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Articles tagged "Securities and Exchange Commission"


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Michael Kitces: If the SEC is scrutinizing cross-platform.onflicts, that's a warning shot.

Vanguard scores 'own goal' for getting snared in a regulatory snafu and fined $19.5 million for failing to adequately disclose a conflict of interest over advisor incentives to funnel clients into its in-house RIA

Known for its 'Bogle' scruples, the Malvern giant zigged to marketing one thing and doing another as the SEC zagged toward heightened 'activity' in curbing that behavior, says Michael Kitces

August 30, 2025 at 3:07 AM

Bill Stout is Vanguard's new head of private markets strategy.

Bain Capital plays talent card to replace Envestnet's take-private CFO Josh Warren • Vanguard nabs new exec to figure out alts, it seems • Robinhood opens football bets, then sues • Advisor CRM's 'AI' catch-up • SEC delays Trump ETF date • ETFs explode in number

After 11 years at Nuveen, Bill Stout is Vanguard's alts man of the moment • Betting a 'no-brainer' for Robinhood exec. • Bain Capital protegé is new Envestnet CFO • CRM shop adds AI to keep up with CRM Joneses • SEC prevaricates over controversial Trump ETF • 640 ETFs launched in 2025.

August 27, 2025 at 3:56 AM

Lori Chavez-DeRemer: I applaud President Trump.

Trump Labor Secretary 'applauds' Trump and his executive order to put 'alts' in 401(k)s, but president is overstepping Congress, fiduciary expert says

The DOL says it is being directed to loosen up fiduciaries to apply best judgment when selecting investments without fear of legal ramifications.

August 8, 2025 at 4:36 AM

Anna Paglia: More drama than was warranted was created in the market.
March 15, 2025 at 2:44 AM

Seth Adam Stuart: This isn't a new story. They just didn't want to do anything about it.

State Street -- under protest -- caves to SEC pressure to nix 'misleading' 'Apollo' name from its freshly minted alts ETF, among many issues cited in stern regulatory letter

Morningstar, Micah Hauptman, industry executives and attorneys all said in October that State Street and Apollo didn't seem to have basic boxes checked -- and the SEC dropped the hammer

March 1, 2025 at 3:19 AM

Margaret A. Chan: KSFB's claim is premised on the fact that defendants 'profited handsomely.

Briefs: Focus Financial gets second happy Hollywood ending in LA lawsuit • Orion closes deal in record 14 days • iCapital buys ID shop • VC milestones & raises • People moves at Apex, Dynasty & Wealthfront

A Hollywood RIA took on Focus and Goldman, and lost • Reed Colley is already in the house • The SEC dings Robinhood, Schwab and Vanguard Group, and FINRA dings Fidelity • Vanguard & Schwab launch ETFs • BlackRock plots mixing alts & annuities in a TDF • Dynasty adds golf exec in HR hire • iCapital buys 'AI' KYC shop • Larry Shumbres start-up off to the races • Wealthfront's media guru departs.

January 24, 2025 at 2:40 AM

Sara Grillo: All financial advisors want to do is brag – they think that's good marketing.

SEC actions expose underbelly of RIA industry awards, but they are often lucrative for those who hand them out and unlikely to stop being abused by those who get them

The Washington regulator nailed RIAs with misuse of award mentions, using the new Marketing Rule as cudgel after declaring false advertising a 2024 priority

October 9, 2024 at 3:07 AM

Knut Rostad: 'I am one of the few people who has tracked that demise.'

Knut Rostad: The 'fiduciary' movement's lost mojo tracks with the rise of Reg BI, which harmonizes advisors by making sure are all conflicted alike

Wall Street brokerages and SIFMA won the SEC over to a suitability standard with a false label, and advisors are left with a public perception still in line with car salesmen, says Rostad, a fiduciary expert.

September 12, 2024 at 3:08 AM

Gary Gensler: We did not approve or endorse Bitcoin. Investors should remain cautious.

Gary Gensler post-exchange listing approval for Bitcoin ETF includes a stark '1940 Act' warning to RIAs not to read too much tolerance into it

The SEC head bent to the will of the Stamford, Conn, fund firm's lawsuit and rivals -- BlackRock, Fidelity and eight others -- piled on for the ride, but ETF price spreads are wide and likely headed for a shakeout.

January 11, 2024 at 3:35 AM

Jeff DeMaso: I wouldn't say that Vanguard cocked the gun.

SEC forces Vanguard -- and host of other fund firms -- to impose hefty back-end fees on muni money market fund investors who sell into financial panics, in an effort to bullet-proof 'critical investment'

Vanguard's threatened penalty fee is 200 basis points, an anomaly and symptom of previous failed efforts by the SEC to stem MMF runs after the 2008 financial meldown and 2020 COVID lockdown; will the third time be the charm if Middle East war goes regional?

October 25, 2023 at 2:47 AM

Ric Edelman: Gensler realizes he's backed himself into a corner.

BlackRock believes that 33 is the charm as it applies to sell a spot Bitcoin ETF, after 32 prior attempts met failure at the SEC -- part of a new gold rush of applications

The $9-trillion asset management giant is betting its Bitcoin application -- the 33rd lodged with the SEC -- will finally clear all hurdles.

June 23, 2023 at 10:38 PM

The SEC (headquarters pictured) is keeping a sharp eye on RIA wrap fee programs.
November 18, 2022 at 2:56 AM

Brian Hamburger: SEC would now have the ability to search for all advisers that used that service provider and look for similar problems.

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

Louis Harvey: 'Schwab could elevate its robo to be a true fiduciary.'

Charles Schwab & Co. will pay $187 million settlement after SEC drops its 'pre-set for business reasons' case

Federal regulators claimed Schwab pre-set client cash allocations without making proper disclosures to Schwab Intelligent Portfolios clients.

July 7, 2022 at 12:10 AM

Larry Fink: It's just a number.

Five RIA Doubletakes: BlackRock AUM tops $10 trillion as active funds make comeback • Schwab has killer quarter and Wall Street sells its shares • DFA is now the largest active ETF manager • SEC flummoxes RIAs with "inaccurate" guidance • Fidelity pulls in $146 billion in workplace assets

After record AUM high, BlackRock chairman and CEO Larry Fink brushes off a milestone • SchwabSchwab hits records; Wall Street wants more • Mutual fund giant's ETF conversion yields bragging rights • Regulation Best Interest headaches unnecessary, despite SEC brouhaha, lawyers say • Workplace scheme wins big for Fidelity.

January 21, 2022 at 3:16 AM

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