Regulation

Jay Clayton talked up the commission's latest enforcement efforts and defended Reg BI before skeptical lawmakers.

The advisors had won $1.6 million in back pay and fees in a case decided last month.

The four new types of funds use a so-called proxy basket and will publish some information about their portfolios every day.

A former rep has drawn at least 30 claims after pleading guilty to fraud, while clients of another ex-LPL advisor are seeking damages five years after his initial arrest.

“It’s going to become increasingly more important for financial professionals to understand the potential benefits of sustainable investing,” an executive says.

Not a great idea, says Alan Foxman, but if you’re determined, there may be a way.

SEC Commissioner Robert Jackson Jr. said his office studied 15 years of data to assess how the firms utilized their power on hundreds of proposals.

A close look at the seven letters Jay Clayton highlighted, and about two dozen others submitted to the SEC by supposedly regular people, shows they are the product of a misleading — and laughably clumsy — public relations campaign by corporate interests.

The fact that it’s impossible to track the amount of revenue sharing kickbacks demonstrates the problem, says the research firm’s lead policy wonk.

Clients overpaid more than $12 million because of operating flaws and coding failures in an automated device advisors relied on for executing mutual fund orders.