A trade association mostly made up of certified financial planners launched an initiative Thursday to add members from Ameriprise Financial, an outreach effort that has a fiduciary advocate questioning how the credential’s advice standard squares with a dually registered firm. The Financial Planning Association introduced a national membership program to...
House Republicans may have shot themselves in the foot this week with the historic ouster of Speaker Kevin McCarthy but that doesn’t mean they’ll be taking their aim off the SEC. McCarthy was deposed as speaker Tuesday after eight far-right Republicans and all Democrats voted to remove the California Republican...
Investment advisors are shrugging off a potential government shutdown this weekend. “We’ve been through this song and dance before,” said Noah Damsky, co-founder of Marina Wealth Advisors. “It feels like déjà vu. This is what they do every time.” Lawmakers in Washington are once again at loggerheads over the federal budget....
The SEC ordered a subsidiary of Deutsche Bank to pay a $19 million penalty for not delivering to clients what it promised in its ESG mutual funds. In a Monday order, the Securities and Exchange Commission charged DWS Investment Management Americas Inc. with making misleading statements about incorporating environmental, social...
Most investment advisors look warily at the SEC. But some smaller advisors are envious of an advantage that larger firms registered with the agency have when it comes to advertising. The Securities and Exchange Commission’s marketing rule allows investment advisors for the first time to use client testimonials, endorsements and...
If the regulatory process had a soundtrack, it would be a ticking clock. The American electorate has been pretty much evenly divided over the last few elections, with one party or the other gaining an advantage in the House or Senate by narrow margins. The hold on the White House...
The SEC voted Wednesday to expand the scope of a rule meant to ensure investment funds’ portfolios match the strategies suggested by their names, but the changes aren’t as restrictive about the use of environmental, social and governance factors as those the agency initially proposed. The Securities and Exchange Commission...
Republican and Democratic lawmakers pressed an SEC official Tuesday to drop a mutual fund reform proposal they say would hurt ordinary investors — but they didn’t get the response they wanted. Bipartisan ire about the measure, which is designed to bolster mutual fund resiliency during times of market stress, was...
An organization representing investment advisors is pushing the SEC to calibrate its regulations so that they don’t pose an outsize burden for small advisors. The Investment Adviser Association has filed a petition with the SEC asking it to amend its definition of a small advisor. Currently, the SEC deems an...
State securities regulators continue to resist Finra’s efforts to allow brokerages to conduct online supervision of branch offices. The state regulators’ organization, the North American Securities Administrators Association, has been a consistent opponent of the Financial Industry Regulatory Authority’s proposal to establish a voluntary three-year pilot program for remote inspections. The...