Legal & Compliance

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10 States Launch Legal Battle Against SEC's Climate Rules

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The lawsuit is part of an ongoing GOP campaign against ESG initiatives.

RIAs Can't Explain How Their AI Works, SEC Official Says

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Even AI engineers have a problem conveying how the technology works, the regulator said.

FSI Sues DOL To Toss New Independent Contractor Rule

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A trade group coalition wants to restore a rule implemented in 2021.

E&O Insurer Saw 213% Rise In RIA Policy Payouts Last Year

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The increase was directly tied to client complaints arising from the 2022 market slump, the company said.

How Advisors Can Help Spouses Prove Their 'Innocence' With The IRS

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Spouses can argue they had nothing to do with their partners' tax misdeeds, but it's not easy.

Wall Street's DEI Retreat Has Officially Begun

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The legal assault on corporate diversity initiatives is gathering steam.

Trump's $4 Billion SPAC Deal Hit By Wave Of Lawsuits Over Shares

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At least one of the suits is requesting that a judge block the deal until the issues are resolved.

Senate Bill Would Make Digital Financial Document Delivery The Default

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Schwab, Fidelity and financial industry trade groups said the move is long overdue.

Biden DOL Nominee Is Headed For A Senate Vote (Again)

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Julie Su's work to limit independent contractors has drawn criticism from advisor groups.

State Securities Regulators Collected $1B From Enforcement Actions In 2022

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State regulators filed three times the enforcement actions against RIAs as brokers, NASAA reported.

Hightower Sued By Advisor Over Non-Compete Clause

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The former Hightower advisor argues that the clause is "illegal" and "unenforceable."

LPL Braces For $50M SEC Fine For Off-Channel Comms Failures

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The company said in its annual report that the details of the fine are still under discussion.

Ex-Minn. Advisor Charged With Stealing $1.6M From Clients To Buy Homes

by FA Staff

Kristi Berge falsely told clients she was investing the money in retirement accounts, prosecutors said.

Morgan Stanley Suit Isn't About Money, Billionaire Mike Ashley Says

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Ashley said the bank acted unfairly during a margin call.

Senator Wants Legislation To Curb Private Placement Life Insurance

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The chairman of the Finance Committee says the policies aid tax avoidance.

DOL Fiduciary Proposal Needs 'Salesperson's Exemption,' Kitces Says

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The exemption would be granted to salespeople who do not present themselves to clients as advisors, he said.

SEC Penalizes TIAA Subsidiary $2.2M Over IRA Fee Violations

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TC Services pocketed an extra $900,000 from clients by failing to consider lower-cost options, the SEC said.

Van Eck Fined $1.75M Over Barstool Sports CEO's ETF Promotion Fees

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The firm failed to disclose Dave Portnoy's pay for promoting Van Eck's Social Sentiment ETF, the SEC said.

DOL Fiduciary Proposal Slammed During GOP-Led House Hearing

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The agency "has overstepped its authority," Education Committee Chair Bob Good argued.

Gensler Vows To Advance SEC's Rule Agenda As Election Looms

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November's elections could impact the agency's rule plans.

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