Regulation

The woeful tale of the banking industry and Republicans joining forces to thwart new consumer protection efforts will do more to anger the man on the street in the long run.

Founder and CEO of the Institute for Private Investors talks about where wealthy members are putting their money now.

Our legal expert explains why a book discussing an advisor's investment experience is a no-no.

What effect will a massive regulatory penalty have on future cases?

OppenheimerFunds is paying $100 million to settle a class-action lawsuit against two of its funds, the Oppenheimer Champion and the Oppenheimer Core Bond funds

The Securities and Exchange Commission voted unanimously Tuesday to require large traders to register and to share more information. The rule, yet another measure in response to the Flash Crash of May 2010, will take effect in 60 days, with traders given an additional two months to begin registering.

The Financial Industry Regulatory Authority (FINRA) has a message for investors considering lesser-understood investments as an alternative to traditional fixed-income and equity investments: caveat emptor.

In a presidential race dominated by fights over the debt limit and job creation, it is unusual for a candidate to devote much attention to the impact of Dodd-Frank on small banks. But Newt Gingrich has rarely taken the conventional route.

On the one-year anniversary of the Dodd-Frank Act, Democratic lawmakers and key financial regulators called on Congress to resist Republican efforts to cut funding to implement and enforce the law's sweeping new regulations.

Broker Suspended for Excessive Trading in Mutual FundsBy Tom Steinert-ThrelkeldAn Arizona broker has been suspended for excessive trading in mutual funds.William Bailey, formerly a broker with the NEXT Financial Group in Mesa, Ariz., has been put on the sidelines for two years by the Financial Industry Regulatory Authority for switching customers in and out of mutual funds, for average of two months per investment.Bailey also engaged in discretionary trading without receiving prior written approval from his customers, the independent regulator of brokers said.Bailey recommended 484 short-term switch transactions in seven customer accounts, in 2006 and 2007, FINRA said. He “repeatdly sold mutual funds less than one year after purchasing them, and purchased new mutual funds with the proceeds,’’ the regulator said.With the frequent switches, his customers held their mutual funds for only 60 days, on average. The seven customers ranged in age from 66 to 93 and “were all unsophisticated investors,’’ FINRA said.Bailey could not be immediately reached for comment.FINRA said the customers paid more than $147,000 in sales charges and trading fees. Bailey received more than $120,000 in commissions, from those payments.Bailey, the regulator said, frequently traded in his customers' accounts without first obtaining their permission and improperly completed customer account forms to make it appear the customers approved of the trading. “Bailey rapidly switched his elderly and unsophisticated customers in and out of mutual funds with high costs, providing a benefit to Bailey instead of to his customers,’’ said Brad Bennett, FINRA Executive Vice President and Chief of Enforcement, In settling the case, Bailey neither admitted nor denied the charges, but consented to its findings, FINRA said.An Arizona broker has been suspended for excessive trading in mutual funds.