Updated Wednesday, March 12, 2014 as of 5:40 AM ET
The proposed rule would require advisors changing firms to disclose the financial incentives they were given, if those incentives are $100,000 or more of either upfront recruitment bonuses or deferred bonuses, according to the documents. These bonuses include upfront or deferred cash, forgivable loans, loan-bonus arrangements, transition assistance, or equity awards. The recruited advisor would indicate to his or her clients how much the bonus was within a given set of ranges: $100,000 to $500,000; $500,001 to $1 million; $1 million to $2 million; $2 million to $5 million; and above $5 million.
more »
More in Regulatory/Compliance
SEC examiners frequently cite firms for insufficient disclosures, an SEC official says. Here are some of the most common conflicts that advisors fail to disclose adequately to their clients. more »
The Office of the Comptroller of the Currency has joined other regulators in seeking to simplify megabanks' myriad legal entities. But instead of being focused on helping a bank to unwind in a failure, the OCC argues simplification can greatly help operational efficiency. more »
Cybersecurity is an area of growing SEC concern and examiners will increasingly be expecting RIAs of all sizes to have in place more robust policies and procedures to deal with the growing threats to their information systems. more »
The commission is committed to moving forward on a uniform fiduciary standard for advisors and broker-dealers and also expects to finalize money market reforms by the end of the year. more »
While acknowledging discrepancies between BrokerCheck and state reports, FINRA says it is right to exclude some information and that other "missing" information is in fact included. more »
In particular, the commission is looking for cases when advisors trade on behalf of clients without written disclosure and consent, or fail to process a trade on the most favorable terms for their clients, says an enforcement division co-chief. more »
Thousands of Credit Suisse Group’s U.S. clients still don’t know whether tax authorities will learn their identities as prosecutors work to conclude a three- year probe of how the bank helped them evade taxes. more »
OCC bank examiner says banks have given their programs too much latitude and need to reclaim a more active role in oversight. more »
The advisor groups advocating for SEC vs. FINRA oversight of the RIA sector are turning their lobbying efforts away from the House. more »
The focus on dual registrants grows out of concern that the different compensation structures of the two business lines can create conflicts of interest and potentially harm investors, according to an SEC director. more »
FINRA's BrokerCheck reports are missing key 'red flag' information, leaving investors in the dark about numerous blemishes on brokers' records, claims an advocacy group for investors. more »
Five years after Citigroup became a symbol of all that was wrong with big banks, the country's third-largest bank appears to be bracing for a new round of scrutiny into its ethics. more »
Detroit agreed to pay $77.6 million to UBS and Bank of America's Merrill Lynch unit to end interest-rate swaps that have cost taxpayers more than $200 million since 2009, according to a court filing in the city's bankruptcy. more »
Current Issue
The March Issue is now online!
MOST VIEWED
MOST EMAILED
TWITTER
FACEBOOK
LINKEDIN
Industry Events
March 17, 2014 |
March 23, 2014 |
April 8, 2014 |
May 3, 2014 |
May 5, 2014 |
