IRS released Notice 2023-62 on Friday giving employer retirement plans two additional years to comply with the controversial rule requiring that catch-up contributions for employees age 50 or over whose wages for the prior year exceeded $145,000 be made on a Roth basis. IRS has proactively responded to requests...
A Washington, D.C., federal court this week prevented Finra from expelling a brokerage it found to have harmed customers, but the regulator is confident it can defend its enforcement authority in that case and a separate one that was filed earlier this month. Tuesday, the U.S. Court of Appeals for...
The highest court in Massachusetts upheld the state’s investment advice standard that imposes fiduciary duty on brokers, dealing a setback to online brokerage Robinhood’s effort to kill the regulation. The Massachusetts Supreme Judicial Court ruled Friday that the state’s top securities regulator, Secretary of the Commonwealth William Galvin, acted within...
The Securities and Exchange Commission Friday penalized Wells Fargo Advisors $35 million for overcharging advisory fees to certain clients who opened accounts prior to 2014 through the end of December 2022. “Certain financial advisors from Wells Fargo and its predecessor firms agreed to reduce the firms’ standard, pre-set advisory...
The U.S. economy is holding up well against difficult economic conditions, a little too well for those with inflation as a primary focus. Boston Fed president Susan Collins says that the resilience of the economy has surprised her and believes there may be “more to do” to bring inflation down...
Buried deep within a regulation that increases scrutiny of private-fund advisors is a rule that applies to all investment advisors and requires that advisors document their annual compliance review. The provision can be found on page 302 of the final private-fund-advisor rule and was approved Wednesday by the SEC, 3-2,...
An SEC split along party lines approved rules Wednesday to increase the transparency and oversight of private funds, a move that could make it more expensive for investment advisors who manage such funds. In a 3-2 vote, the Securities and Exchange Commission adopted regulations designed to better illuminate the inner...
Finra arbitrators ordered Morgan Stanley to pay a senior investor $1.8 million for weighting too much of her portfolio in a single stock — WisdomTree Investments Inc. From August 2011 to July 2020, Karen Busch worked with Morgan Stanley broker Todd Wachsman in the firm’s Garden City, New York, office....
An SEC case against a Massachusetts advisor has big implications for the regulator’s oversight of insurance products, a law firm cautioned in a brief filed Monday with the federal court. Earlier this year, the Securities and Exchange Commission brought a complaint against investment advisory firm Cutter Financial Group and its...
An SEC enforcement action against Titan Global Capital Management USA highlights the dangers investment advisors face when using hypothetical returns in their advertising, compliance experts said Monday. The Securities and Exchange Commission ordered robo-advisor Titan to pay $1,042,454 to settle charges that it violated the agency’s marketing rule when it...