The DOL proposed a new class exemption for investment advice fiduciaries from certain prohibited transaction rules under ERISA and the Internal Revenue Code.
The New York Department of Financial Services reminded banking institutions of recent amendments to the New York Community Reinvestment Act that require additional information on activities with respect to minority- and women-owned businesses.
A broker-dealer settled SEC charges for misleading clients as to trade execution services and transaction costs in the broker-dealer's retail wrap fee program.
The SEC Office of Compliance Inspections and Examinations described the scope and content of initial examinations for Regulation Best Interest and Form CRS .
SEC Chair Jay Clayton announced that the SEC will not delay the June 30, 2020 compliance date for Regulation Best Interest despite the COVID-19 pandemic.
The SEC charged an investment advisory firm and two of its investment advisers with violating their fiduciary duty and defrauding clients by failing to disclose significant financial conflicts of interest.
Federal Reserve Board Governor Lael Brainard proposed an approach to Community Reinvestment Act oversight that would use metrics on retail banking services and community development to evaluate banks in low- and moderate-income neighborhoods.
Regulation Best Interest significantly expands the obligations that broker-dealers owe to retail investors. To assist in navigating these new requirements, the Cabinet produced four new Retail Best Interest Topic Pages.
A former executive of a brokerage firm settled SEC charges for illicitly securing business deals with a Malaysian state-owned and controlled investment fund.
A broker-dealer and a registered representative settled FINRA charges for failing to establish and enforce procedures to record and review phone calls between the firm and existing or potential customers.
The House Financial Services Committee considered (i) testimony from federal banking regulators on a broad range of concerns and (ii) several proposed bills imposing additional requirements on financial institutions.
The SEC charged an entity and several associated individuals with misleading 100 investors - most of whom were seniors - resulting in $4.9 million in losses.
IOSCO examined members regulators' progress toward implementing suitability standards designed to prevent the mis-selling of complex financial products.
Two investment adviser subsidiaries settled SEC charges for failing to disclose conflicts of interest and making misleading disclosures to the funds they advised.
Regulation Best Interest significantly expands the obligations that broker-dealers owe to retail investors. To assist in navigating these new requirements, the Cabinet produced four new Retail Best Interest Topic Pages.
The SEC sued an investment adviser for breach of fiduciary duty and undisclosed conflicts of interest related to revenue sharing arrangements that affected transactions in mutual fund shares.
SIFMA urged the New Jersey Bureau of Securities to wait for Regulation Best Interest to be fully implemented before enacting a proposal that would impose state-specific fiduciary duties on broker-dealers.
