SEC Issues
Action by the Securities and Exchange Commission (SEC) due to breaches of fiduciary duty, inadequate disclosures and compliance deficiencies has prompted a registered investment adviser to stop certain practices and to issue rebates and credits to some of its clients, which include small to medium...
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Witnesses at a House Financial Services subcommittee hearing July 13 largely offered their support for legislation to repeal the current DOL fiduciary rule and direct the Securities and Exchange Commission to take the lead in regulating the standards of care for investment advice.Of the five...
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“It is important that the Commission make all reasonable efforts to bring clarity and consistency” to “standards of conduct that investment professionals must follow in providing advice to Main Street investors,” Securities and Exchange Commission (SEC) Chairman Jay Clayton said on July 12. He made...
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Securities and Exchange Commission Chairman Jay Clayton says that his agency must work with the Department of Labor (DOL) on the fiduciary rule. He made his comments during a June 27 appearance before the Senate Financial Services and General Government Subcommittee to present the SEC’s fiscal year...
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President Trump’s nominees for Labor Secretary and SEC Chairman finally have hearing dates. The Senate Health Education Labor & Pensions Committee has announced that there will be a full committee hearing on the nomination of Alex Acosta to serve as Secretary of Labor on March 15 at 1:30 p.m....
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The Securities and Exchange Commission’s Acting Chairman Michael Piwowar is, to put it mildly, no fan of the Department of Labor’s fiduciary rule. But he doesn’t stop there — recent reports say he advocates rethinking a fiduciary standard, period. Piwowar recently called it a “terrible, horrible,...
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Much of the preparation for the Labor Department’s fiduciary regulation has involved a focus on rollover advice — but it now looks like the Securities and Exchange Commission (SEC) is gearing up a larger focus as well.A new blog post from noted ERISA attorney Fred Reish reminds that the SEC’s...
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The Securities and Exchange Commission (SEC) on Jan. 17 announced that 10 firms have agreed to pay penalties to settle charges that they violated the SEC’s pay-to-play rule by receiving compensation from public pension funds within two years after the firms’ associates made campaign contributions....
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Retirement investments and advice are among the examination priorities of the Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) for 2017, the SEC said on Jan. 12. The OCIE’s priorities reflect a continuing focus on protecting retail investors, says...
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Retirement investments and advice are among the examination priorities of the Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) for 2017, the SEC said on Jan. 12. The OCIE’s priorities reflect a continuing focus on protecting retail investors, says...
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Securities and Exchange Commission (SEC) Chair Mary Jo White has reiterated that her agency’s fiduciary rule is coming, but “not any time soon.” White made her remarks on Sept. 27 at the Securities Industry and Financial Markets Association’s capital markets conference annual meeting in Washington...
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Broker-dealers and registered representatives must link to FINRA’s BrokerCheck website on their home pages and any pages on their websites featuring profiles of representatives who work with retail investors. This requirement came into effect after the Securities and Exchange Commission approved a...
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Securities and Exchange Commission Chair Mary Jo White told the Senate Committee on Banking, Housing, and Urban Affairs on June 14 that her agency is indeed working on a fiduciary rule of its own, but will not be issuing it anytime soon. She made her remarks in testimony to the committee as part of...
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The Securities and Exchange Commission plans to issue a “personalized investment advice standard of conduct” in the spring of 2017, according to the agency’s latest regulatory plan.The SEC’s Division of Trading and Markets and Division of Investment Management are considering jointly proposing a...
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Sen. Elizabeth Warren (D-Mass.) is turning up the heat on financial services firms that have opposed the Department of Labor’s (DOL) pending fiduciary regulation.Having expressed concerns a few weeks ago to Secretary of Labor Thomas Perez and Office of Management and Budget Director Shaun Donovan (...
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Securities and Exchange Commission (SEC) Chair Mary Jo White on March 22 presented the House Appropriations Committee’s Subcommittee on Financial Services and General Government with her agency’s fiscal year (FY) 2017 budget request. Among the initiatives for which the SEC seeks funding is...
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The Securities and Exchange Commission (SEC) has formed the Office of Risk and Strategy (ORS), a new office within the Office of Compliance Inspections and Examinations (OCIE). It is intended to consolidate and streamline the OCIE’s risk assessment, market surveillance and quantitative analysis...
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The good news is that the Securities and Exchange Commission (SEC) has established a date for issuance of a notice of proposed rulemaking (NPRM) for the Personalized Investment Advice Standard of Conduct.The bad news? That date, according to the SEC Office of Management and Budget’s fall agenda, is...
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Securities and Exchange Commission Chairman Mary Jo White on Nov. 18 faced some tough questions from members of the House Financial Services Committee from both parties concerning her agency’s work on setting a uniform fiduciary standard of conduct. White was testifying before the committee...
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The Securities and Exchange Commission (SEC) is working “expeditiously” on a uniform fiduciary standard, according to SEC Chair Mary Jo White. She made her comments at the Nov. 10 annual meeting of the Securities Industry and Financial Markets Association (SIFMA).White reported that her agency is “...
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