Patrick Donachie

Chair Jay Clayton touted the changes as necessary updates to requirements that had gone unchanged for decades, though some commissioners expressed concerns even as they voted in support.

While previous exams looked at 'good faith' efforts by firms to comply, next year the commission will focus on specific rule requirements that 'go beyond suitability standards.'

The agency said the firm had failed to properly oversee registered representatives' recommendations on variable annuities, mutual funds and 529 plans, affecting about 2,400 customers in total.

The regulatory agency said three Cetera broker/dealers had previously been told by the SEC of the failures to properly supervise certain transactions of dually registered representatives, but they failed to set up...

The new firm Homestead Wealth Management will be based out of Glendale, Ariz. The two advisors have about $150 million in advisory and brokerage assets under management.

The SEC alleges CapWealth failed to disclose lower-cost share class options to its clients. But the RIA's founder calls the complaint "a shameful exercise and an abuse of power.”

The regulatory agency is looking to see if it should change its rules and operations to better address challenges faced during the pandemic.

The Labor Department's final rule creating an exemption for fiduciaries on certain prohibited transactions under ERISA will go into effect after the start of the new administration.