Wirehouse is expanding its list of separately managed accounts that waive management fees from UBS-managed accounts to 18 equity and fixed income strategies from outside asset managers.
(Bloomberg) — The U.S. Supreme Court limited the power of the Securities and Exchange Commission to recoup illegal profits from…
Adopts single payout (at top current grid rate) for all in its traditional (Bear Stearns) brokerage channel, makes more trades eligible for comp and caps fees on fund and annuities sales, effective July 1.
U.S. Securities and Exchange Commission employees will have to stay away from the agency’s offices for at least two more months as Wall Street’s main regulator continues conducting much of its work remotely during the coronavirus pandemic.
Bank-owned broker dealer agrees to $634,000 settlement Finra over failure to supervise sale of non-traditional Exchange Traded Funds meant to be held no longer than a single day.
Wirehouse marketed wrap program to retail investors as having a single all-in cost without disclosing that third-party managers sometimes passed along execution costs charged by other broker-dealers, SEC said.
TAMPs that service independent brokers will have to compete much more aggressively on end-investor experience, says AssetMark CEO Charles Goldman.
Firm also will cap front-end fund loads, restrict buyers of structured notes and market-linked products and create uniform commissions by fund styles.
Regulator won’t delay June 30 compliance date for the investor protection rule, despite the coronavirus disruption, because most firms are well along in preparing for the changes, says SEC Chair Jay Clayton.
The regulator updated earlier guidance from a week ago that had allowed cases to proceed on an ad hoc basis.
Clayton reminds companies to provide investors insight on assessment and plans for addressing material risks to their businesses as a result of the pandemic.