Law and regulation

On June 27, 2012, New York-based American Independence Financial Services, LLC today revealed that effective June 29, the RIA team led by Richard "Rick" Baird would become principal portfolio manager for its Large Cap Value strategy, including the American Independence Stock Fund.

Hundreds of medium-size RIAs are procrastinating and face the specter of de-registration by the SEC if they do not file for state registration by Thursday.

New Rule G-43 requires that broker's brokers make reasonable efforts to obtain fair and reasonable prices when conducting secondary-market "bid-wanted" auctions.

A new research initiative from the Insured Retirement Institute will promote streamlined licensing and registration processes.

Deutsche Bank has concluded its exclusive negotiations with Guggenheim Partners over a potential sale of RREEF, its global alternative asset management business.

In case you hadn't noticed, the world is getting more complex.

Securities and Exchange Commission Chairman Mary Schapiro answered Paul Scott Stevens’ volley with one of her own in front of the Committee on Banking, Housing, and Urban Affairs of the United States Senate.

Gurudeo “Buddy” Persaud believed the earth’s gravitational forces impacts stock prices and that, under the influence of the moon, people tend to feel more dejected and sell off securities. In return, the SEC charged him with fraud.

The CFP Board permanently revoked the right of William B. Smith of Grafton, Mass., to use the CFP designation after investigating allegations that he fraudulently used $1.2 million in client’s money for his own benefit and moved $25,000 from another client to his own account.

The regulator announced Thursday it fined Merrill for “supervisory failures” and “for failing to provide certain required trade notices.” Merrill has provided $32 million in remediation, plus interest, to the affected customers.

Fed Chairman Ben Bernanke suggested that the Volcker Rule to ban proprietary trading would have helped to prevent the $2 billion credit loss at JPMorgan.

In the puzzle of oncoming financial regulation, how to properly oversee a firm’s liquidity is one of the largest pieces regulators are now working to get right.

James E. Putman, the founder and former CEO of an Appleton, Wis., investment firm, was disciplined by the CFP Board for allegedly accepting $1.24 million in kickbacks for steering clients’ money into dubious investments.

As Comptroller Curry discloses concerns about JPMorgan Chase's risk management, lawmakers continue their debates over agency funding, derivatives oversight and other issues of the reform effort.

After breezing through a Senate hearing last week, Jamie Dimon faced tough questions from members of both parties at a hearing before the House Financial Services Committee.

Eileen Rominger, Director of the Division of Investment Management at the Securities and Exchange Commission, will be retiring in July.

Additional regulation of money-market mutual funds could increase short-term borrowing costs for state and local governments, leading municipalities to raise taxes or cut spending on infrastructure and other critical projects, according to a paper released Monday by a Georgetown University professor.

Daniel J. Trolaro, a former planner and insurance agent from East Hanover, N.J., allegedly defrauded nine clients out of a total of $1.9 million, which he then used to gamble online, according to the New Jersey Office of the Attorney General.

The Northern Light Fund Trust and certain members of its current and former trustees as well as an unnamed chief compliance officer have received a “Wells notice” from the U.S. Securities and Exchange Commission.

Members of the House Financial Services Committee have a chance Tuesday to pose tougher questions about the JPMorgan trading losses than their Senate counterparts did.