Legal & Compliance

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  MSRB (Still) Awaits SEC Muni Advisor Rule; Plans EMMA 2.0

  By Melanie Waddell, AdvisorOne  |  May 8, 2013

  Three years after passage of the Dodd-Frank Act, the Municipal Securities Rulemaking Board is still waiting for the SEC to issue its rule defining who is a municipal advisor.

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  Is Schwab’s Arbitration Win Really a Loss?

  By Bob Clark, AdvisorOne  |  May 8, 2013

  There's much backlash in Washington over Schwab's successful rebuttal of a FINRA challenge to its expanded mandatory arbitration clause.

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  Merrill Hires Investment Expert; Morgan Stanley Recruits 2 Advisors

  By Janet Levaux, AdvisorOne  |  May 8, 2013

  Ashwin Chhabra is leaving his post at the Institute for Advanced Study to return to his former employer.

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  FINRA Slams Three Firms for Anti-Money Laundering Violations

  By Melanie Waddell, AdvisorOne  |  May 8, 2013

  FINRA announced Wednesday that it has fined three firms a total of $900,000 for failing to establish and implement adequate anti-money laundering programs and other supervisory systems to detect suspicious transactions.

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  SEC Chief Defends Budget Request to Skeptical Lawmakers

  By Melanie Waddell, AdvisorOne  |  May 7, 2013

  SEC Chairwoman Mary Jo White told a House panel on Tuesday that the agency’s $1.67 billion budget request for 2014 would help the agency fulfill one of its top priorities: adding 250 examiners for advisors.

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  DOL Seeks Input on Lifetime Income Illustrations Plan

  By Melanie Waddell, AdvisorOne  |  May 7, 2013

  “We are looking for the best ideas on how to show people what their lump-sum retirement savings look like when they are spread out over all the years of retirement,” said Phyllis Borzi.

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  N.Y. to Sue BofA, Wells Fargo Over Mortgage Settlement

  By Janet Levaux, AdvisorOne  |  May 6, 2013

  Attorney General Schneiderman says his office has close to 340 cases of homeowners who were “put at risk” by the banks violations of settlement terms

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  SEC: Oil and Gas Private Securities Fraud on the Rise

  By Melanie Waddell, AdvisorOne  |  May 6, 2013

  The SEC is warning investors that working with an advisor doesn’t guarantee they won’t be scammed in private oil and gas offerings.

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  FINRA: BDs Have a Failure to Communicate on Nontraded REITs

  By Melanie Waddell, AdvisorOne  |  May 6, 2013

  FINRA warned broker-dealers Friday that they were failing to properly communicate to investors the potential pitfalls of nontraded REITs.

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  How to Take the 'Gamble' Out of Retirement Planning

  By Ronald Delegge, ETFguide.com  |  May 6, 2013

  The financial-services industry has plenty of reasons to look at 12(b)-1 fees--especially when it comes to the need for client-friendly arrangements.