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.
With some one million odd fee-based brokerage accounts holding $300 billion in assets now legally considered advisory accounts, brokerage firms face the daunting task of deciding (quickly) what to do next.
Misleading the Military: NASD fined two Fidelity b/ds $400,000 for preparing and distributing misleading sales literature that promoted Fidelity's Destiny I and II Systematic Investment Plans, which were primarily sold to U.S. military personnel.
In his new role as New York governor, Eliot Spitzer is joining forces with those he used to terrorize—Wall Street chief executives—to modernize financial services regulation in the state, the Financial Times reports. Spitzer is forming...
This week Massachusetts fired a round in the new regulatory war waged by state securities regulators against the use of senior designations to commit senior fraud. The Massachusetts State Securities Division adopted the nation’s first...
The SEC isn’t going to fight the March 30 D.C. Court of Appeals ruling that vacated Rule 202, the broker/dealer exemption (a.k.a. the Merrill Lynch rule)—they’re just asking for a little mercy for firms that have to adjust. The...
WASHINGTON, D.C. – Speaking at the 49th annual Investment Company Institute general membership meeting, NASD Chairman Mary Shapiro told mutual fund executives she sees better regulation of investment products as a result of the expected...
Crooks come in all shapes and sizes—even, apparently, in the guise of SEC examiners and staff. The SEC issued an alert Thursday to securities industry firms, warning them to keep an eye out for impostors—individuals pretending to work...
Today the Securities Exchange Commission announced Morgan Stanley will pay $7.96 million and penalties to settle the SEC’s charges against the firm for failing to provide best execution to clients. More specifically, the SEC charged Morgan...
Add A.G. Edwards to the long list of firms that have been fined by the SEC for long-ago failures to supervise brokers who deceptively market timed mutual funds.