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Young advisors welcome AI, but regulatory concerns restrict its use
'We all have too much to lose in reputation,' warns one CEO. 'It’s not worth it.'
Investment advisory firm case hits Supreme Court this week
Ruling could upend SEC’s 'Orwellian and terrifying' powers, amicus brief argues.
DOL proposal starts where Reg BI stops
Opponents say the DOL’s proposed rule overrides Reg BI by imposing fiduciary duty on brokers working with retirement savers. Backers say the measure fills in Reg BI’s gaps in investor protection.
Brokerage industry applauds, PIABA criticizes approval of remote inspection proposals
'It's supervision by Zoom,' PIABA says, while Finra says the new rules reflect hybrid work arrangements while protecting investors.
SEC orders brokerage, two reps to pay $1 million for Reg BI violations
'The strategy involved frequent in-and-out trades that placed the broker’s interest in generating commissions and fees ahead of the customers’ interest in making a profit,' the SEC order states.
Finra performance advertising proposal helps it keep pace with SEC marketing rule
'There seems to be a little more detail in the Finra rule about the guardrails on the use of the projections,' a compliance lawyer says.
Finra in surprise proposal to allow predicted returns in marketing
SEC reviewing submission to allow 'useful' projected performance.
SEC increases enforcement actions, imposes second-highest amount of penalties
'Last fiscal year’s results demonstrate yet again the Division’s effectiveness,’ says SEC Chair Gary Gensler.
Government shutdown would threaten SEC agenda
If a federal shutdown occurs, the SEC would cease most operations, potentially jeopardizing pending rules. The IRS would also go quiet as advisors wait for SECURE 2.0 guidance.
GOP riders to stop SEC rules face difficult legislative path
'Senate Democrats are highly unlikely to go along with [those provisions] that have been inserted into appropriations bills in the House,' says an official at an advisor trade association.
Gensler says proposal on AI conflicts aligns with Reg BI
'We're not trying to change Reg BI or change the fiduciary guidance,' the SEC chair says at SIFMA's annual conference.
State regulators, PIABA back Finra against claim it’s unconstitutional
'Finra provides essential services ... thousands of firms, hundreds of thousands of registered persons, and millions of American investors rely upon,' the North American Securities Administrators Association says in a brief.
Finra arbitrators exonerate Raymond James in scam targeting Ecuadorian investors
'It’s a devastating award, or lack thereof, for the claimants and a massive victory for Raymond James,' says an attorney not involved in the case.
Sen. Tim Scott wants to open private markets to more ordinary investors
'My suspicion is that if [Scott’s bill] passes, then the number of Main Street investors who are sold an unregistered security will far exceed the number of Main Street investors who actually go looking for such a product,' an advisor says.
SEC keeps up pressure on firms’ cash sweep accounts
'Interest rates are coming back, so where you put clients' money in cash is an issue again,' one attorney notes.
Tribalism threatens the DOL investment advice rule
'The best kind of regulation is when the private sector works with regulators to craft regulation that is efficient, effective, workable and narrowly targeted,' says the architect of the Obama DOL's fiduciary rule.
Silver-coin IRA seller settles with CFTC over alleged $68M fraud
Safeguard Metals allegedly steered retirees who cashed out of IRAs toward high-markup silver coins
Trying to halt the SEC
A wide range of financial industry groups are urging the agency to withdraw its most controversial proposals, but even the most reviled likely will avoid major changes.
SEC steps up enforcement: Actions increase, money obtained falls in fiscal 2023
'Some may call high-impact cases regulation by enforcement,' SEC Chair Gary Gensler said. 'I call it enforcing the laws and the regulations that are on the books.'
Asset managers tune out anti-ESG noise
“Energy transition and environmental investing are not slowing down,” says portfolio manager as Cerulli report offers fresh insight.
