A lawyer who represents investors in disputes with brokerages says online inspections of branch offices will increase his business in a bad way. Trade groups representing brokers say easing the requirement for onsite reviews better aligns supervision rules with the hybrid work environment. Those divergent opinions arise in the wake...
A brokerage and two of its registered representatives agreed to pay the SEC a little more than $1 million for violating Reg BI by churning client accounts, according to orders released Monday. The Securities and Exchange Commission charged Richard Michalski and Michael Murray, two reps for Laidla Learn more about reprints...
A Finra proposal on performance advertising aims to align its oversight of broker marketing with the SEC’s marketing rule for investment advisors — a move that would help dually registered advisors adhere to both regulations. The Financial Industry Regulatory Authority Inc. filed a proposal l Learn more about reprints and licensing...
The last time Sheryl Garrett attended a White House rollout of a proposal to raise investment advice standards for rollovers, she became one of the stars of the show. When President Barack Obama announced the Department of Labor’s proposal in 2015, Garrett was in the crowd at an aud Learn more...
House legislation to fund the Department of Labor contains provisions to kill the agency’s proposal to raise investment advice standards for retirement accounts, but the effort to scuttle the regulation faces strong opposition from Democrats. While the financial industry is trying to stop the p Learn more about reprints and licensing...
SEC Chair Gary Gensler has been able to forge ahead with an aggressive rulemaking agenda despite strong industry pushback and political pressure from Capitol Hill. But something looms in November that would stop him in his tracks — a government shutdown. Federal funding is set to ex Learn more about reprints...
Legislation that contains several provisions to stop major SEC rule proposals affecting financial advisors stalled in the House Thursday, and the so-called policy riders face a difficult legislative path ahead. The House postponed a final vote on an appropriations bill that would fund the Securities and Exchange Commission and several...
Two groups sometimes at odds with Finra over how best to protect investors are backing the regulator against a lawsuit that questions its constitutionality. The Financial Industry Regulatory Authority Inc. is defending itself against a claim brought by Alpine Securities Corp., a firm Finra expell Learn more about reprints and licensing...
When Rita Robbins was an operations manager at a Paine Webber branch on Long Island in the 1980s, the firm held staff meetings at a country club that didn’t admit women. No one seemed to care except her. Fast forward about 40 years, and Robbins, who has been named the...
Finra arbitrators rarely reveal the reasoning behind their decisions. But this week, a panel went into unusual detail to explain to Latin American victims of a Ponzi scheme why they won’t be able to collect damages against a major brokerage. More than 100 claimants, most of them from Ecuador, filed...