Regulatory & Compliance

Regulatory & Compliance (282)

Advisor Must Repay Stolen Funds, Serve Jail Time

Claus Foerster, formerly of Spartanburg, S.C., has been sentenced to two years in jail and has been ordered to pay $3.5 million in restitution after getting caught with stealing assets from clients. So reports WYFF. Read more...

Advisors May Stick with Fiduciary Standard Even if Rule is Killed

Expectations that President-elect Donald Trump and the Republican controlled Congress will kill the Department of Labor’s Fiduciary Standard are growing, but many firms are continuing to prepare for the rule nonetheless. So reports Bloomberg BNA. Read more...

SEC Considers New Biz Continuity Rule

The Securities and Exchange Commission is considering a new rule that would require investment advisors to have business continuity and transition plans to deal with cyberattacks, natural disasters, and the closing of their businesses. So reports Seeking Alpha. Read more...

The DOL's Fiduciary Standard Could Hinder Advisor Recruiting

Recruiting practices that involve offering advisors back-end bonuses conditional on hitting sales goals are not in client’s best interest under the Department of Labor’s fiduciary standard, according to a new release from regulator. So reports Bank Investment Consultant. Read more...

DoL Responds to Lawsuit Targeting Fiduciary Standard

In response to litigation targeting the fiduciary standard rule, the Department of Labor argues its new regulation is consistent with the law, backed by appropriate research, and is reasonable. So reports InsuranceNewsNet. Read more...

SEC Sets New Record for Enforcement Cases

The Securities and Exchange Commission filed 868 enforcement actions, including 258 cases against advisors, for the fiscal year ended September 30. That's an all-time high. So reports Financial Planning.

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SEC to Scrutinize RIAs with Troubled Employees

Registered investment advisors with high-risk employees, such as those individuals who have faced disciplinary actions or have been barred from a broker-dealer, will face increased regulatory scrutiny, according to guidance recently released from the Securities and Exchange Commission. So reports CNBC. Read more...

7% of Advisors Have Faced Disciplinary Action: Study

A study by the Booth School of Business has concluded that advisor misconduct is “pervasive” and that 7% of advisors have faced disciplinary action, says Amit Seru, a professor of finance at the school and one of study’s authors. So reports The Week. Read more...

Treasury Department Eyes Limits on Estate Tax Avoidance

The Treasury Department has proposed new rules that could limit strategies that wealthy individuals and families use to avoid having their estates hits with a 40% death tax rate. So reports The Washington Post. Read more...

Broncos’ Quarterback, Other Athletes Victims of Advisor Scam

The Securities and Exchange Commission has frozen the assets of investment advisor Ash Narayan, who is accused of swindling $30 million from Denver Broncos quarterback Mark Sanchez, San Francisco Giants Pitcher Jake Peavy, and Colorado Rockies pitcher Roy Oswalt. So reports Complex. Read more...

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