New Enforcement Structure at FINRA; Calls for ‘Fintech’ Commentary
FINRA asks advisers to share their insights about “fintech innovation in the broker/dealer industry,” while also unveiling a new structure for its enforcement staff.
Tag: FINRA
SEC’s Inspections and Examinations Office Demands Best Execution
Commentary from Wagner Law Group and Drinker Biddle attorneys highlights what advisers need to know about the SEC’s ongoing analysis of broker/dealer “best execution” issues, as summarized in a recent Risk Alert publication.
Betterment Settles FINRA Allegations Tied to Bookkeeping Practices
Without admitting guilt or even the facts of the case, Betterment has settled various allegations of improper recordkeeping and "window dressing" leveled by FINRA, to the tune of $400,000.
FINRA Seeking Comments on Churning Rules as SEC Considers Action
A new client alert published by the Wagner Law Group urges advisory firms to review and consider an update to anti-churning policies, now that FINRA and the SEC are both engaging in the matter.
Launch of Stradley Ronon Fiduciary Governance Group Reflects Litigation Trends
Amid a glut of retirement plan industry litigation and regulatory change, advisers are asking the twin questions of whether one owes a fiduciary duty to their client, and if so, what exactly those fiduciary duties entail.
FINRA Rep Monitoring Rule Change Could Trigger RIA Compensation Renegotiation
The regulator is reassessing its requirements for RIAs to monitor the outside business activities of their reps; one experts argues it is likely that, if the final rule reflects the proposed rule, many plan advisers who serve plans through an independent RIA (as opposed to the broker/dealer’s “corporate” RIA) will seek to renegotiate their compensation arrangements relating to their independent RIA revenue.
Gainfully Adds Communications Platform for FinTech Firms
The new tool aims to help advisers speak regularly with clients in efficient and seamless ways.
Liquidity Fees and the Fiduciary Duty of Best Execution
Retirement plan fiduciaries must understand the expenses their participants pay to make trades and access investments, but their duty to monitor and ensure reasonableness is not limited to the issue of pricing alone.
DOL and SEC Uniform Advice Standard May Not Be Far Off
Leadership at both the DOL and SEC have signaled a willingness to work together to find complementary approaches to managing advisers’ conflicts of interest—but it will be a heavy lift to accomplish a uniform standard.
AxiomSL Launches Regulatory Education Program
The new compliance support programming is free for advisers and seeks to “shed light on opacity surrounding financial regulations."
UBS Challenges Client Recruiting By Former Advisers
A lawsuit filed by UBS against a number of former brokers—accused
of too aggressively soliciting old clients immediately after going independent—shows
plan participants aren’t the only source of potential litigation.
Merrill Lynch Reaches Tentative Settlement in ERISA Suit
Two years of litigation and negotiation later, the parties
have reached a proposed agreement to settle the class action, valued at $25
million.
FINRA and SEC Announce Compliance Forum for B/Ds
Cybersecurity,
investing by seniors, and other regulatory topics of interest will be
discussed.
FINRA Aims For Closer Policing of Elder Financial Abuse
The Securities and Exchange Commission has approved FINRA's
rule proposal addressing financial exploitation of seniors.
Mass. Securities Division Examines Broker Misconduct
State investment market regulators in Massachusetts have expressed serious concern around the continued employment of broker/dealer agents with histories
of misconduct.
Robo-Advisers as Fiduciaries Present Challenges and Opportunities
As Baby Boomers push closer to retirement, they are facing a
drastically different investing world than the one they grew up in—gaining access
to radically different approaches to products and services.
FINRA Releases Q&A About IRA Distributions
FINRA has published an investor alert about required minimum distributions in traditional IRAs.
FINRA Gives Tips for Robos
Firms that offer digital investment advice need sound governance and supervision, says the organization.
FINRA Signals Coming Update to Membership Rules
FINRA highlights the success of its recent compliance
efforts in a new report, while signaling the beginning of a process to
modernize and update its membership application process.
Many Advisers With Misconduct Records Are Reemployed
Researchers created a 15-year database of advisers from FINRA’s BrokerCheck.