Compliance

Although the Senate finally voted Thursday to send regulatory reform to the president's desk, policy circles are already abuzz about what changes to seek in a "corrections" bill to fix problems with the legislation.

The day after Congress voted 60 to 39 to pass the historic overhaul of financial rules, Wall Street - the mutual fund and hedge fund industries included - is already bucking up for the corrections bill.

WASHINGTON — Although the Senate finally voted Thursday to send regulatory reform to the president's desk, policy circles are already abuzz about what changes to seek in a "corrections" bill to fix problems with the legislation.

The Senate voted 60 to 39 this afternoon to approve sweeping changes to the financial regulatory system designed to address the causes of the 2008 financial crisis.

If your clients are confused on the current process, it sounds like the communication between you and them could do with some improvement too.

No one’s said anything yet about it, but a fiduciary standard will mean not just keeping an investor’s interests ahead of one’s own. It will also mean making sure that customer knows what that is costing.

Sens. Blanche Lincoln, D-Ark., and Jon Kyl, R-Ariz., have introduced a proposal to reform the federal estate tax, which temporarily expired this year but is slated to increase to up to 55 percent next year for estates over $1 million.

The reform bill, which the Senate could pass tomorrow, would give the central bank expansive new powers, but also heaps additional responsibilities on it.

In its long-awaited concept release on the proxy “plumbing” process, the Securities and Exchange Commission on Wednesday sought public comment on making changes to the proxy voting and distribution system but fell far short of advocating any major overhaul.

In its long-awaited concept release on the proxy “plumbing” process, the Securities and Exchange Commission on Wednesday sought public comment on making changes to the proxy voting and distribution system but fell far short of advocating any major overhaul.

Joan McKown, who has worked for the SEC since 1986, plans to join Washington-based law firm Jones Day.

If the fund management industry thinks it’s gotten away scot-free on the Dodd-Frank financial regulation reform bill—and several senior fund executives went on the record last week to say it has no impact—the industry’s got another thing coming.

FINRA plans to significantly expand the information it provides via its free online tool, BrokerCheck, in the coming months.

Barring any unforeseen upheavals, Democrats have the assurances they need to secure the 60 votes needed for Senate passage of the Dodd-Frank bill.

Securities and Exchange Commission Chairman Mary Schapiro said ishe personally backs a blanket fiduciary standard for advisers.

Charles Boucher is leaving his post as chief information officer of the Securities and Exchange Commission, after 19 months.

Securities and Exchange Commission Chairman Mary Schapiro said in a speech on Friday that she personally backs a blanket fiduciary standard for advisors.

Bankers may never be considered Boy Scouts on compensation, but in terms of the executive pay provisions in the financial reform bill, they certainly are prepared.

The Securities and Exchange Commission is making risk disclosures one of its highest priorities, with the goal of doing a better job of regulating derivates, hedge funds and credit rating agencies.

The financial services reform bill in Congress calls for 68 in-depth studies into financial services products and practices, including: performance data in mutual fund advertisements, short selling and stronger insurance regulation, which could impact annuities and other retirement income products.