Law and regulation

John Brynjolfsson, the chief investment officer of Armored Wolf, said he is closing the money management firm to outside investors and converting it into a family office.

A retired couple alleges their advisor lost millions through negligence and misrepresentation of certain securities, but the firm says that the clients were sophisticated self-directed investors.

One inevitable change caused by low-cost, online competition is how advisors will structure their compensation, said Brian Leitner, senior vice president of practice management at Mariner Wealth Advisors.

The pretense that Republican opposition to the DoL's proposed fiduciary rule changes is being done in the name of investor protection is "galling," says The Consumer Federation of America, an advocacy group.

Paul Reilly says there is little question the law will pass, but he hopes the restrictions are more workable and the rules more clear on what financial products are restricted.

Attorney Alan J. Foxman answers readers most pressing regulatory and compliance questions, including where the buck stops when a sales assistant makes a cybersecurity mistake.

The now-independent advisor sought damages against his former employer for wrongful termination and defamation, and also asked his record to be expunged.

Commission marks 75th anniversary of Investment Advisers Act, but says there is much work still to do to fully protect investors.

Lee Dana Weiss and his firm Family Endowment Partners face numerous cases from clients as well.

Advisors’ usage of social media includes platforms like Pinterest, where they showcase lifestyle-oriented content to their clients and potential clients.

Merger of two LPL practices seeks to expand a new niche; banks seek non-interest, fee-based income from independent planners.

Rules dealing with liquidity and other market-related items may be a better strategy for asset managers than higher capital requirements, said Federal Reserve Board Gov. Daniel Tarullo.

The association's board of directors chose a new president-elect, as well as three new board members. The changes come as the association generally supports the Labor Dept.'s proposed fiduciary rule, but with certain changes.

An arbitrator ruled against a former wirehouse advisor who declined to attend hearings or have a lawyer represent him against Morgan Stanley.

The two failed to cooperate with FINRA investigations into alleged misconduct, including allegations that one converted customer funds.

DD4BC, a group that threatens to knock out corporate websites unless it is paid off in bitcoins, has expanded its denial-of-service attacks on banks.

Funds would have to maintain a minimum cushion of cash or cash-like investments that can be sold within three days. Funds also could charge investors who pull their money on days of elevated withdrawals.

The industry regulatory organization remains close to hitting a historic high on financial penalties. Regulator is focusing on "bread-and-butter type issues," says expert, who expects more cybersecurity and anti-money laundering fines.

Industry regulator proposes to give brokers safe harbor from legal liability if they delay a transaction when they suspect the client is the victim of abuse.

SEC claims First Eagle Investment improperly used mutual fund assets to pay for the marketing and distribution of fund shares.