Compliance

The head of the Senate Permanent Subcommittee on Investigations called for an end to private letter rulings from the Internal Revenue Service which have “essentially opened the floodgates” for mutual funds to speculate in commodities from offshore tax havens such as the Cayman Islands.

The head of the Senate Permanent Subcommittee on Investigations called Thursday for an end to private letter rulings from the Internal Revenue Service which have “essentially opened the floodgates” for mutual funds to speculate in commodities, from off-share tax havens.

Merrill Lynch agreed to pay a $1 million fine for failing to arbitrate disputes with employees about retention bonuses related to its 2009 merger with Bank of America Corp., the Financial Industry Regulatory Authority said.

Former Major League Baseball player Douglas Mirabelli and his wife, Kristin Mirabelli, hit a home run in an arbitration dispute with Merrill Lynch this week when a FINRA panel ordered the firm to pay the couple more than $1.2 million.

A FINRA arbitration panel has ordered Citigroup to pay $24 million to a team of financial advisors formerly employed by the firm.

Amid record attendance and formidable growth in its membership ranks, the leaders of the Financial Services Institute insisted that ensuring the organization’s potency as lawmakers define a fiduciary standard for the industry is chief among their strategies and challenges for the coming year.

The regulators charged with implementing the Volcker Rule have posed 1,300 questions to the public, but on Wednesday, at a House subcommittee hearing, they fielded one query they seemingly hadn't considered.

The CFP Board is seeking input and guidance from planning professionals as it considers changing the way it currently investigates bankruptcies among planners.

inShare WASHINGTON — The regulators charged with implementing the Volcker Rule have posed a whopping 1,300 questions to the public, but on Wednesday, they fielded one query they seemingly hadn't considered.Rep. Michael Grimm, R-N.Y., described a scenario in which a foreign firm with no U.S. operations sells a security, as a part of a proprietary trading strategy, to an American firm.

More than 14 years ago, Jane Norberg worked with confidential informants in planning, organizing and conducting investigations of federal crimes. Now she's the SEC's new deputy chief of the Office of the Whistleblower.

The Financial Services Institute has gained another 225 members, as Mountain View, Calif.-based broker-dealer and RIA Foothill Securities announced it has signed up all its advisors.

FINRA has fined Citigroup Global Markets $725,000 for failing to disclose conflicts of interest in its research reports and public appearances by analysts.

The SEC has charged an investment advisory arm of UBS with overstating the prices of securities in three mutual funds, some times by more than 100%.

The Securities and Exchange Commission announced Tuesday that it fined UBS Global Asset Management $300,000 for overvaluing 48 mortgage-backed securities purchased for $22 million.

Planners have taken note of the fact that clients with incomes of $1 million or more were twice as likely to be audited by the IRS in 2011 than they were in 2009. Several say they are taking steps in anticipation of still greater vigilance on the part of the agency.

Financial services industry groups are ready and willing to help the Labor Department do a formal study of the potential impact of a redefinition of fiduciary responsibility, according to a new letter several trade organizations wrote to the department.

WASHINGTON-In technical terms, Congress handed regulators the baton a while ago to implement a crackdown on proprietary trading.

The Securities and Exchange Commission last week warned publicly traded banks to be more thorough and consistent in disclosing their exposure to European sovereign debt.

With deadlines bearing down for certain federally registered investment advisors to transition to state regulation, advisors have a host of concerns and questions, experts say.

Financial services industry groups are ready and willing to help the Labor Department do a formal study of the potential impact of a redefinition of fiduciary responsibility, according to a new letter several trade organizations wrote to the department.