Compliance

David Blaine is an illusionist, often referred to as a modern-day Houdini. So may be David Blaine Welliver, an investment advisor and operator of a mutual fund based in Buffalo, Minnesota, if the SEC is to be believed.

Congress is currently considering a bill that would permit 401(k) investors in danger of losing their primary home to foreclosure to use up to $50,000 or 50% of the balance, whichever is less, to prevent that from happening.

For the second time in two years, the watchdog for broker-dealers is warning traders they are obligated to send clients accurate indications of interest.

Even with proposed regulation to the financial advisory industry still pending, several industry members at this week's Women Advisors Forum conference were certain about two things: the SEC should have expanded oversight and the industry will bear more costs.

The Securities and Exchange Commission, the Federal Reserve and other regulators are not likely to adopt an emergency liquidity facility funded by fund sponsors to backstop money market funds, according to Gregory Johnson, CEO of Franklin Resources.

Clearinghouses, not regulators, should be responsible for imposing risk management practices on clearing brokers when it comes to monitoring their end customers, says the trade group representing futures commission merchants.

Financial services professionals and firms need to do a better job of implementing globally accepted international standards for financial reporting, according to a new report from a task force led by the International Federation of Accountants.

New regulations requiring traders to post initial margin when clearing swap contracts through clearinghouses and outside of clearinghouses will cost financial firms $1.4 trillion in new capital charges, according to a research report released on Monday by Tabb Group.

State Street on Friday confirmed that it has reimbursed a United Kingdom pension fund for costs related to transitioning from one fund manager to another.

A senior executive with FINRA sought to tamp down the concerns that many investment advisors have raised about empowering the self-regulatory organization with oversight of the sector, pledging that significant reforms would accompany any such transition.

WASHINGTON -- A top official with the Labor Department defended the controversial plan to expand the definition of "fiduciary" to cover people providing advice to retirement plans on a commission-based model, a proposal strongly opposed by industry groups representing independent broker-dealers and advisers.

Of the many policy issues surrounding the investment advisor sector, few are more charged than the question of where regulatory authority should properly be housed. And those divergent viewpoints were on full display at the annual advocacy summit hosted by the Financial Services Institute.

A top official with the Labor Department defended the controversial plan to expand the definition of "fiduciary" to cover people providing advice to retirement plans on a commission-based model, a proposal strongly opposed by industry groups representing independent broker-dealers and advisors.

Merrill Lynch, Pierce, Fenner & Smith Inc. has been fined $1 million for supervisory failures that allowed a Texas broker to run a Ponzi scheme.

Merrill Lynch, Pierce, Fenner & Smith Inc. has been fined $1 million for supervisory failures that allowed a Texas broker to run a Ponzi scheme.

The Securities and Exchange Commission is warning broker-dealers it will scrutinize the procedures they use to ensure they don't run afoul of the new market access rule when dealing in subaccounts used by disreputable day traders.

The nation's stock exchanges and the Financial Industry Regulatory Authority are filing proposals that will trigger halts in trading, marketwide, more quickly, the Securities and Exchange Commission said. The changes are proposed for marketwide "circuit breakers," which key off drops in the Dow Jones Industrial Average.

The Securities and Exchange Commission is warning broker-dealers it will scrutinize the procedures they use to ensure they don't run afoul of the new market access rule when dealing in subaccounts used by disreputable day traders.

Community banks oppose capital One Financial Inc.'s proposed $9 billion acquisition of ING Direct USA, saying it would increase systemic risk.

The president's once warm relationship with the largest American banks has been fractured.