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By Melanie Waddell, AdvisorOne |
March 26, 2012
One day after Allen Stanford was convicted on March 6 of operating a $7 billion Ponzi scheme, the CEO of the Securities Investor Protection Corp. (SIPC) told lawmakers that SIPC is not responsible for reimbursing Stanford investors for their losses.
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By Melanie Waddell, AdvisorOne |
January 13, 2012
SEC Chairman Schapiro says agency's economists plan to ask public for more data on retail financial advice. How long will this take?
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By Melanie Waddell, AdvisorOne |
November 9, 2011
A new draft of Rep. Spencer Bachus’ bill calling for an SRO for advisors is expected to be out 'very soon,' David Tittsworth, executive director of the Investment Adviser Association told AdvisorOne Wednesday.
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By Melanie Waddell, AdvisorOne |
October 3, 2011
Rep. Scott Garrett, R-N.J., told SEC Chairman Mary Schapiro in a letter on Monday to wait on final action in reconsidering the SEC’s position on 'net equity' in the Bernie Madoff case until after the GAO publishes its report evaluating the actions of the SIPC and its trustee.
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By Melanie Waddell, AdvisorOne |
October 1, 2011
Lawmakers and industry officials debated the merits in mid-September of whether there should be a self-regulatory organization (SRO) for advisors, and at least one industry official says to expect SRO legislation from the House this fall.
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By Melanie Waddell, AdvisorOne |
September 15, 2011
Increased funding for the Securities and Exchange Commission is likely on its way. Rep. Spencer Bachus, R-Ala., chairman of the House Financial Services Committee, said during a hearing on Thursday.
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By Melanie Waddell, AdvisorOne |
September 14, 2011
Just as the Pennsylvania Securities Commissioner was warning members of a House subcommittee on Tuesday to not trump states’ authority in potentially requiring an SRO for advisors, the newly christened NASAA president was beating the same drum miles away.
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By Melanie Waddell, AdvisorOne |
September 13, 2011
Just days after House Financial Services Chairman Spencer Bachus, R-Ala., introduced draft legislation calling for one or more SROs for advisors, Rick Ketchum, CEO of FINRA, told lawmakers at a Tuesday hearing to discuss the draft bill that FINRA stands ready to take on that role.
