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SEC Fines Audit Firm KPMG $50 Million for “Astounding” Misconduct

The Securities and Exchange Commission has charged audit firm KPMG LLP with altering past audit work after receiving stolen information about inspections of the...

SEC Proposes Offering Reforms for BDCs and Registered Closed-End Funds

The Securities and Exchange Commission voted to propose certain rule amendments to improve access to capital and facilitate investor communications by business development companies...

SEC Releases Investor Testing Report on Proposed Form CRS Relationship Summary

To help address investor confusion about the nature of their relationships with investment advisers and broker-dealers, the SEC’s Office of the Investor Advocate has...

New Jersey to Propose “Uniform Fiduciary Standard” for Investment Professionals

The New Jersey Bureau of Securities plans to initiate rules to impose a fiduciary duty on all New Jersey investment professionals, requiring them to...

Elad Roisman Sworn in as SEC Commissioner

Elad Roisman was sworn in as an SEC commissioner on Tuesday by Chairman Jay Clayton following his confirmation by the Senate last week. His...

The DI Wire Q&A with Tony Chereso, President and CEO of...

IPAVision 2018 is coming up on September 24-26 in Chicago. The annual event has become known for its “State of the Industry” approach. As we sit...

Senate Confirms Elad Roisman as Fifth SEC Commissioner

The Senate confirmed Elad Roisman in an 85-14 vote on Wednesday to serve as a member of the Securities and Exchange Commission, replacing Michael...

Merrill Lynch Reverses Ban on Commission-Based Retirement Accounts

Merrill Lynch, the wealth management arm of Bank of America, is reversing its ban on commission-based products in customer retirement accounts following the death...

SEC Chairman Clayton: Broker Sales Contests Should Be Eliminated

In a statement released on Wednesday, Securities and Exchange Commission chairman Jay Clayton said that it is in the best interest of Main Street...

Massachusetts Regulator Blasts SEC Best Interest Proposal, Threatens State Rule

Secretary of the Commonwealth William Galvin, the securities regulator in Massachusetts, has submitted comments to the Securities and Exchange Commission opposing their regulation best...

SEC Opens Comment Period for Broker Advice Rules

The Securities and Exchange Commission published its 1000-page investment advice proposal in the Federal Register and will close the comment period on August 7,...

Commissioner Michael Piwowar to Resign from SEC

The Securities and Exchange Commission announced that commissioner Michael Piwowar plans to leave the agency at the end of his term this summer. Piwowar...

SEC Submits “Fiduciary Rules” for Public Comment

The Securities and Exchange Commission voted 4-1 yesterday to seek public comment on its proposed best interest rule for brokers, a new broker-client relationship...

SEC to Hold Public Fiduciary Rule Meeting Next Week

The Securities and Exchange Commission will discuss its long-awaited rule on the standards of conduct for broker-dealers and registered investment advisers at a public...

DOL Halts Fiduciary Rule Enforcement Following Appeals Court Decision

In light of the Fifth Circuit Court of Appeals ruling to vacate the Department of Labor’s fiduciary rule, federal regulators will not enforce the...

SEC Commissioner Michael Piwowar to Speak at IPASummit 2018

The Investment Program Association has announced its full agenda for the upcoming IPASummit 2018 in Washington, D.C. on April 17-19th, including the addition of...

SEC Charges Former KPMG and PCAOB Employees in Audit Leak

The Securities and Exchange Commission has charged six certified public accountants – including former staffers at the Public Company Accounting Oversight Board (PCAOB) and...

Fiduciary Groups Call for Restricted Use of “Financial Advisor” Title

Two fiduciary advocacy groups, the CFA Institute and the Committee for the Fiduciary Standard, submitted letters to the Securities and Exchange Commission urging the...

Robert Jackson and Hester Peirce Sworn in as SEC Commissioners

Robert Jackson Jr. and Hester Peirce were sworn into office as SEC Commissioners on Thursday morning by Securities and Exchange Commission chairman Jay Clayton.Jackson...