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Who will create and enforce a new, uniform fiduciary standard for not just brokers, but investment advisers, as well?
January 31 - Money Management Executive
The Securities and Exchange Commission has charged Connecticut hedge fund Michael Kenwood Group and its principal, Francisco Illarramendi, with misappropriating $53 millino on investors’ funds.
January 31 -
The Municipal Securities Rulemaking Board plans to seek public comment on a series of new rules and interpretive guidance in the next four to six weeks, most of which stem from its new oversight of muni advisors
January 31 -
A federal court has ordered the freezing of assets of a Stamford, Conn., investment adviser and hedge fund manager that has been charged with using $53 million from investors for his own benefit.
January 31 -
The Virginia Attorney Generals Office is considering whether or not to sue The Bank of New York Mellon for allegedly defrauding the states public pension fund by overscharging for foreign exchange transactions.
January 31 - Money Management Executive
So the results are in: The Securities and Exchange Commission announced last week, after six months of study, that brokers should be held to the same fiduciary standard as advisers because investors assume their brokers are acting in their best interests anyway.
January 31 -
"We welcome the clarity that the January SEC Staff Report brings to the retail financial advice industry, said Mark Casady, LPLs chairman and CEO. In particular, we agree with the report's recommendation for a uniform fiduciary standard, as we believe this is right for investors, financial advisors and the industry.
January 31 -
The White House's removal of Joseph Smith as a nominee to be the director of the Federal Housing Finance Agency does not bode well for an administration facing so many regulatory jobs to fill, observers said Friday.facing
January 31 -
The SEC study is only the first step in the path to a uniform fiduciary standard.
January 27
On Wall Street - Money Management Executive
Private fund advisors with more than $1 billion in assets under supervision have a greater need for monitoring, especially after lessons learned during the recent financial crisis, according to the Securities and Exchange Commission. So the commission proposed requiring all registered investment advisors that work with one or more private funds to complete a new document, the Form PF. Registered investment advisors who work with hedge and private equity funds, among others, would be required to file the new form periodically.
January 27
