Wealth Manager Fined More Than $800,000 for Reg BI Violations
Of their advisers, 2 were also fined and 1 suspended for 6 months for account churning and excessive trading.
Tag: Reg BI
EBSA Denies Comment Period Extension for Fiduciary Proposal
The regulator pushed back on industry requests to extend comment time for the controversial proposal; the period will still end...
DOL Publishes New Adviser Fiduciary Rule for Public Comment
The proposal would make one-time advice for rollovers subject to ERISA.
DOL Proposal Reactions Range From ‘Important Step’ to ‘Out of Touch’
Industry groups in the financial sector pushed back against the proposed amendments to fiduciary standards, while some championed it as...
SEC Exam Priorities Require Advisers to Account for Client-Specific Needs in Recommendations
The regulator also listed expensive, complicated and illiquid investment recommendations as coming under increased scrutiny in 2024.
Scope of AI Conflicts Proposal Finds New Opponents on the Hill
Members of both parties have criticized the SEC’s definition of ‘covered technology’ when it comes to using AI in financial...
FINRA Expels Brokerage Firm Monmouth for Violating Reg BI
Monmouth is the second firm to be expelled by FINRA for failing to supervise its representatives’ trading.
Common Pitfalls in Reg BE, BI, According to FINRA, SEC
Riskier and complicated assets require more due diligence, and regulatory officials laid out some practices for advisers to avoid.
SEC Head Gensler Says Reg BI Not ‘Check the Box’ Exercise
The SEC chairman made remarks about Reg BI, Reg BE and about AI’s role in the markets at FINRA’s annual...
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...
SEC Updates Guidance on Adviser Investment Obligations
The latest guidance adds teeth to initial Regulation Best Interest, passed in 2019.
Beyond 401(k) / 403(b) Plans
Reg BI’s Impact on 403(b)s
How the regulation applies can be nothing short of complicated
SEC Flexes Regulatory Muscle with RIAs, Brokers in Focus
The SEC is warning advisers and broker/dealers that it is time to tighten up policies around conflicts of interest and...
Calls on Congress to Fully Fund Reg BI Implementation
An open letter to two U.S. Senators emphasizes that the SEC must receive sufficient fiscal support to effectively oversee the...
Broker/Dealer Charged in First SEC Reg BI Case
The SEC says Western International Securities failed to act in the best interest of customers when the firm allegedly sold...
SEC Names Director of Division of Examinations
Leaders at the SEC say the role of the examinations program is critical for capital markets to function well and...
24 States Have Now Adopted the NAIC Annuity Transaction Framework
With South Carolina joining the party, nearly half of all states have now adopted enhanced consumer protections applying to the sale of annuities, as developed by the National...
How Thoughts About the SEC’s Regulation Best Interest Have Evolved
Nearly two years into the enforcement of Reg BI, debate continues about its influence on the advisory and brokerage industries.
ERISA vista
An Objectivity Lesson
The more objective the presentation, the less likely it will seem like advice.
