Regulation

Chief executives from BofA and PNC raised concerns about the conduct of data aggregators and particularly how well they protect customer data.

Founders are the biggest offenders when it comes to ignoring these procedures.

The New York Department of Financial Services' letter indicating potential cyber rules are prompting concerns that the state's plans could lead to more stringent measures throughout the industry.

Technology adoption by managers is being driven by the need to become more operationally efficient, client demands for bigger returns and the peril of falling behind of regulator demands, says the head of one asset management firm.

The Cybersecurity Information Sharing Act, which has advanced far on Capitol Hill, promises to help businesses and government thwart cybercriminal attacks. But privacy advocates say the bill would make misuse of consumer data even easier.

Settling charges that it had used false performance claims regarding an ETF-linked strategy, Virtus Investment Advisers agreed to pay the SEC $16.5 million in penalties.

Advisors using digital advice tools must implement compliance best practices to help mitigate areas of risk that technology — like a double-edged sword — can both cause and combat.

Though a majority of firms agree investments in technology are necessary to remain competitive, just over a quarter are actually making that investment.

The hefty penalty is one result of an SEC investigation into performance claims of the AlphaSector ETF-linked strategy.

Wyatt takes the job after heading OCIE on an interim basis as the commission struggles with advisor exam cycle.