Regulatory reform

Large exchanges argue some of the changes could make it more costly for them to offer rebates to brokers in return for order flow.

If successful, previously banned brokers might be free to "fleece your grandma" again, an expert warned.

The proposed changes, including to brokers' "payment for order flow" practices, laregly come in response to frenzied trading in so-called meme stocks.

RIAs including Abacus Planning Group, Beta Wealth Group, Integrated Advisors Network were accused of violations ranging from making unsubstantiated statements to claiming membership in nonexistent organizations.

Citigroup finds 31% of the changes needed for the move to faster settlement cycles still have to be completed.

Industry groups see the new AML requirements as unnecessarily redundant and burdensome on small firms.

The arbitration decision comes more than a year after SW Financial was expelled from the industry for violating Regulation Best Interest.

The Federal Trade Commission says it's weighing a likely appeal of the ruling.

Regulators have been working their way steadily down from the biggest players in the industry to regional firms in their quest to stamp out abuses of "off-channel" communications.

The wealth management giant questions if there has ever been so large a civil sanction handed down in response to "negligent mistakes" made in an attempt to comply with "unwritten rules."