Articles tagged "SEC"
Biz Briefs: SEC cracks down anew on RIA reverse churning ~ Envestnet borrows $350 million to buy its own stock ~ Fidelity is creating a crypto waiting list while exec questions crypto ecosystem
Fed up SEC is ready to take on all nonsense at once; stock shocks, Orwell's new name game; Fidelity hosts a line dance
November 18, 2022 at 2:56 AM
SEC crackdown on 'set-and-forget' advice alarms RIAs, who face new 'burdensome' and 'expensive' reporting to curb alleged 'conflicts of interest' over 'deceptive' outsourcing
The spike in RIAs outsourcing functions formerly kept in-house triggered the crackdown, but is the red tape worth it? advisors ask
November 15, 2022 at 3:59 AM
After catching Wall Street red-handed, the SEC is 'coming after' RIAs that fail to track client chats by text, WhatsApp and social media, experts say
The regulator's $1.1 billion in wirehouse fines is a warning to RIAs that not keeping proper records of online chats could paint a bulls eye on their backs as well.
October 4, 2022 at 1:41 AM
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 at 2:22 AM
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 at 11:54 PM
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 at 11:17 PM
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 at 5:28 PM
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 at 2:07 AM
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 at 7:21 PM
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
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 at 1:08 AM
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 at 12:19 AM
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 at 9:52 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