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.
The Department of Labor said the proposed rule would align with the SEC's Regulation Best Interest, while consumer advocates call it as a wishlist for the brokerage industry.
In light of the federal appeals court decision to uphold Reg BI, XYPN says it may take its case to the Supreme Court. Fiduciary advocates also expect more states to take action.
The Federal Reserve, Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. approved changes to the Volcker Rule Thursday that let banks increase their dealings with certain funds by providing more clarity on what’s allowed.
The Court ruled 8-1 in Liu vs. the Securities and Exchange Commission that the practice was allowable provided that the fees did not exceed the "wrongdoer's net profits," according to a majority opinion written by Justice Sonia Sotomayor.
The regulatory agency for broker/dealers has changed language to make clear that its rule would not apply to recommendations covered by the SEC's rule, which will be implemented on June 30.