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Regulatory

  • Dimon to Testify on JPM Trade Losses

    May 18, 2012

    The Senate Banking Committee announced Thursday that it has invited JPMorgan Chase CEO Jamie Dimon to testify about the firm's $2 billion trading loss. A bank spokeswoman said Dimon has agreed to testify.

  • SEC Charges Former NAPFA Chair With Fraud

    May 17, 2012

    The SEC has charged Seattle-area financial advisor, Mark Spangler, with defrauding clients by secretly investing $47.7 million in two start-up companies he co-founded.

  • Stevens: SEC’s Proposals Undermine Money Market Funds

    May 17, 2012

    Requiring money market fund advisers to hold capital to support their money market funds would fundamentally change the nature of these funds, according to a new study by the Investment Company Institute released today.

  • Bachus Defends JPMorgan Against Critics

    May 17, 2012

    "Unless the facts are diametrically different from what we've heard, there is no risk from this [$2 billion] loss to depositors or to taxpayers," Rep. Spencer Bachus said. "They remain a very profitable, viable institution."

  • SEC Recommends Changes in Accounting for Derivatives

    May 16, 2012

    The Securities and Exchange Commission has passed along a request to the Financial Accounting Standards Board that it consider making changes in how to account for derivatives contracts designated as hedging instruments.

  • JPMorgan Loss Highlights Need for Financial Reform, Geithner Says

    May 16, 2012

    Treasury Secretary Tim Geithner said Tuesday that the $2 billion trading loss at JPMorgan Chase makes a "powerful case" for the financial reforms being implemented under the Dodd-Frank Act.

  • 13 Questions Mitt Romney Needs to Answer on Financial Regulation

    May 15, 2012

    The presumptive Republican nominee has given almost no details about his plan to replace the Dodd-Frank Act.

  • SEC's Schapiro Discusses New Regulatory Reforms

    May 11, 2012

    Chairman Mary L. Schapiro said Friday that the SEC is in the midst of “honest open debate” on additional reform for the $2.6 trillion money market mutual fund industry. But she did not commit the SEC to proposing their net asset values be allowed to float, as a means of preventing a future run.

  • Group Disputes FINRA’s SRO Cost Estimates; FINRA Calls Findings Amusing

    May 10, 2012

    FINRA is substantially underestimating the costs to set up a self-regulatory organization for investment advisors, according to a review by an outside consulting firm. In response, FINRA says the review should be viewed with “skepticism and amusement.”

  • Colby Replacing Callery And Menchel at FINRA

    May 9, 2012

    FINRA has hired Robert Colby as its chief legal officer, replacing the broker regulating body's general counsel, Grant Callery, and its general counsel for regulation, Marc Menchel.

  • Proposed California Retirement Bill Dies in Committee

    May 4, 2012

    Large retirement plan providers tried to offer California’s teachers and other education workers simpler plan options, but the Financial Services Institute said it should not come at the expense of access to quality personalized investment advice.

  • Fund Group Rails Against SEC’s Money Market Proposals

    May 4, 2012

    Two groups representing mutual fund independent directors and trustees are joining together to voice their concerns about the changes to money market funds currently being considered by the Securities and Exchange Commission.

  • SEC Fraud Lawsuit Against Morgan Keegan Revived

    May 2, 2012

    The 11th U.S. Circuit Court of Appeals in Montgomery, Ala., said a federal district judge in Atlanta erred in finding that the alleged misrepresentations made by Morgan Keegan brokers about the debt were not material. It sent the case back to the district court for more proceedings.

  • RIA on FINRA Board Resigns

    May 2, 2012

    Joel Blumenschein, a Wisconsin RIA, has resigned from FINRA after settling a disciplinary case alleging he failed to supervise a broker at his firm.

  • SEC Charges UBS Unit, Two Execs With Mishandling Closed-End Funds

    May 1, 2012

    UBS Financial Services Inc. of Puerto Rico and two of its executives have been charged by the SEC with misleading investors and its own financial advisors about the market risks associated with the sales of 23 closed-end mutual funds.