Practice

Securities and Exchange Commission, money market fund, money fund

WASHINGTON-The U.S. debt, $9.5 trillion in 2010, could reach $25.9 trillion by 2021 if not kept in check. This was the warning of Erskine B. Bowles, former White House chief of staff, and Alan K. Simpson, former Senator from Wyoming, who are co-chairs of the National Commission on Fiscal Responsibility and Reform, speaking at the Investment Company Institute's General Membership Meeting here.

FINRA has hit Wells Fargo Advisors with $1 million in fines for delayed delivery of prospectuses to its mutual fund customers and required regulatory disclosure information about its representatives.

Financial advisors looking for new high ultra net worth investors should set their sights on Asian countries like China, India and Taiwan that are home to a groundswell of super-rich entrepreneurs in need of sound financial advice.

In a recent filing, State Street, the Boston, Mass.-based institutional investor services firm, revealed that the Securities and Exchange Commission (SEC) and other federal authorities have inquired about its past foreign exchange practices.

New rules targeting broker-dealers could mean new exams for certain management professionals and new standards for SEC inquiries.

The group is preparing to judge the inaugural Pro Bono Awards while conducting annual evaluation of grant applications

A group of Democratic members of the House, led by Rep. Carolyn McCarthy (D-NY) and Rep. Rush Holt (D-NJ), has written to the Department of Labor criticizing a new rule that would redefine the term fiduciary in the Employee Retirement Income Security Act of 1974.

Nearly 150 hand-picked and already highly successful Bank of America Merrill Lynch financial advisors next month will embark on what amounts to retirement training boot camp at The Retirement Advisor University (TRAU) in pursuit of a Certified 401(k) Professional designation to further their defined-contributions expertise and differentiate themselves from other DC practitioners.

The TNS Investor Confidence Index declines to 113 in April.