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Regulatory & Compliance

Regulatory & Compliance (359)

Regulators Force Long-Term Care Insurer to Close

Saturday, 01 April 2017
Regulatory & Compliance
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In an unusual development, regulators are forcing long-term care insurer Pen Treaty of Allentown, Pa., to liquidate its assets and shut down its operations, which is leaving many of its shareholders with only a $300,000 benefit provided by some states. So reports The New York Times.

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SEC Identifies Top Exam Deficiencies

Tuesday, 21 February 2017
Regulatory & Compliance
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Inaccurate regulatory filings, violations of custody rule requirements, code of ethics issues, recordkeeping problems, and insufficient written policies are five areas that have involved the most common deficiencies discovered during Securities and Exchange Commission exams. So reports JD Supra Business Advisor. Read more...

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Morgan Stanley to Cut Fees Despite Fiduciary Rule Uncertainty

Sunday, 05 February 2017
Regulatory & Compliance
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Morgan Stanley plans to cut its fees and make other changes that would be required under the Department of Labor’s Fiduciary Standard rule even though the requirement may be terminated by President Trump. So reports Bloomberg. Read more...

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Treasury Finalizes QLAC Regulations

Sunday, 05 February 2017
Regulatory & Compliance
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The U.S. Department of Treasury has finalized rules that clear the way for using Qualified Longevity Annuity Contracts with retirement assets such as IRAs or 401(k) plans. So reports Cape Cod Today. Read more...

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Advisor Charged with Stealing $19M

Saturday, 07 January 2017
Regulatory & Compliance
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A federal court has indicted Richard Wyatt Davis Jr. of Charlotte, N.C., on charges related to his alleged theft of $19 million from clients. So reports WBTV.

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Advisor Pleads Guilty to Stealing $1.6 Million

Sunday, 11 December 2016
Regulatory & Compliance
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Brian Keenan of Red Bank, N.J. has pleaded guilty to stealing $1.6 million from clients while serving as a trustee with the midtown, N.Y. firm Train, Babcock Advisors. So reports Patch. Read more...

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Betterment Pressures Trump to Keep Fiduciary Standard

Sunday, 11 December 2016
Regulatory & Compliance
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Robo-advisor Betterment has run advertising in The Wall Street Journal urging President-elect Donald Trump to keep the Department of Labor’s fiduciary standard that is scheduled to go into place in April and is intended to prevent advisors from giving conflicted advice. So reports Business Insider. Read more...

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Advisor Must Repay Stolen Funds, Serve Jail Time

Sunday, 20 November 2016
Regulatory & Compliance
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Claus Foerster, formerly of Spartanburg, S.C., has been sentenced to two years in jail and has been ordered to pay $3.5 million in restitution after getting caught with stealing assets from clients. So reports WYFF. Read more...

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Advisors May Stick with Fiduciary Standard Even if Rule is Killed

Sunday, 20 November 2016
Regulatory & Compliance
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Expectations that President-elect Donald Trump and the Republican controlled Congress will kill the Department of Labor’s Fiduciary Standard are growing, but many firms are continuing to prepare for the rule nonetheless. So reports Bloomberg BNA. Read more...

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SEC Considers New Biz Continuity Rule

Friday, 11 November 2016
Regulatory & Compliance
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The Securities and Exchange Commission is considering a new rule that would require investment advisors to have business continuity and transition plans to deal with cyberattacks, natural disasters, and the closing of their businesses. So reports Seeking Alpha. Read more...

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