Financial regulations

The SEC says broker-dealers may treat investment advisors as if they were subject to the AML Rule — under certain conditions.

Brokerage firms that sell the funds must determine whether clients understand their risks — a requirement that could discourage offering them at all.

What advisors need to know about revenue sharing, wrap fees and outside investors in the wake of Reg BI.

SEC Commissioner Robert Jackson Jr. said his office studied 15 years of data to assess how the firms utilized their power on hundreds of proposals.

The fact that it’s impossible to track the amount of revenue sharing kickbacks demonstrates the problem, says the research firm’s lead policy wonk.

Rather than disclosing their portfolios every day like conventional ETFs, the nontransparent products will reveal their holdings at least once a quarter.

Sixty-six SEC whistleblowers were awarded $387 million for a “job well done,” according to the commission's whistleblower attorney Stephen Kohn.

The SEC's recently passed ETF modernization rule is just one regulatory change industry leaders expect will impact asset management in the years ahead.

An extension from the agency comes amid warnings from brokerages that breaking out stock and bond analysis would threaten their own research businesses.