Articles tagged "FINRA"
Charles 'Chuck Schwab' called James Gorman to protest a two-broker poach, kicking off a hydra-headed legal battle, costing Morgan Stanley millions, so far
The Schwab founder and chairman invoked Charles Schwab Corp.'s zero-tolerance policy against Wall Street -- or RIA -- poaching of talent and AUM from Schwab branches.
March 9, 2023 at 1:23 AM
Why FINRA's late appearance into smoothie-throwing broker James Iannazzo's life might be rough
It's been about 11 months since Merrill Lynch fired him, and the CFP Board stripped him of the CFP mark; attracting the SRO's attention means more woes.
December 29, 2022 at 1:05 AM
Robinhood allegedly implied a fiduciary duty to novice investors in the marketing of its 'game-like' trading app, even though it's a FINRA-regulated broker-dealer, new class action charges
Three Florida firms sue claiming (IPO bound, Bloomberg reports) Robinhood allegedly failed to direct self-directed investors -- a claim that is both legally shaky, and potentially serious, experts say.
November 17, 2020 at 4:54 AM
COVID-19 claims the lives of four Broadridge employees and two of its subcontractor's staff, while another contractor's policies exposed workers, raising questions about SEC 'essential work' rules
The New York -based proxy administrations and technology giant of 10,000-employees blames outsourcers for not abiding by its standards for health, safety; others wonder whether the SEC and FINRA created harmfully inflexible, letter-of-the-law rules in pandemic.
July 14, 2020 at 12:46 AM
A 'perp walk' is still preferred but oddly unified SEC and FINRA signal that wild west days are over for robo-advisors and blockchain coins
The two regulators are working in "unison" to find a way to balance the regulation of 'digital assets' while ensuring firms' have the scope to innovate
March 1, 2019 at 11:42 PM
A veteran securities lawyer takes contrarian stance that the DOL is still 'suitability' reworded, when boiling its 1,000-page 'rule' down to 16-page 'guide'
In prolix prose, the Labor Department's 'exemptions' sound like fiduciary exceptions; as poems, they sound like suitability-level loopholes
January 18, 2017 at 6:23 PM
The odd and open courtship between the SEC and robo-advisors plays out again -- this time at an SEC-hosted webcast panel in Washington, D.C.
Mary Jo White introduced a forum with representatives from FutureAdvisor, Betterment and Personal Capital who mostly just nodded in assent at each other
November 15, 2016 at 10:22 PM
The sorry truth about the SEC's plan to crack down on bad stockbrokers by putting RIAs in a vise
The move is a clear diversionary tactic on the SEC's part to avoid flexing its muscles and withhold licenses
September 16, 2016 at 5:06 PM
What FINRA's CEO shuffle reveals about its waning viability as the self-funded fox guarding the investor henhouse
As Richard Ketchum departs amid fulsome praise, FINRA's failed bid to make RIAs 'rules based' combined with member unrest leave the SRO in deep dilemma mode
August 25, 2016 at 9:41 PM
FINRA shifts an unwelcome spotlight away from itself -- by training it on the brokers it oversees
The embattled SRO is spending $3.5 million to advertise BrokerCheck and is requiring its front-and-center placement on firms' websites as public demand for heightened fiduciary care grows
August 17, 2016 at 8:05 PM
LPL Financial dumps FSI then goes full swank on lobbying office -- but legislative agendas of FSI and LPL don't reveal any divide
The big broker-dealer stopped paying dues to the Financial Service Institute but it'll pay up for hot offices near the White House
June 8, 2016 at 10:19 PM
A veteran of securities law killed his weekend reading all 1,000 pages of the DOL rule -- and has a takeaway to share
Despite reassuring words, the rules steer ill-done-by investors down that dark alley of FINRA arbitrations where complaints go to die
April 13, 2016 at 9:30 PM
RIA advocates cry foul after international media pick up on U. of Chicago study labeling shady stock brokers as 'investment advisers'
Investment Adviser Association issues urgent press release; authors offer defense that Brian Hamburger finds hard to swallow
March 4, 2016 at 11:40 PM
Tick, tick, tick ... FINRA rewrites 'culture,' 'conflicts of interest' and 'ethics' into a farcical 'best interests' code after DOL drops a bomb on its suitability ethos
In its latest burst of bureaucratic creativity, the wirehouse cop acknowledges the scourge of Wall Street culture then quickly excuses the behavior it elicits
January 29, 2016 at 6:33 PM
Weighed down by nonstop fines, LPL finally buys ounce of prevention by putting ex-FINRA veterans on its payroll
Mark Casady also seats a former assistant attorney general on his board