Compliance

(Bloomberg) -- Bank of America Corp.’s Merrill Lynch unit must face a lawsuit filed by two trusts that hold and administer mortgages on behalf of investors who own more than $1 billion worth of securities collateralized by the loans.

Oppenheimer Funds and Putnam Investments have won top honors in the 11th annual NOVA Awards for innovation in the investment management industry.

Anti-money laundering policies were identified by both FINRA and the SEC as a top priority for examinations of broker-dealers in 2013. In its exam guidance, FINRA noted "an increase in foreign currency conversion transactions." It also stressed that there are no exemptions from the AML requirement for member firms, even if the company holds no customer funds.

Bank of America Corp.’s Merrill Lynch unit must face a lawsuit filed by two trusts that hold and administer mortgages on behalf of investors who own more than $1 billion worth of securities collateralized by the loans.

Former CFP Board Chairman Alan Goldfarb was the first CFP holder ever to be publicly sanctioned for a compensation disclosure violation, the board has confirmed – despite its assertion that he was not treated differently than other CFP holders.

FINRA’s Board of Governors will finally consider its controversial plan to require transitioning advisors to disclose recruitment incentives.

(Bloomberg) – A Morgan Stanley employee identifying himself as a credit audit specialist sued the bank over claims he suffered retaliation after he discussed the growing number of high-risk loans in its portfolio.

Operating in an environment where we are all expected to do more with less, asset managers increasingly rely on service providers. By constantly reinvesting in their businesses and infrastructure, established providers can easily scale and position asset managers for the future.

A lawsuit brought by husband-and-wife planners in Florida against the CFP Board has brought the federal court system into the debate over “fee-only” labeling and consequences – a topic that the industry has been struggling to define.

For almost nine years, the firm has been lending to companies with ratings in the B to BB+ range, below the investment-grade threshold, the employee claims.

Building a successful fund requires a distinguishable brand, an effective marketing strategy, and a commitment to distribution support.

The Department of Labor is pushing back its timeframe for releasing a highly anticipated proposal for expanding fiduciary responsibilities for advisors who work with retirement plans.

Bank of America Merrill Lynch will pay $2.8 million to settle claims that it took too long to compensate departing brokers.

Bloomberg -- Morgan Stanley Chief Executive Officer James Gorman said there’s almost no chance of another financial crisis like the one that endangered his firm five years ago.

FINRA is scaling back on "supersized" fines.

Bloomberg -- A year ago, when opposition from the asset-management industry killed her plan to make money-market mutual funds safer, U.S. Securities and Exchange Commission Chairman Mary Schapiro looked to Timothy Geithner, then the Treasury Secretary, to tackle “one of the pieces of unfinished business from the financial crisis.”

The regulator levied fewer big-ticket fines in the first half of 2013, according to a report from Sutherland Asbill & Brennan.

Amid growing industry debate over compensation disclosure, the FPA has changed the compensation disclosure options on its website.

A year ago, when opposition from the asset-management industry killed her plan to make money-market mutual funds safer, sec Chairman Mary Schapiro looked to Timothy Geithner, then the Treasury Secretary, to tackle “one of the pieces of unfinished business from the financial crisis.” It remains unfinished.

Building a successful fund requires a distinguishable brand, an effective marketing strategy, and a commitment to distribution support.