Regulation and Compliance issues for Wealth Professionals can be challenging to navigate especially when the SEC is involved. Catch the latest news and analysis on compliance updates that impact financial advisors.
Representative Tom MacArthur (R-N.J.) introduced the Securities Fraud Act of 2018 in February, which would give “exclusive federal jurisdiction over civil securities fraud actions.” State regulators are not happy.
The DOL issued a temporary enforcement policy regarding its fiduciary rule, Schwab to open accelerators in Austin and San Francisco and Black Diamond launches a new client portal.
Wealthfront opens its college planning tool to all users, Acorns launches its retirement tool and the SEC builds an online tool to find troubled brokers.
An investigation by state securities regulators found the independent broker/dealer failed to prevent the sale of certain equity and fixed-income securities that may not have been properly registered in their domains.
The DOL missed the deadline to file for a rehearing in the Fifth Circuit Court of Appeals, meaning the Court’s decision to vacate the fiduciary rule stands.
The SEC’s definition of the fiduciary “Duty of Care” makes any regulation difficult to enforce. It needs to offer a more concrete interpretation: one that focuses on the research upon which investment recommendations are based.
The consumer group, along with the attorneys general of California, Oregon and New York, are seeking a rehearing by the Fifth Circuit, which vacated the DOL fiduciary rule.
