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Articles tagged "SEC"


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William Galvin: Vanguard’s deliberate decision [benefited] ultra-wealthy shareholders over main street investors.

Massachusetts and Vanguard Group reach interesting settlement that gives the $8-trillion manager a shot at avoiding 49 copycat suits , quick cash for the state and 65% of a loaf for hapless investors

The William Galvin-driven settlement covers the state's legal fees and sets up restitution fund and a state pay-out, but a pending Pennsylvania lawsuit is likely the first of many to follow.

July 8, 2022 – 2:22 AM

Ari Sonneberg: 'Why [did] the punishment stop short of a penalty with real teeth that would objectively prevent this from recurring?'

McKinsey's $31-billion RIA for McKinsey staffers pays $18 million fine, a real 'slap on the wrist' considering 'repeated violations' related to having zero recusal process for insiders in its compliance plan, a lawyer says

Federal regulators allowed McKinsey to settle without admitting insider trading violations for its in-house RIA but censured the firm and ordered it to 'cease and desist' from future violations.

December 21, 2021 – 11:54 PM

Any hopes Gary Gensler would rubberstamp  SEC crypto-approvals were dealt a blow.

The SEC effectively says 'no,' again, to Bitcoin ETFs with request for public comment, allowing Charles Schwab & Co. to keep its cover and steer clear of crypto for now

The Securities and Exchange Commission goes back to square one by starting a public comment period with a heart-stopping, simple question: Can people manipulate Bitcoin prices?

June 16, 2021 – 11:17 PM

Cynthia Lo Bessette: Any reforms must preserve and protect the availability of money market funds.

Fidelity and Schwab oddly take opposite sides on issue critical to money market funds as an SEC, alarmed by systemic risks, puts NAVs under spotlight

The Boston and Westlake, Tex., providers disagree about whether the once sacred $1 net asset value should now float accross prime money market funds -- and potentially municipal money market funds.

May 10, 2021 – 5:28 PM

Rick Fleming: 'While these typically were characterized as efforts to “modernize” or “streamline” regulations, they often had the effect of diminishing investor protections.'

The Trump SEC massively failed investors in 2020 under guise of 'streamlining' and 'harmonization,' according to SEC's own scathing report published today

The federal regulator did Wall Street's bidding and lost its compass, according to a damning Securities and Exchange Commission document.

December 30, 2020 – 2:07 AM

Jason Roberts: The penalties are set in stone.

With the DOL's new rule 95% likely to get finalized, RIAs need to be wary -- it targets them with new letter-of-the-law ERISA red tape

Right now, most RIAs recommend IRA rollovers without having to jump through a lot of hoops, but DOL's 'exemption' makes a federal case out of suggesting the move away from the protection of the employer’s plan

July 14, 2020 – 7:21 PM

Robert Kalenka: [We] have worked with TMG for over 30 years and I have an extremely high regard for their entire organization. The level of experience, expertise and professionalism they deliver to us is exceptional.

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 – 12:46 AM

Stephen Murphy: The brashness required to challenge an industry does not mix well with the rigidities of the regulated securities market ... When the hammer comes down, it will most likely be swift and heavy.

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 – 11:42 PM

Jason Roberts: What blew my mind is it’s one thing to evaluate your policies when you need to adopt them in the future, but it’s another thing to bake them into your manual.

How Scottrade's 'pain'-seeking sales tactics and 'cut-and-paste' lawyering allegedly led to breaching a DOL rule

Massachusetts securities cops seized on DOL rule clause still under delay and seeded effects for brokerage business that are pervasive and lasting

March 1, 2018 – 1:08 AM

Louis Navellier: All Navellier and sub-advised portfolios have GIPS-complaint fact sheets and we have been GIPS-compliant for 20-plus years.

Louis Navellier ready to present 'extremely strong defense' to daunting SEC fraud charges

The Florida-based mutual fund owner says he advertised using GIPS-compliant material such that: 'I didn't sell this at all'

September 19, 2017 – 12:19 AM

Dawn Bennett: Why was I a target for something that for anybody else would have been small and miscellaneous?

After home raid allegedly turns up wild evidence, the SEC goes after Dawn Bennett for civil fraud

A $20 million Ponzi-like scheme and attempted voodoo are the latest revelations out of the Securities and Exchange Commission

August 28, 2017 – 9:52 PM

Bo Lu: What's a phone?

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 – 10:22 PM

Irwin Stein: These brokers get fired not because they lied to their customers but because they lied to their firms.

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 – 5:06 PM

Dawn Bennett: We weren't an RIA and weren't running our books like an RIA. We were an independent B-D and were doing it correctly that way.

In exclusive RIABiz interview, Dawn Bennett tells how she's striking back at SEC after a $4-million legal drubbing has left her 30-year career in shambles

The advisor and popular radio host has hired the 'London Whale' attorney to prove she and her firm were victims of a regulatory witch hunt

August 1, 2016 – 4:52 PM

James Dowd: There is no correlation between an investor's income and net worth and their investment sophistication.

How the SEC is poised to hand RIAs the keys to the $1.3 trillion private placement market -- largely at the expense of stockbrokers

Dodd-Frank kicked off a series of events that demanded a more rational way to define the sophistication of investors and who is best able to judge investments that don't have prospectuses

July 20, 2016 – 9:54 PM

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