
Hours before President Joseph Biden was inaugurated at the U.S. Capitol, the Biden transition team released a list of more than 100 Trump regulations approved since 2017 that it intends to revisit.
Gensler expected to put teeth in Reg BI — not overturn it
A former chairman of the Commodities Futures Trading Commission, former Treasury Department official and former Goldman Sachs executive, Gensler has developed a reputation as a tough regulator who also was a successful leader on Wall Street.
Critics say Finra proposal to rein in rogues falls short
Under the measure, which the Financial Industry Regulatory Authority Inc. first released in May 2019, the broker-dealer self-regulator would use numeric thresholds for regulatory disclosures to identify firms that pose a heightened risk to investors.
Robinhood exec walks through regulatory revolving door
The online trading platform’s popularity has skyrocketed over the last several months, but its fast growth has also generated increased regulatory scrutiny
Momentum picks up for state-level best interest rule on annuity sales
Arkansas and Michigan become the latest states to adopt the National Association of Insurance Commissioners model rule
Finra obtains $2.7 million in restitution related to 529 share-class initiative
Morgan Stanley’s $1.7 million settlement highlights remedies for excessive fees
SEC’s amped-up oversight of complex financial products expected to continue under Biden
Agency says advisers, brokers must apply ‘heightened scrutiny’ to sales of risky ETPs
SEC approves rule to allow testimonials in advertising
Revision of the advertising rule in place since 1961 reflects technological advances like social media marketing, according to the regulator
Scaramucci to launch SkyBridge Bitcoin fund
The new fund designed for wealthy investors will be seeded with $20 million
SEC slams Voya Financial with $23 million penalty for conflicts at RIA
The conflicts of interest ranged from 12b-1 fees to cash sweep accounts to alternative investments
SEC warns of tougher Reg BI exams next year
The agency will ‘conduct enhanced transaction testing’ to see if firms are acting in customers’ best interests
Finra hits Transamerica with $8.8 million sanction
The settlement includes $4.4 million in restitutions to harmed customers over the sales of unsuitable VA, mutual fund and 529 products
