SEC Issues
The New York-based firm has agreed to settle alleged fraud charges brought by the Securities and Exchange Commission concerning investor fees.
According to the SEC’s July 18 order, Equitable agreed to pay $50 million for providing account statements to about 1.4 million variable annuity investors...
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In the wake of the SEC announcing a $6 billion securities fraud deal against Allianz Global Investors U.S. LLC (AGI U.S.), the firm off-loaded most of its U.S. investment management business as part of the terms of the deal.
The SEC announced May 17 that it had charged AGI U.S. and three former...
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The Securities and Exchange Commission (SEC), Department of Labor (DOL) and Congress are gearing up to “protect investors” from the emerging cryptocurrency market.
Contending that large parts of the crypto market are not operating within regulatory frameworks that protect investors, SEC Chairman...
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The Treasury Department and the Securities and Exchange Commission offered a look at their regulatory priorities for the coming months on June 11, including proposals in the pre-rule and final stages.
For the Treasury Department, this semiannual regulatory to-do list was the first offered under...
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The Securities and Exchange Commission has announced that President Donald J. Trump has designated SEC Commissioner Elad L. Roisman as Acting Chairman of the agency.
He steps into the role vacated by Jay Clayton, who had previously announced his intention to conclude his tenure at the end of this...
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Considering that many firms have modified their normal operating procedures and moved to a company-wide telework environment, the Securities and Exchange Commission is urging firms to take extra steps to ensure the safety of its investors’ assets.
Among other things, the eight-page Risk Alert...
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The Securities and Exchange Commission (SEC) on July 28 announced that it has reached a settlement with VALIC Financial Advisors (VFA) over failing to disclose payments to promote services to Florida educators.
The SEC charged VFA, a financial services vendor in nearly every school district in...
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The IRS had some unwelcome news for plan advisors and small businesses that may be taking advantage of forgivable loans under the Paycheck Protection Program.
In short, the IRS is saying no to the potential for a double-tax benefit. The IRS advises in Notice 2020-32 released April 30 that it...
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The Securities and Exchange Commission (SEC) is putting sales of 403(b) plans to teachers under its scrutiny. Where did this come from? And what does it mean?
In June 2019, the SEC announced two new initiatives that it said built on its ongoing efforts to protect retail investors: The Teachers...
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Stephanie Avakian, Co-Director of the Securities and Exchange Commission (SEC) Division of Enforcement, outlined the agency’s examination of the administration of teacher retirement plans at a recent conference.
In keynote remarks she presented Nov. 5 at the 2019 SEC Regulation Outside the United...
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According to published reports, 403(b) sales practices at Valic are under scrutiny by the Securities and Exchange Commission.
Citing people briefed on the matter, the Wall Street Journal reports (subscription required) that the SEC is investigating sales and disclosure practices at Valic,...
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An RIA working with an open-architecture platform and designing an investment menu for a plan may select a record keeper that supports the ability to add model portfolios to the plan menu. Tech Talk discusses whether these allocation models are considered discretionary services.
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The Securities and Exchange Commission (SEC) has launched an investigation into whether federal securities laws have been violated by companies that administer teachers’ retirement plans.
According to The Wall Street Journal, the SEC has sent letters to companies that administer the plans seeking...
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The Securities and Exchange Commission (SEC) on June 3 announced an enforcement and education initiative intended to help protect teachers and their assets, including retirement funds. The initiative augments the agency’s previous efforts in that vein with additional enforcement and investor...
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First the Labor Department announced a target for a fiduciary rule redo – and now the Securities and Exchange Commission has announced a review of its Regulation Best Interest.
The SEC has announced a meeting on June 5 where it “…will consider whether to adopt a new rule to establish a standard of...
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The federal government’s updated unified regulatory agenda has shed light on the status of the Securities and Exchange Commission’s and Department of Labor’s efforts on investment advice and the now-vacated fiduciary rule.
The SEC’s updated regulatory agenda confirms that the agency has set a...
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Retirement plans do not exist in an ERISA “bubble,” and the SEC’s proposed Rule 30e-3 3 which it issued this past June will fundamentally rework the manner in which mutual fund prospectuses, proxy material and other fund reports are delivered to shareholders. In MarketBeat, Robert Toth argues that...
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While the Securities and Exchange Commissioners were hardly unanimous in their assessment, they voted 4-1 to release for public comment a set of proposals to “enhance the quality and transparency of investors’ relationships with investment advisers and broker-dealers while preserving access to a...
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Editor’s Note: ERISA Tips is a new feature for the 403(b) Advisor. It is provided with you in mind — to make the newsletter more useful to you! If you have any content for ERISA Tips or the 403(b) Advisor that you would like to contribute or suggest, please contact John Iekel, editor of the 403(b)...
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True to its word, the Securities and Exchange Commission has announced a settlement with a broker-dealer and investment advisor that it says overcharged retirement account customers for mutual fund shares.According to the SEC’s order, Ameriprise Financial Services Inc. disadvantaged certain...
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