Law and regulation

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.