FINRA Expels Brokerage SW Financial for Misrepresenting Fees
The brokerage and investment bank was expelled for misrepresenting its fee structure, churning accounts and failing to properly supervise and train its employees.
House Republicans Propose Exempting Social Security Benefits From Income Tax
Social Security reform bills keep coming this Congress, and this one would remove Social Security payments from the calculation of gross income.
Asst. Labor Secretary Gomez Says DOL Studying SECURE 2.0 Implementations
The EBSA head also discussed the need to educate market participants on the DOL's ESG rule and changes to COVID-19 protocols.
House Republicans Eye SEC Regulatory, Enforcement Budget
A letter from the House Financial Services Committee calls for a freeze on the SEC’s enforcement budget and the defunding of five total SEC proposals.
Industry Voices Object to SEC Safeguarding Rule
Adviser advocacy and interest groups expressed disapproval for the SEC’s proposal, citing discretionary trading concerns and limiting annuity use.
Aon, Astellas Pay to Settle CIT Conflict of Interest Litigation
A 2020 case over the performance of proprietary CITs ends with a settlement.
SEC Charges Pinnacle Advisors With Liquidity Rule Violations
The SEC complaint says Pinnacle knowingly mispresented the liquidity of some assets to satisfy liquidity requirements.
SEC Swing-Pricing Rule Would Make Participants Second-Class Investors
The president and COO of Nationwide Financial argues the rule would be bad for retirement plan and annuity product investors.
Desantis Bans ESG Consideration in Florida’s Investment Decisions
The governor sees Florida as a trendsetter in how states can prohibit and ban ESG in state funds.
SEC Safeguarding Rule Would Expand Investment Oversight to Crypto, Artwork
A proposed rule whose comment period ends Monday would have advisers obtain written agreements that segregate client assets to protect them from bankruptcy.
Senator Cardin Announces 2024 Retirement
The Maryland senator was a leader in drafting and passing SECURE 2.0 legislation.
House Bills Would Expand Accredited Investor Pool to Include Clients of Advisers
The House Committee on Financial Services advanced a bill that would allow RIA clients to invest in unregulated offerings such as private placement stock shares.
Judge Dismisses Excessive Fee Complaint Against HR Firm TriNet
The 2020 retirement lawsuit alleged that the plan committee did not properly monitor recordkeeper and investing fees.
House Committee Unanimously Approves Bill Requiring SEC to Study Size Cutoff for Advisory Firms
The Small Entity Update Act requires the SEC to revisit the ‘small entity’ definition of advisory firms every five years.
GOP Budget Plan Calls For Spending Cuts That Would Include Social Security Administration
The bill that passed the House yesterday would threaten delays in Social Security payments, according to an industry lobby group.
DCIIA Publishes Guide to Fiduciary Models
The report educates plan sponsors on distinctions between 3(16), 3(21) and 3(38) fiduciaries.
Senate HELP Committee Advances Su’s Nomination on Partisan Lines
No floor vote has been scheduled for the confirmation of the acting Secretary of Labor, who faces Republican opposition.
Proposed Bill Would Allow CITs in 403(b) Plans
403(b) plan advisers may have their patience rewarded with a potential bill to allow CITs is on the table.
Execution Quality Disclosure, Tick-Size SEC Proposals Enjoy Industry Support
Mandatory auctions and Reg BE are considerably less popular.
SEC Updates Guidance on Adviser Investment Obligations
The latest guidance adds teeth to initial Regulation Best Interest, passed in 2019.