Investor Advocates Want SEC to Create National Broker Database
A coalition of investor advocacy groups, including Public Citizen, the Public Investors Arbitration Bar Association, and the PIABA Foundation, is calling upon the SEC to supplement the Financial Industry Regulatory Authority’s BrokerCheck system for vetting financial professionals with a national disciplinary database and to make improvements to the existing ...
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ArticleSEC’s massive database plan starts to take shape
The SEC’s Consolidated Audit Trail initiative, which will give regulators a means to efficiently track all trades in real time, has moved one giant step closer to reality with a call for public comments. But what will its final form look like? Joe Mont offers a closer look.
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Fiduciary duty rules poised to redefine an industry
It sounds reasonable enough: hold broker-dealers and investment advisers to a fiduciary standard when they offer investment advice, specifically with retirement plans. Firms, however, fear that pending rules, split between the Securities and Exchange Commission and Department of Labor, are not in sync and unintended consequences will radically alter traditional ...
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News BriefSEC charges duo in $275 million water vending machine Ponzi scheme
The owner of a water machine vending company and a portfolio manager were allegedly behind a Ponzi-like scheme that raised more than $275 million, according to the U.S. Securities and Exchange Commission.