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Regulatory

  • It Is Time to Embrace Fiduciary Standard: Averitt

    May 21, 2012

    Pending legislative decisions around the fiduciary requirement for all advisors is not a threatening issue, Raymond James Financial Services Chairman Dick Averitt told a packed general session at its National Conference for Professional Development on Monday.

  • Ketchum Calls for ‘Top-to-Bottom Review’ of Broker Operations

    May 21, 2012

    The head of the Financial Industry Regulatory Authority said he’d like to see regular reviews of broker operations, to find and address potential conflicts of interest.

  • Swaps Rules Must Apply Across Borders, Gensler Says

    May 21, 2012

    The chairman of the Commodity Futures Trading Commission says that excluding swaps between foreign branches of U.S. companies and offshore organizations is not an option. Now seeks comment how to apply Dodd-Frank swaps reforms abroad.

  • Financial-Reform Group: JPM Clearly Was Not Hedging

    May 21, 2012

    The big question following JPMorgan Chase & Co.'s now-notorious derivative trade is whether it would have been permitted under the so-called 'Volcker Rule.' But the answer is clear cut to an advocacy group that has led calls for regulatory restrictions after the 2008 crisis.

  • 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.