Regulation

A new effort by President Obama to tighten cybersecurity at financial institutions and other businesses could help light a fire under some firms that have historically been slower to react in the wake of a data breach and help financial institutions dealing with a tangle of confusing state laws.

Oppenheimer Holdings will pay $20 million to settle U.S. regulatory claims that it improperly sold billions of shares of penny stocks on behalf of an offshore brokerage.

The American Institute of CPAs has written to some of the top tax lawmakers in Congress asking them to grant relief to taxpayers in appropriate situations when they miss a statutory deadline or make an error in choosing an election.

The claim represents more than half the awards handed out by the regulator against advisors so far this month.

For vendors in the data security realm serving asset managers, banks and other financial institutions, the Morgan Stanley data breach incident serves as a reminder of the greater roles they now have.

FINRA banned a rep for allegedly forging a customer's signature on bank withdrawal slips, a move that allowed the customer's sister to steal $3,900 from the customer's account. Two others were suspended for relatively minor infractions.

Defense in the cyberworld is difficult. The invisible duplication of information is intrinsic to computerized systems. Adding to this complexity, we now use global-spanning IT systems with numerous known and unknown dependencies.

When does it make sense to buy your list of clients? Attorney Alan Foxman explains.

Norm Champ, the SEC’s director of investment management, will resign after five years at the agency, the SEC said.

The top regulator of mutual funds, private equity and hedge funds at the U.S. Securities and Exchange Commission will step down later this month.