Law and regulation

Here's something for the estimated 72 million 401(k) participants to look forward to at the end of this month: On Aug. 30, the Department of Labor's Employee Benefits Security Administration participant fee disclosure rule, dubbed ERISA 404(a)(5), will go into effect.

Independent financial advisors are strong supporters of former Massachusetts Gov. Mitt Romney in his presidential bid, a new survey has found.

FINRA has reconstituted its board of governors, adding three new members and re-appointing three others.

Money-market fund companies obtained permission to support 155 of their funds during the financial turmoil of 2007 and 2008, and six more funds got the same go- ahead since the crisis, according to a list provided to Congress by the U.S. Securities and Exchange Commission.

Market timing and late trading scandals in 2003 led to a substantially more demanding regulatory environment. This has included the adoption of a rule requiring funds to designate a compliance officer and implement a comprehensive program for complying with federal laws and regulations on investment fund operations.

The last decade has been rough for the mutual fund industry. This means boards of directors must have the tools for overseeing compliance and take on the oversight.

FINRA levied almost $40 million in fines in the first half of the year and will likely doll out as much or more through the end of the year.

The Municipal Securities Rulemaking Board released a proposal Thursday aimed at increasing protection for retail investors who trade municipal bonds online.

A key government witness against three former UBS AG municipal-bond executives in a bid-rigging trial called one of the defendants an "idiot" and was asked today whether he disliked him so much that he put photos of tortured cats on his desk.

On August 8, 2012, Mary Schapiro, chairman of the Securities and Exchange Commission, is looking to turn $2.6 trillion money-market mutual-fund industry on its head.

A former UBS AG municipal-bond executive told an ex-colleague to forget about a transaction as they discussed how to handle an expanding government probe of bond big rigging, the second man testified at trial.

Sandy Weill's call to break up the big banks by restoring the Depression Era law has sparked a backlash among some who argue it would not help prevent the next crisis.

FINRA has fined Wedbush Securities $300,000 and levied an additional $25,000 fine and suspension for its president, Edward Wedbush.

On August 7, 2012, Et Tu, Russell?

On August 7, 2012, One exchange-traded fund provider is calling it quits after deciding to pull the plug on its external PR efforts.

On August 7, 2012, Morrison & Foerster has added two Of Counsels to its Denver office.

The head of the House Financial Services Committee is renewing his call to act on legislation to increase oversight of investment advisors, a bipartisan bill that stalled in the committee last month.

Chairman Mary Schapiro said she is asking SEC staff to propose a rule that will require exchanges and market centers to ensure the capacity and integrity of the systems they operate.

As legal eagles-including regulators, cops and attorneys-continue to swoop down for the kill in the wake of the LIBOR debacle, asset managers still struggle to gauge the scandal's impact on their investments.

On August 7, 2012, As legal eagles-including regulators, cops and attorneys-continue to swoop down for the kill in the wake of the LIBOR debacle, asset managers still struggle to gauge the scandal's impact on their investments.