Legal & Compliance

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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.

SEC's Gensler Warns Public Companies Against Overblown AI Claims

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Companies from a range of industries have been advertising how they're harnessing AI to improve operations.

Former Ga. Advisor Gets Nearly Eight Years For $49M Ponzi Scheme

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John J. Woods defrauded retirees, military veterans and other clients of their life savings, prosecutors said.

Bitcoin's Bounce Doesn't Settle The Biggest Worries About Crypto

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Don't forget the wealth burned by collapsed exchanges, bankrupt lending programs and pump-and-dump altcoin trading.

SEC Fines 16 Advisors, Brokers $81M Over Off-Channel Messaging

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The enforcement action is part of an ongoing crackdown by the agency against undocumented business communications.

Goldman Sued By Hollywood Managers Over $7 Billion Private Equity Deal

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The management firm claims it was deceived by Goldman when it was seeking to sell itself in 2022.

Goldman Facing CFTC Probe Over Futures Trading Fees

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The firm agreed to pay more than $50 million to settle at least four CFTC cases last year.

Ohio Advisor Claims Her Firm Lied About Profits In Hightower Deal Talks

by FA Staff

Wendy Eldridge also claims in a lawsuit that her Marcum Wealth partners discriminated against her because she is a woman.

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