Regulatory
Former Owners Of First Allied Securities Get SEC Probe Notice
Barely six months after selling their brokerage unit, the heads of Chicago venture capital firm Advanced Equities are under the SEC microscope for private security sales.
Shoot The Fiduciary Messenger? Or Use The Debate To Spark Propitious Thinking...
The fiduciary debate is reopening a deep schism that has divided independent financial advisors for decades. Rather than fuel the controversy, the purpose of this post is to open an ongoing professional discussion. This will become a Tuesday series exploring all sides of the fiduciary issue affecting financial advice professionals.
Advisors May Come Under Greater Risk With New FINRA Award Levels
FINRA aims to raise arbitration awards, making it more impactful for advisors to be found at fault. The increase in awards is still in the proposal stage and is open for comment until March 20. In a simplified arbitration, there is no hearing unless the client requests it. This will save costs and it will also put advisors at greater risk since they have no forum to defend themselves. Minimal discovery and minimal involvement will make it easier to blame advisors, even in cases of market volatility. It may make it easier for clients to bring complaints since there will be no contact with the
Congress Reveals Priorities For The SEC While Denying Budget Increase Request
Barney Frank's final campaign to get the SEC more funding is stalling out, but the reasons his Republican counterparts are giving reveal some interesting shifts going on in Congress.
Staffing Details Of Mary Schapiro's $245 Million SEC Budget Increase Request May Be Unintentionally Revealing
The SEC chief is sticking to her guns on why the regulator needs to hire 676 more people in the new fiscal year to fight everything from Ponzi schemes to the vagaries of money market funds.
