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Articles tagged "Securities and Exchange Commission"


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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

Max Schatzow: 'Many consulting firms have partnerships with the big custodians.'

Five RIA Doubletakes: An RIA-only law firm breaks away • Kitces launches picker of 'best of breed' RIA software bundles • Vanguard targets 2070 just as media targets TDFs • SEC fishing for RegBI Scofflaws, including RIAs • CFP appoints first African-American chair

RIA Lawyers will reject RIA custodians• Kitces Nascar montage is now interactive and helpful • Vanguard's super long TDF draws critics• SEC supply lines are stretched with new battle front • Kamila Elliot is ex-DFA, diverse and calling CFP shots

January 12, 2022 at 3:13 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 at 11:54 PM

Walt Bettinger: If and when there is greater regulatory clarity for firms under our regulatory regime we would look forward to being able to offer direct trading.

Why the SEC's green light for Bitcoin ETFs failed to convince Charles Schwab & Co. to make crypto trading available to its 32.5 million retail accounts

The $7.6 trillion in administered assets giant sees mixed signals from regulators who are drawing lines as it goes along -- treacherous regulatory conditions for a big company not built to shift course at a whim.

October 28, 2021 at 1:21 AM

Gary Gensler: There’s a reason why the ’33 Act was called the Truth in Securities Law.

RIAs may face ticking time bomb after SEC slams a $1.9-billion RIA for neglecting 'orphan' accounts while charging fees, a problem that may be industrywide

Thousands of clients may be getting lost in the shuffle in the face of strong inorganic RIA growth -- an obscure problem until federal regulators gave Regal Investment Advisors the royal treatment, in part, for charging full fees and failing to disclose reduced service.

October 26, 2021 at 7:39 PM

Michael Kitces:  "If you're going to be a hybrid broker/advisor, you can't market that you're an advisor - and then swerve into being a broker."

Michael Kitces picks his moment to demand the SEC close two giant faux-RIA loopholes -- the hat-switching 'hybrid' advisor and the wirehouse 'financial advisor'

The XPYN founder wants the SEC to honor its 'Merrill Lynch Rule' promise from 15 years ago, demanding the most fundamental truth in advertising.

October 1, 2021 at 10:33 PM

Vlad Tenev was called to testify before Congress on Robinhood's revenue stream.

Robinhood's retort to SEC's threat to outlaw kickbacks from order flow is to in-source the trading operation and take more of the bid-ask spread

Robinhood points out it has a 'history of doing difficult tasks' like when it brought clearing in-house to 'market make as a solution to monetize the stream.'

September 16, 2021 at 2:00 AM

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 at 11:17 PM

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