Legal

Commonwealth to Eliminate Commission-Based Products in Retirement Accounts

Tue, 25 Oct 2016 16:32:00 +0000

The independent broker/dealer could have continued to offer these products, but its leadership foresaw an uphill battle that just wasn’t worth the fight.

Lawyers: FINRA Still Hasn’t Fixed BrokerCheck

Fri, 21 Oct 2016 10:00:00 +0000

PIABA criticizes BrokerCheck, RBC Wealth Management adds to its investment portfolio and the outcome of the election shouldn't affect investment portfolios.

Apparent Fake Filing Says Artist Bought $88 Billion of Bank of America Stock

Thu, 20 Oct 2016 13:26:00 +0000

Dan Freed

In the latest apparent spoof on a U.S. securities regulator's online filing system, a Chicago-area artist with a fondness for inspirational quotes claimed to have acquired about $88 billion worth of Bank of America Corp shares on Wednesday.

Lynn Tilton Loses Bid to Keep Planned Asset Sale on Hold

Wed, 19 Oct 2016 14:17:00 +0000

Chris Dolmetsch and Bob Van Voris

Patriarch Partners Founder Lynn Tilton can’t block a planned sale of assets in one of her former investment funds, a deal she claims was structured to benefit insurer MBIA Inc.

Morgan Stanley's Investment Unit Settles with FINRA for $2.2 Million

Mon, 17 Oct 2016 23:22:00 +0000

Morgan Stanley Smith Barney LLC said it would pay a $2.2 million fine to FINRA, after the regulatory body alleged that the firm submitted millions of inaccurate reports to the Options Clearing Corp.

Wells Fargo Is Your Last Warning: Check Your 401(k)

Fri, 14 Oct 2016 14:11:00 +0000

Suzanne Woolley

The Wells Fargo cross-selling scandal has hit employees' 401(k) plans as well, since the stock has had such a sharp drop.

SEC Said to Demand That Cooperman Agree to Hedge Fund Suspension

Thu, 13 Oct 2016 14:38:00 +0000

Matt Robinson

The SEC demanded that a resolution of its insider-trading case against Leon Cooperman include the billionaire investor accepting a temporary suspension from the hedge fund industry

U.S. Court Rules CFPB Structure Unconstitutional, Bureau Can Still Operate

Wed, 12 Oct 2016 11:38:00 +0000

Lisa Lambert and Nate Raymond

A federal appeals court ruled on Tuesday that the structure of the U.S. agency charged with guarding consumers' finances is unconstitutional.

SEC Ramps Up Scrutiny of RIAs and It Shows

Tue, 11 Oct 2016 19:26:00 +0000

For years, consumer advocates have called for more frequent review and monitoring of RIAs; 2016 results show the SEC has, indeed, taken scrutiny of advisors to a new level.

Beneficiaries’ Actions Don’t Cause Inclusion in Their Gross Estates

Tue, 11 Oct 2016 17:29:00 +0000

Trust retains GST tax-exempt status even with trustee resignations, appointment of successors and proposed amendments

In a recent PLR, the taxpayers requested rulings regarding the generation-skipping transfer tax consequences of three events: the resignation of a trust’s co-trustees, the appointment of successor trustees, and proposed amendments to trust provisions relating to successor trustees.