Regulatory & Compliance

Regulatory & Compliance (282)

SEC Alleges Cetera Conducted $10M Scam

The Securities and Exchange Commission has charged Cetera Advisors with defrauding retail advisory clients in a scam that generated more than $10 million in undisclosed fees. So reports FA Magazine.

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SEC Appears to Be Lukewarm on Indexed Annuities

The “Investor Bulletin: Indexed Annuities” recently issued by the SEC’s Office of Investor Education and Advocacy appears to imply that the regulator is lukewarm on indexed annuities and doesn’t fully understand the product. So reports ThinkAdvisor.

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Revised Volcker Rule Provides Banks with Regulatory Relief

The Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) have approved a revised version of the “Volcker Rule” that reduces restrictions on trading that applied to banks that accept taxpayer-insured deposits. So reports Reuters.

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CFP Board Pledges to Increase Advisor Scrutiny

After an article in The Wall Street Journal reported that the CFP Board of Standards was lax in enforcing requirements for advisors, the organization has vowed to step up its enforcement. So reports CNBC.

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CFB Board Extends Deadline for New Ethics Rule

The Certified Financial Planner Board of Standards is delaying the deadline for compliance with its new Code of Ethics and Standards of Conduct rule to June 30, 2020. So reports ThinkAdvisor.

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Securities Association Urges CFP Board to Ease Fiduciary Requirement

The American Securities Association is urging the CFP Board of Standards to ease up on enforcing its fiduciary requirement for CFP holders who comply with Regulation Best Interest. So reports Barron’s.

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Raymond James Agrees to $15M Settlement

Raymond James has agreed to a $15 million settlement to resolve a lawsuit originally filed in 2015. The lawsuit claimed the firm had inflated its fees by up to 10 times in its passport accounts, which are self-directed. So reports Financial Planning.

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Editorial Slams Regulation Best Interest

Regulation Best Interest, or BI, is throwing 401(k) investors under the bus and, contrary to its name, doesn’t require non-fiduciaries to use the best interest standard when serving clients. So argues a column in MarketWatch.

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Editorial Slams Regulation Best Interest

Regulation Best Interest, or BI, is throwing 401(k) investors under the bus and, contrary to its name, doesn’t require non-fiduciaries to use the best interest standard when serving clients. So argues a column in MarketWatch.

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Investor Safeguards Upheld by Supreme Court

The U.S. Court of Appeals has upheld a ruling by the Securities and Exchange Commission that determined that Francis Lorenzo was responsible for defrauding investors by sending emails seeking funding for a bogus waste-to-energy company. So reports Reuters.

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