Regulation

On June 18, 2012, Eileen Rominger, Director of the Division of Investment Management at the Securities and Exchange Commission, will be retiring in July.

Daniel J. Trolaro, a former planner and insurance agent from East Hanover, N.J., allegedly defrauded nine clients out of a total of $1.9 million, which he then used to gamble online, according to the New Jersey Office of the Attorney General.

The Northern Light Fund Trust and certain members of its current and former trustees as well as an unnamed chief compliance officer have received a “Wells notice” from the U.S. Securities and Exchange Commission.

Members of the House Financial Services Committee have a chance Tuesday to pose tougher questions about the JPMorgan trading losses than their Senate counterparts did.

The CFP Board disciplined 24 planners in its most recent thrice-yearly review of disciplinary or ethics allegations. In 13 cases, planners lost their rights to use the CFP designation permanently. Six other planners received suspensions for varying lengths of time, and five received letters of admonition.

On June 11, 2012, The Investment Company Institute has hired George Shevlin as its new Political Affairs Officer, responsible for managing the Institute’s political program, including the Political Action Committee.

You weathered the credit crisis. You got through the Flash Crash. You are watching Europe (and the U.S.) struggle to make sure its debt doesn't implode from the global economic downturn. So you're ready for the next big threat to financial markets, right?

In testimony before the Joint Economic Committee of Congress, the Fed chairman also highlights lawmakers' role in strengthening U.S. economy.

As the debate over regulatory reforms in the RIA sector has resurfaced on Capitol Hill, industry groups on both sides of the issue are making their case to lawmakers and staffers in the hopes of either advancing or derailing legislation that would establish a self-regulatory organization to oversee RIAs.

In testimony before members of a House committee on Wednesday, Richard Ketchum, the chairman and CEO of FINRA, offered an enthusiastic endorsement of a legislative proposal to establish a self-regulatory organization to oversee RIAs.