The Office of Management and Budget is concluding its final meetings with the rule’s opponents, while House Democrats signaled their support in a letter this week.
Nine former advisors are suing United Capital over its attempts to move arbitration proceedings from FINRA to another venue, accusing the firm of “pure gamesmanship” and “forum shopping.”
The brokerage regulator settled two cases related to the SEC’s rule this week; one securities attorney believes FINRA has now established itself as the “primary regulator” of the rule.
Dawson James Securities failed to retain more than 10,000 business-related texts, including consumer complaints and client conversations, over 10 years, according to FINRA.
Lars Knudsen called his former employer “bullies, plain and simple,” claiming the RIA made false allegations about him, including accusing him of brandishing a gun in the office.
According to J.D. Power’s annual survey on self-directed investors, Fidelity took the top marks for DIY investors seeking guidance, with Charles Schwab following closely behind.
The settlement with the self-directed trading firm comes several weeks after FINRA's first enforcement action targeting firms' use of social media influencers.
The wirehouse filed a suit against Gregory Chevrier, claiming he was draining revenue going to the widow of a Morgan Stanley advisor by luring clients away.