Regulation

Mary Jo White, a prosecutor and former U.S. attorney in Manhattan, will be nominated by President Barack Obama to be the next chairman of the Securities and Exchange Commission, according to a White House statement.

President Barack Obama will nominate former US attorney Mary Jo White to lead the Securities and Exchange Commission, replacing incumbent Chairman Elisse Walter, the New York Post reports.

The Internal Revenue Service provided advice to taxpayers Wednesday on dealing with the late opening of tax season on January 30 that could also prove helpful to tax preparers.

Jacques Longerstaey has joined F-Squared Investments as a senior vice president of investments.

The Financial Stability Oversight Council has extended the comment period for proposed recommendations for money market mutual fund reforms.

House Republicans plan to vote Jan. 23 on a three-month extension of U.S. borrowing authority in an effort to force the Democratic-led Senate to adopt a budget plan.

Fidelity Investments has closed off one of its funds to new investors.

It all started with Goldman Sachs, which began publishing the daily market value of the assets held in its money market mutual funds in the United States on January 9.

Wealth manager Peter J. Eichler Jr., once had more than $10 billion in assets under management. Following his RIA’s bankruptcy filing in November, however, the SEC has filed a lawsuit against Eichler and Aletheia Research and Management for alleged securities fraud and for allegedly violating fiduciary duties to clients and to the funds Aletheia managed.

As regulators continue their work implementing the numerous provisions of the Dodd-Frank financial reform act, a leading Wall Street trade group is hoping that 2013 will see movement on the controversial effort to implement a uniform fiduciary duty for investment advisors and broker-dealers when providing personalized advice to retail clients.