Regulatory
FINRA Opens Comment Period On Compensation Disclosure Rule That Would Include Disclosing Signing Bonuses To Clients
FINRA has opened a comment period on its proposed rule mandating disclosure of broker compensation including bonuses.
Member firms will be required to disclose financial incentives they offer recruits before they join the firm. The disclosure must be made before the recruit’s client accounts are transferred.
The rule is titled Regulatory Notice 13-02 and comments must be received by March 5.
Wells Fargo Advisor Who Bilked At Least A Dozen Clients Makes Front-Page News In Today’s New York Times
Philip Horn, a Los Angeles-based advisor at Wells Fargo who managed assets for ultra-high-net worth individuals is the subject of a story on the front page of today’s New York Times in a story about a fraud by financial advisors.
Hedge Funds Will Become More Of A Target For SEC When JOBS Act Provision Is Enacted
The SEC will be sharpening its monitoring of hedge funds wishing to get into the retail mutual fund space.
Bruce Karpati, Enforcement Division asset management unit chief, says that easier access to hedge funds has resulted in direct investment by unsophisticated retail investors.
SEC Extends For Two Years Principal Trading Rule For Non-Discretionary Accounts
A controversial rule that allows brokers to trade as principals in non-discretionary advisory accounts has been extended by the SEC for another two years.
The rule was adopted in 2007 and was designed to allow principal trading in accounts that had been converted to fee-based compensation.
AdvisorOne Conducts Advisor Poll Weighs In On Who Should Be Schapiro's Successor And What Should Be The SEC's Top Priorities
Today, December 14, is SEC Chief Mary Schapiro’s last at the commission. Elisse Walter will serve as interim chairperson but there is still open speculation on who will ultimately head the commission.
Advisor One conducted a poll to let advisors weigh in on who they think should be the next chairperson.
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