Regulatory
Identity Theft Rule Adopted By SEC; Provides New Guidance And Red Flags About How BDs and RIAs Must Protect Clients
The Securities and Exchange Commission yesterday adopted rules requiring broker-dealers, mutual funds, investment advisers, and certain other entities regulated by the agency to adopt programs to detect red flags and prevent identity theft. For RIAs, it formalizes an obligation to have policies and procedures in place to protect clients from identity theft.
Former SEC Chair Schapiro Reportedly Joining Consulting Firm; Another Former Regulator Cashes In On Contacts In A Subtle, Legal Form Of Corruption
With the news today that former Securities and Exchange Commission Chair Mary Schapiro is taking a job at Promontory Financial Group, another powerful former regulator is headed to a lobbying and consulting firm to help thwart regulation of the people she used to prosecute. While you might have thought that the near-collapse of the financial system four years ago, which was largely due to regulatory failure by the SEC, would have brought about reforms to prevent such inlfuence peddling to continue, you would have been wrong.
Responding To Financial Crisis, Britain Overhauls Its Regulators
While here in the United States legislators are still grappling with overhauling the financial regulatory system that caused the world's financial financial crisis in 2008, British lawmakers have completed their remake of England's financial regualtors.
SEC Wants Data And Comments About Harmonization Of The Rules Governing The Way RIAs Deliver Advice Versus Broker-Dealers
The SEC s asking for hard data and other information from about the benefits and costs of the current standards of conduct for broker-dealers and investment advisers when providing advice to retail customers, as well as alternative approaches.
Former SEC Chair Levitt Says Since SEC Did Not Pursue Money Fund Reform, FSOC Certainly Should
Former SEC chair Arthur Levitt says the SEC blew its chance to fix the money fund problem. He refused to sign a letter prohibiting another regulatory body (namely, the Financial Stability Oversight Council or FSOC) from doing the job for the commission.
He says the funds were at the heart of the 2008 crisis. When the Reserve Primary Fund broke with the $1 per share NAV, it caused a run on the funds that the Treasury had to put a plug in at the cost of hundreds of billions of taxpayer dollars.
More Articles ...
- FINRA Reissues Controversial Business Practice Rules Of 2010
- POGO Report Shows Possible Influence Of Wall Street Executives On SEC Policy And Enforcement Decision Making
- FINRA Puts SRO Priority On Back Burner, Noting Little Momentum In Congress In Support Of The Measure
- FINRA Pulls Proposal To Eliminate 5% Rule As A Result Of Commentary
