The SEC voted unanimously today to adopt change to the investment adviser disclosure document, Form ADV Part 2, provided to clients and prospective clients. Form ADV Part 2 describes an investment adviser’s qualifications, investment strategies...
President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act at a ceremony in the Reagan building today. (See WSJ story.) Much of the reform effort is now left up to the SEC, which has dozens of studies to complete and...
In remarks on 12b-1 fees Wednesday at the SEC Open Meeting, SEC Commissioner Mary Schapiro said that the regulator is proposing rules that would "impose limits on the cumulative sales charge – or sales load – that an investor pays" and "eliminate...
Lobbyists gearing up to influence SEC on fiduciary standard (Politico) ...
On an earnings conference call, Bank of America said the Wall Street reform package will cost it at least $2.3 billion in annual revenue, due to a provision that limits debit card processing fees. Chief Executive Officer Brian Moynihan said other...
One topic that has been heavily debated in the investment advisory industry in recent months is whether investment advisers need an self regulatory organization (SRO). FINRA, the SRO for broker/dealers and their reps, has eagerly offered to take...