Compliance

A new Portland, Ore.-based investment shop has bagged its first sub-advisory mandate courtesy of its affiliate.

The Securities and Exchange Commission has settled an enforcement proceeding against eight former directors of five Morgan Keegan open- and closed-end funds that were heavily invested in securities backed by subprime mortgages.

Eight former directors overseeing mutual funds for Morgan Keegan & Co. settled, without paying any penalties, U.S. regulatory claims that they allowed assets backed by subprime mortgages to be overvalued as the housing market collapsed in 2007.

In an exclusive interview, Skip Schweiss, managing director of advisor advocacy at TD Ameritrade Institutional, spoke about the tensions, dangers and future outlook of the fiduciary standard being debated in Washington -- and how the decision might drastically alter the advisory landscape.

The Securities and Exchange Commission has approved new FINRA rules that prevent mutual fund and hedge fund industry personnel from serving as public arbitrators, effective July 1.

The Securities and Exchange Commission has approved new Financial Industry Regulatory Authority rules that prevent mutual fund and hedge fund industry personnel from serving as public arbitrators, effective July 1.

The future of a uniform fiduciary standard regulating the broker-dealer and RIA space is unlikely, according to Barbara Roper, director of investor protection for the Consumer Federation of America.

Regulators are focusing attention on ensuring community banks have proper security systems in place in the wake of a string of cyberattacks on megabanks.

Buyer beware! The Financial Industry Regulatory Authority today issued an investor alert regarding the burgeoning alternative mutual fund asset class.

With the passing of Dodd-Frank, the SEC is paving the the way to adopt a uniform fiduciary standard for broker/dealers and investment advisors. Barry Glassman of Glassman Wealth says that there's no feasible way for brokers to uphold the same fiduciary standard to which RIA are held. He writes, "for them to come under the fiduciary standard as it currently exists, their businesses would have to split up into so many micro pieces that it would be disastrous for them." But the alternative, as it is being proposed, is for the very meaning of the fiduciary standard to change.

A Detroit investment adviser will pay $3.1 million to settle U.S. Securities and Exchange Commission claims that he stole money from a police pension fund to finance his purchase of two California strip malls.

“Nothing I did in the last five years had anything to do with selling on a commission basis,” he told Financial Planning.

The Securities and Exchange Commission last week unveiled its money market fund proposals that, in part, seem to have won the support of its biggest critic: the Investment Company Institute.

The Securities and Exchange Commission has improved how it justifies new regulations after at least five recent court defeats faulted its use of economic analysis, according to an audit by the agency’s inspector general.

The Securities and Exchange Commission has paid $580,000 to settle claims by a former internal watchdog that he was fired in an effort to quash his investigations.

One year after the "untimely" death of Richard Aster, founder of Larkspur, Calif.-based Aster Capital Investment Management, the investment advisor is selling off its assets.

The Securities and Exchange Commission has approved new Financial Industry Regulatory Authority rules that prevent mutual fund and hedge fund industry personnel from serving as public arbitrators, effective July 1.

The Securities and Exchange Commission last week unveiled its money market fund proposals that, in part, seem to have won the support of its biggest critic: the Investment Company Institute.

A slew of recent regulatory shifts is keeping examiners busy -- and advisors must know how to react when they get a call from FINRA or the SEC.

Regulators have formed a working group to enhance coordination between federal and state banking agencies on cybersecurity.