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SEC updates annuity disclosure rules for RILAs, MVAs
The amendments aimed at fostering a more tailored approach to disclosure for non-variable annuities sparked concerns for one dissenting commissioner.
Errant ex-advisor who lost clients almost $2M hit with 10-year prohibition
Former advisor reportedly put his clients in unsuitable private placements and misappropriated part of a senior client’s $675K investment, among other breaches.
Supreme Court muddies regulatory authority of SEC and DOL
Federal agencies could be more easily defeated in court over their interpretations of laws passed by Congress.
Follow the rules, ask questions when using gen AI, Finra tells firms
Amid growing use of generative AI and large language models, the regulator is issuing a crucial reminder for its members.
Critics question Finra as watchdog’s caseload plunges
Enforcement actions hit an all-time low last year while fines plummeted to half of 2016 haul, raising doubts about its effectiveness.
New fiscal spending bill threatens DOL fiduciary rule
The proposed legislation governing funds for fiscal year 2025 would hamper the agency’s ability to administer, implement, or enforce the rule.
Supreme Court dampens SEC’s use of in-house courts
The conservative majority decision nullifying a nearly $1M penalty could hamper the regulator's power to extract high-dollar settlements.
A Republican makes a case for ESG and sustainable investing
Despite attacks on environmental, social, and governance data being used, one former Congressman said he is hopeful about climate investing.
Wall Street banks pick up buyback pace ahead of key Fed tests
The six largest lenders bought back more than $14B in shares in the first quarter as regulators hint at "lite" version of new rules.
Morgan Stanley faces Reg BI lawsuit over interest in cash sweep accounts
The firm fell short of its fiduciary duty by paying customers dismal rates compared to what’s available in the market, according to class action.
Massachusetts moves to limit REITs’ hospital ownership
High-profile hospital collapse sparks legislative action to ban REITs as landlords that experts say misses the mark.
Fed finds chinks in Wall Street banks’ living wills
BofA, Citi, Goldman, and JPMorgan must take remedial action on "shortcomings" in wind-down plans, finds regulators.
SEC actions hint at looming “AI washing” crackdown
Recent moves against issuing firms and money managers show some parallels to the regulator's early crypto focus.
SEC bars advisor who used senior clients’ cash for secret options trading
The ex-Merrill Lynch, Fifth Third advisor concealed his activities by telling clients to put $683k in a shell company, according to a complaint.
Devil is in the detail of Finra’s new remote inspections pilot
FSI will work constructively with the regulator to find the best way forward, just as it did over residential supervisory location designations.
Wells Fargo latest to be sued over forfeited 401(k) money
A proposed class action accuses the company of violating ERISA for its $45.8 billion 401(k) plan.
White House unlikely to support SALT cap hikes as tax fight looms
A second term for President Joe Biden would mean focusing on higher taxes for corporations and billionaires, says top economic advisor.
Brooklyn-based brokerage TradeZero hit with $250k penalty over finfluencer activities
Finra investigation finds pandemic-era promotions, recordkeeping, and privacy notices to investors breached a raft of rules and regulations.
Auto-IRAs get another push in Rhode Island
Senate Bill 2045 aims to require state private employers to provide a workplace retirement plan, with provisions for a state auto-IRA program.
SEC alleges pre-IPO share sales fraud ‘like a Hollywood movie’
Sales force said to have made $45M, agency warns of similar investment scams.
