News
Behave Yourself this Weekend: Your Firm Is Watching
In today’s hyper-vigilant compliance environment, firms are increasingly sensitive to behavioral issues and prone to disclose them to regulators, officials say.
SEC to Vote on Regulation Best Interest June 5
The U.S. Securities and Exchange Commission plans to hold a June 5 meeting to vote on the most sweeping overhaul of broker rules in years, setting new standards for Wall Street on what the regulator considers inappropriate conflicts of interest.
DOL Eyes Fiduciary Rule Re-Proposal in December
The Trump Labor Department is coordinating its new broker conduct proposal with the SEC’s ‘best interest’ package, and the outcome is expected to be far less restrictive for firms and brokers than the Obama-era rule that was overturned in court.
Morgan Stanley CEO Preaches Patience to Uber Investors After Dip
James Gorman said that investors upset about Uber Technologies Inc.’s stock slide should take a longer view.
More Wirehouse Teams Jump to Regional Rivals
Ameriprise hires two advisors in Tampa who managed $338 million at Morgan Stanley and RayJay gets most of a $1 billion team in Allentown who spent most of their careers with Merrill.
LPL Looks Beyond Indie Roots with New Employee Channel
With upcoming purchase of small regional broker-dealer, LPL embarks on plan to compete more directly with traditional brokerage firms, LPL CEO Dan Arnold said on Wednesday.
Arbitrators Deny Ex-Merrill Employee’s Big Stock-Decline Claim
John Gelbach, one of many former officials seeking to recoup crisis-era losses in Merrill stock, was a sophisticated investor “quite capable of assessing the regulatory and other risks…after the dramatic events of the 2008 litigation involving subprime mortgages,” arbitrators rule.
Wells Loses Teams Managing $796 Million to RayJay, Ameriprise
Quasi-independent team in Richmond with some $2.7 million of production joins RayJay’s “AdvisorSelect” channel, while 21-year Wells complex director in Omaha brings team to Ameriprise employee channel.
Ex-Merrill Texas Exec Joins Former Colleague’s Indie Firm
Vince Ferittta has signed up with Sanctuary Wealth, run by another former Merrill regional manager, to recruit brokers in the southwest.
UBS Is Poised to Settle Tax Case With Italy for $110 Million
UBS Group AG is close to settling a tax evasion case with Italy for about 100 million euros ($110 million), according to people familiar with the matter.
UBS Ordered to Pay $7.8 Million in Puerto Rico Arbitration
Award compensates a couple who invested in Puerto Rican bonds and closed-end bond funds, some of which were borrowed on margin, leaving UBS with almost 800 pending arbitration claims.
