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Two advisors have been hit with fraud charges for allegedly misleading clients about a hedge fund managed by an investment novice and debt collector.
Members of the Financial Planning Coalition fire back at lawmakers' call for the SEC to shuffle existing resources and tap a third party to increase examinations of advisors.
The industry regulator closes the comment period for its controversial data-reporting initiative as brokerage trade groups warn of privacy concerns and compliance costs.
Advisor-focused legislation may be a long-shot, but Republican majorities in both chambers could result in more scrutiny for agencies mulling fiduciary rules.
The SEC has moved ahead with rules mandating that many advisors implement policies and procedures to help shield their clients' information from scammers.
Fending off cyber intrusions is becoming a cost of doing business, but when advisors find that their practice has been breached, they need to follow a plan for assessing the damage.
Focus expected on fraud detection, conflicts of interest and cybersecurity.
Cybersecurity policy may still be very much a work in progress at the SEC, but officials increasingly are expecting advisors to have a baseline set of policies and procedures in place to safeguard clients' data, compliance experts caution.
Agency secures $4 billion in penalties; expert says: “make sure that you have a robust and dynamic compliance program.”
The SEC has yet to produce or even propose any binding rules regarding cybersecurity, but officials have been sending strong signals that they expect firms of all sizes to put in place policies and procedures to protect sensitive information.
As advisors look to mergers and acquisitions to fuel growth strategies and succession plans, firms need to look beyond the transaction itself and think strategically about how a combined firm will operate, experts said this week at the FSI's financial advisor summit.
President Obama has blasted the tactic as unpatriotic while the Treasury Department has announced steps aimed at limiting the tax benefits. But beyond the headlines and sound bites, how should advisors evaluate inversions when developing investment strategies for their clients?
Regulators in other countries are able to act more easily because there are "just fewer decision makers.”
FINRA has issued a long-awaited regulatory notice outlining the proposal for a controversial data-sharing system known as CARDS, asking for comments from the industry and other stakeholders.
FSI sees the new insurance coverage as an added benefit the group hopes will help it increase membership and amplify its advocacy efforts.
At an advisor summit, the industry group urges members to reach out individually to lawmakers to fight regulatory plans.
Should small and midsize RIAs be required to have a succession plan in place for their firms? State securities regulators are asking for input from practitioners as they wrap up the rulemaking process.
The SEC has initiated an administrative proceeding against an advisor who allegedly misappropriated around $2 million of investors' funds in a scheme dating to 2008.
"One thing we can tell you is our opposition was there before us," says FPA's director of advocacy. "We heard over and over again the argument that if a fiduciary standard were extended to broker-dealers the middle market would be hurt."
"Any effort to put broker-dealers and advisors into the same box is probably not going to work," says a former deputy director of the SEC's Division of Investment Management.