The new leader of state securities regulators said states have an important role to play in protecting investors from the potential dangers of digital assets. Cryptocurrency, non-fungible tokens and other assets created by blockchain technology have been praised as innovations making financial markets more dynamic but also have been the...
Republican senators blasted a range of SEC rule proposals Tuesday — from mutual fund reform to a measure targeting advisor and broker conflicts when using artificial intelligence — while the agency’s leader assured them he is listening to critics. During a Securities and Exchange Commission oversight hearing before the Senate...
The Securities and Exchange Commission said Tuesday it reached a settlement with digital alternative investments platform YieldStreet of $1.9 million, with the company facing SEC allegations of failing to disclose critical information to investors in a $14.5 million asset-backed securities offering involving a ship that was to be taken...
Top US companies have focused their firepower for much of the past two years on opposing a US Securities and Exchange Commission plan that would require them to disclose greenhouse gases and climate-related financial risks. In doing so, they’ve overlooked a California bill passed Tuesday that’s poised to have an even bigger impact. As the world’s fifth-largest economy,...
The Securities and Exchange Commission has fined nine RIAs that advertised hypothetical performance to the public, contrary to the regulator’s Marketing Rule. The firms had not adopted or had not implemented policies and procedures “reasonably designed to ensure that the hypothetical performance is relevant to the likely financial situation and...
The Department of Labor got a taste over the weekend of the fierce opposition it will encounter as it tries again to strengthen investment advice rules for retirement accounts. Late Friday, the agency sent a proposal for review to the Office of Management and Budget that “would amend the regulatory...
A recent ruling by the highest court in Massachusetts affirming a state requirement that all financial advisors, including brokers, must act as fiduciaries seems likely to become another issue on which red states and blue states veer off in different directions. While it’s not generating as much attention or heat...
The SEC marketing rule, which runs for 430 pages, can be complicated. But the agency’s exam sweep on compliance with the rule is straightforward. The Securities and Exchange Commission is assessing how investment advisors are adhering to the regulation when advertising their firms. The measure, which allows advisors to use...
The Financial Industry Regulatory Authority Inc. is confronting a potential existential challenge in a federal appeals court in Washington, D.C. Judges presiding over the case have raised serious constitutional concerns regarding Finra’s authority to enforce securities regulations. To add to the pressure on Finra, William Barr, the former Attorney General under...
James Fayssoux Sr. is still working at 75 rather than enjoying retirement because he lost a substantial amount of money when a brokerage firm churned his portfolio. Fayssoux, a real estate lawyer in Greenville, South Carolina, may be on his way to financial recovery following a decision last week by...