1. Mark Spangler Indicted On 23 Counts Of Fraud And Money Laundering; Government Seeks $41.7 Million
(Matching tags: US investing,RIA compliance,securities fraud,NAPFA,Dodd-Frank,fiduciaries,sec,advisor industry people)

... ownership stake.     The 23-count criminal indictment was handed down just after the Securities and Exchange Commission filed a civil complaint against Spangler.  ...

2. The SEC And Mutual Fund Industry Trade Group ICI Are At Odds Over Money Market Fund Regulation
(Matching tags: sec,mutual funds,regulation)

The SEC and the ICI, the mutual fund industry’s trade group, continue to be at odds over how the SEC plans to regulate money market funds. Some of the proposals include whether the net asset value ...

3. If You Get A Letter Of Inquiry From FINRA, The Best Action Is To Answer It
(Matching tags: compliance,FINRA,sec)

FINRA plays a significant role in alerting the SEC to insider trading infractions. As an industry watchdog, the regulatory group gathers information on firms even beyond their broker-dealer scope to ...

4. RIAs Don’t Seem To Care Very Much About The Regulatory Debate; Reaction To Last Week’s FINRA-SRO News Was Muted
(Matching tags: RIA compliance,RIAs,SRO,NAPFA,Congress,Dodd-Frank,fiduciaries,FINRA,sec)

When news broke last Wednesday about the reintroduction of legislation that would make FINRA the regulator of RIAs, all of the advisor trade publications covered the story. Financial Planning even issued ...

5. SRO Bill Introduced In The House Will Likely Fail In The Senate
(Matching tags: FINRA,regulation,sec)

The introduction last week of a bill that could make FINRA the industry’s SRO may not matter that much in the scheme of things. This is because the Senate has become known for killing House bills. ...

6. Chicago-Based MBA And Derivatives Consultant Points To Fraud As Cause Of 2008 Crisis
(Matching tags: Dodd-Frank,FINRA,securities fraud,sec)

The research of an industry critic who correctly predicted the fall of the thrift industry and of Enron says the 2008 credit crisis was caused by a web of fraud by mortgage originators, securitizers, ...

7. The Battle Between SIFMA And The Institute For The Fiduciary Standard Heats Up
(Matching tags: fiduciaries,SIFMA,sec)

The battle over the appropriate application of the term “fiduciary” has intensified toward an industry organization, the Securities Industry and Financial Markets Association (SIFMA). The ...

8. SEC Forms New Committee In Line With Dodd-Frank
(Matching tags: regulation,sec,Dodd-Frank)

As part of the Dodd-Frank Act, the SEC is forming a new investor advisory committee designed to submit recommendations to the commission having to do with almost all of its oversight functions. It will ...

9. Does Advising On IRAs Make You A Fiduciary And Can A Computer Model Absolve You Of Your Fiduciary Responsibility?
(Matching tags: regulation,retirement plans,fiduciaries,sec)

AdvisorOne earlier this week reported on how section 408(g) of the Employee Retirement Income Security Act (ERISA) Pension Protection Act (PPA), a recent addition to ERISA, might exonerate broker-dealer ...

10. Schwab Is Instituting Automatic Suitability Warnings On Exchange Traded Notes (ETNs)
(Matching tags: FINRA,sec,suitability,volatility,Schwab)

Similar to the way options trades have a suitability warning signal before they’re executed, trades in Exchange Traded Notes (ETNs) will soon automatically produce a pop-up alert for retail investors. ...

11. SEC Spends Funds On Mandated Consulting But Can't Afford To Implement Recommendations
(Matching tags: sec,regulation)

Since the 2008 credit crisis, the SEC has been criticized for its lack of effective management and organization. But it spent so much money getting recommendations for restructuring that it can no longer ...

12. AARP Joins Fiduciary Debate Alongside CFP Board, Financial Planning Association, And Other Consumer And Professonal Associations To Oppose Broker/Dealers And SIFMA
(Matching tags: investment fiduciaries,competitors,RIAs,broker-dealers,independent broker-dealers,compliance,CFP Board,Dodd-Frank,fiduciaries,FINRA,sec,SIFMA)

... practical terms that affect all financial advisors. A March 28 letter to Mary Schapiro, Chairman of the U.S. Securities and Exchange Commission, signed by seven financial advisor and consumer associations ...

13. Clients Need Greater Disclosure And Clear Language In Choosing Advisors
(Matching tags: CFP Board,compliance,fiduciaries,sec)

The Certified Financial Planner (CFP®) Board is becoming more proactive in its recommendations to the SEC. Its latest letter says that clients need more information about advisors to be able to choose ...

14. The SEC Is Updating Its Technology Systems To Better Detect Fraud
(Matching tags: fraud,madoff,regulation,SIFMA,sec)

SEC chair Mary Shapiro told the Securities Industry and Financial Markets Association’s (SIFMA) compliance and legal society conference that investigations will become more comprehensive. The SEC ...

15. SEC Commissioner Lashes Out At Money Market Reform Critics: Dissent Apparently "Destructive"
(Matching tags: mutual funds,sec)

What appears to be a crusade within the SEC to protect us from money market funds has taken a bizarre turn as a top regulator tries to silence industry critics.  ...

16. Mandatory Advisor Exams Are Out At The SEC, "High-Risk" Screening Is In
(Matching tags: sec)

A bit of clarification from the SEC on its examination protocols confirms what many advisors already suspected: the long wait between audits is a matter of regulatory triage.  ...

17. SEC Staffing Up Fast To Monitor...Hedge Funds, Derivative Traders
(Matching tags: sec)

Recent news that the SEC has "hired 130 new examiners" may only frustrate and mislead those who want clarification on RIA oversight.   ...

18. Celent Joins Chorus Warning That More Money Market Regulation Would Go Too Far
(Matching tags: mutual funds,sec)

Industry research firm Celent has put together a new report on money market funds concluding that ending the fixed $1 NAV structure will kill the asset class.

19. Mets Blame Their Madoff Woes On Too Much Trust In The SEC
(Matching tags: madoff,sec)

The owners of the New York Mets want to argue that SEC inaction encouraged them to think Bernard Madoff's Ponzi scheme was a safe and regulated investment. This is not a scenario the regulator wants.  ...

20. Former Owners Of First Allied Securities Get SEC Probe Notice
(Matching tags: sec)

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.   ...