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Regulatory

  • 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.

  • FINRA Sanctions Four Firms for Improper ETF Sales

    May 1, 2012

    The four firms were fine a total of $9.1 million for not having adequate supervisory systems in place for billions of dollars of sales of leveraged and inverse ETFs.

  • CFP Board Requests Comments on Sanction Guidelines

    May 1, 2012

    The aim is to maintain consistency in imposing sanctions for similar offenses.

  • Advisors, Clients Brace for More IRS Scrutiny

    April 27, 2012

    Advisors be forewarned: your small business clients are more likely to be audited next year. The IRS is beefing up its ranks of auditors and doing more audits.

  • FINRA Estimates Dramatically Lower Costs to Run an SRO

    April 26, 2012

    To become the industry’s SRO, FINRA estimates it will cost roughly 15 times less in start-up costs than estimates in a study commissioned by the Financial Planning Coalition, which includes CFP Board, FPA and NAPFA.