Compliance

Plan Sponsors Want More Commission Disclosure

More than two-thirds of plan sponsors say they want the Securities and Exchange Commission (SEC) to draw clearer lines for disclosure requirements for commissions paid to brokers for research and trade execution.

Citigroup Settles Inadequate Supervision Charges with NASD

For failing to properly supervise brokers delivering misleading information to plan participants during retirement seminars, Citigroup Global Markets, Inc. will settle with the NASD for more than $15 million and brokers involved will pay between $30,000 and $125,000.

12b-1 Fees to be Topic of SEC Roundtable

The Securities and Exchange Commission (SEC) will host a roundtable discussion about Rule 12b-1 under the Investment Company Act of 1940, which allows mutual funds to use fund assets to finance the distribution of their shares.

SEC Asks Court for Stay on Overturned Merrill Rule

Although the ruling in Financial Planning Association v. SEC was set to go into effect today, the Securities and Exchange Commission (SEC) has filed a stay, asking for more time to transition fee-based brokerage accounts into other account types.

Bank of America Sued for Race Discrimination

Five black current and former employees of Bank of America Corp. filed a discrimination suit Thursday against the bank, alleging that it assigns its black employees to primarily minority neighborhoods and low net-worth accounts.

Edward Jones Customers Get Fair Fund Distribution

Current and former customers of Edward D. Jones&Co. customers who were “victims″ of the firm’s failure to adequately disclose revenue payments from a select group of mutual fund companies have received $79 million in a Fair Fund distribution, the Securities and Exchange Commission (SEC) announced Thursday.

DoL Requests Suggestions for 401(k) Fee Disclosures

The U.S. Department of Labor’s (DoL) Employee Benefits Security Administration will tomorrow publish a "request for information" (RFI) in the Federal Register asking for proposals on how to best approach 401(k) fee disclosures by retirement plans to their participants.