Compliance
New Bill Will Propose FINRA As Industry SRO
- Details Category: Regulatory
A Republican bill that would make FINRA the regulatory body for investment advisors may soon come on the floor. Republican Spencer Bachus is drafting the legislation and is expected to introduce it to Congress next week. Objections are strong to FINRA becoming a self-regulatory body for the financial industry. Those opposed to FINRA having such a strong position say that the organization is more closely tied to a suitability frame of reference rather than a fiduciary one.
SEC Forms New Committee In Line With Dodd-Frank
- Details Category: Regulatory
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 particularly be a watchdog for divergent issues of importance between institutional and retail investors.
IRS Gets Involved In Monitoring Municipal Bond Transactions
- Details Category: Regulatory
The IRS put together a team in February to investigate municipal bond transactions. It is interviewing its Tax-Exempt Bond personnel about questionable transactions involving possible bid rigging and price fixing and will eventually search externally for additional data.
Does Advising On IRAs Make You A Fiduciary And Can A Computer Model Absolve You Of Your Fiduciary Responsibility?
- Details Category: Regulatory
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 reps who advise on IRA accounts of all fiduciary liability by employing a computer model to help plan participants make investments.
Deadline For Switch To State Regulation Is Extended
- Details Category: Regulatory
RIA firms needing to change from SEC oversight to a new program offered by the North American Securities Administrators Association (NASAA) have another month to do so. The initial deadline for selecting coordinated review by multiple state regulators has been extended to April 30. The program is designed for registered investment advisors (RIAs) who register in as many as four to 14 states.
More Articles ...
- Schwab Is Instituting Automatic Suitability Warnings On Exchange Traded Notes (ETNs)
- SEC Spends Funds On Mandated Consulting But Can't Afford To Implement Recommendations
- New Survey Says Dodd-Frank Will Help Restore Client Trust
- Clients Need Greater Disclosure And Clear Language In Choosing Advisors
