Do you think banks, brokerages and insurance firms got what they paid for? They sure lay down a whole lot of benjamins to influence the shape of Wall Street reform legislation in the first half of this year. The securities and investment industry...
Dallas stockbroker Louis J. Schaufele III, who worked for Stanford Group between 2005 and 2009, was involved in an elaborate insider trading scam cooked up by brothers Sam and Charles Wyly, according to SEC charges filed Thursday. ...
In an interview with the Registered Rep. crew Thursday morning, TD Ameritrade Institutional President Tom Bradley said a fiduciary standard for all would "technically" create more competition for the firm. But he also said that TD still has some...
The SEC voted unanimously today to adopt change to the investment adviser disclosure document, Form ADV Part 2, provided to clients and prospective clients. Form ADV Part 2 describes an investment adviser’s qualifications, investment strategies...
President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act at a ceremony in the Reagan building today. (See WSJ story.) Much of the reform effort is now left up to the SEC, which has dozens of studies to complete and...
In remarks on 12b-1 fees Wednesday at the SEC Open Meeting, SEC Commissioner Mary Schapiro said that the regulator is proposing rules that would "impose limits on the cumulative sales charge – or sales load – that an investor pays" and "eliminate...
On an earnings conference call, Bank of America said the Wall Street reform package will cost it at least $2.3 billion in annual revenue, due to a provision that limits debit card processing fees. Chief Executive Officer Brian Moynihan said other...
One topic that has been heavily debated in the investment advisory industry in recent months is whether investment advisers need an self regulatory organization (SRO). FINRA, the SRO for broker/dealers and their reps, has eagerly offered to take...
