Regulatory & Compliance

Regulatory & Compliance (263)

Merrill Lynch Hit with $2.5M Fine Over Rule Lapse

Merrill Lynch has agreed to pay the state of Massachusetts a $2.5 million fine to settle claims that the company failed to have presentations for financial advisors and other seminar participants in Boston reviewed by its compliance department before being used. So reports Reuters.


Battle to Impose Fiduciary Standard Gains SEC Chair as an Advocate

Securities and Exchange Commissioner Chair Mary Jo White says she supports harmonizing rules for brokers and registered investment advisors and ensuring that advisors put client interests before their own. So reports Reuters.


Fiduciary Standard Debate: A Marketing Opportunity?

The debate of over requiring all advisors to comply with a fiduciary standard just won’t die. And as it lingers onward, it is creating both marketing opportunities and challenges for advisors.


Supreme Court Hearing 401(k) Excessive Fees Litigation

The Supreme Court is hearing the case of Tibble v. Edison International which alleges that Edison International failed to properly monitor fees for its 401(k) plan. So reports Institutional Investor.


Lockheed Martin to Pay $62M Over 401(k) Litigation

Defense contractor Lockheed Martin will pay $62 million to settle litigation that claimed the company concealed excessively high fees in its retirement plan to the detriment of employees. So reports Reuters.


President Obama Proposes Retirement Broker Rules

Hidden fees, excessively costly funds, and brokers’ conflicts of interest are draining $17 billion a year from retirement investors wealth and should be abolished through the adoption of new regulations, says President Obama. So reports Reuters.


Advisor Sentenced to 3.5 Years in Jail

Joel William Carlson of Vadnais Heights in Minnesota says he scammed clients’ assets to maintain his lifestyle but planned to return the money to the rightful owners once his business became profitable. So reports the Vadnais Heights Press


SEC OKs Money Manager for Meryl Streep

The descendents of William Simon, who was Treasury Secretary for Richard Nixon and Gerald Ford, have received a green light from the Securities and Exchange Commission so that their family office can continue managing assets for actress Meryl Streep. So reports Bloomberg.


SEC Commissioners Criticize Waiver for Oppenheimer & Co.

Securities and Exchange Commissioners Kara Stein and Luis Aguilar, who are both Democrats, have lashed out at the regulator for granting brokerage firm Oppenheimer & Co. a waiver that lets the firm continue to conduct certain private capital-raising deals. So reports Reuters.


Boehner to Obama: Drop Plans to Kill 529 Plans

House Speaker John Boehner is urging President Obama to cancel his efforts to eliminate tax-free savings accounts for college expenses. So reports The Hill.


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