5/3/2010
The Senate showdown last week with seven current or former Goldman Sachs employees included questioning about whether the firm was or should be under a fiduciary duty standard.Sens. Susan Collins (R-Maine) and Mark Pryor (D-Ark.) led the questioning before a Senate committee April 27. Collins asked ...
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9/14/2009
As early as November the SEC's Inspector General expects to release another investigative report - this one peering into why OCIE examiners never visited Bernard L. Madoff Investment Securities after it registered as an adviser in 2006 (IA Week, Jan. 12, 2009).IG David Kotz announced the inquiry bef ...
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7/27/2009
SEC Chairman Mary Schapiro reiterated her full support of a proposal to apply the same standard upon investment advisers and broker-dealers before Congress last week, even as some lawmakers continued to pick the scab left from the Madoff and Stanford scandals.The uniform standard for "financial prof ...
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7/20/2009
SEC Chairman Mary Schapiro supports the client's interest standard within the proposed Treasury Department bill and reads it as applying a fiduciary duty. She also told lawmakers July 14 that while her agency hasn't taken a stance on an SRO for investment advisers that, "given our resources, we have ...
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3/30/2009
Past efforts by Congress to find out how the SEC missed master-scammer Bernie Madoff for so many years have been greeted with tight lips, as staff cited the "on-going investigation." Now that Madoff has pled guilty and rests in a jail cell, SEC Chairman Mary Schapiro last Thursday gave senators the ...
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3/30/2009
Citing the recent surge in the number of registered investment advisers, SEC Commissioner Elisse Walter testified this month before the House Financial Services Committee asking for more resources for the agency to do its job."The Commission is re-examining its processes from top to bottom and caref ...
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3/30/2009
It appears more likely that whatever regulatory reform package emerges from Congress that it may well erase the distinctions between IAs and broker-dealers.Last Thursday the Senate Banking Committee heard from 13 witnesses in one hearing, each offering a prescription for reform. SEC Chairman Mary Sc ...
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3/16/2009
For the first time, the SEC's proposed budget for FY2010 would top $1 billion. If Congress approves that amount, the agency would be able to hire 50 additional employees, including more examiners to "expand its inspections of ... and examination oversight of investment advisers," according to Chairm ...
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3/16/2009
The task before Congress looms large: restructuring the financial regulatory system to prevent another market meltdown. Lawmakers are being urged to close regulatory gaps, harmonize investment adviser and broker-dealer rules, fix flawed credit rating agencies and create a systemic risk regulator.Ano ...
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3/2/2009
As if the current financial picture didn't look bleak enough, the road ahead for baby boomers may be paved with poverty.That was one message emerging from a Feb. 24 hearing looking into retirement security before the House Committee on Education & Labor.Social Security and 401(k) investments are "j ...
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