Broker-dealers, whose trade groups are petitioning the Securities and Exchange Commission to halt the crackdown on 12b-1 fees, show sufficient disregard for their duty to investors that they should be subject to “special scrutiny” from regulators when Regulation Best Interest is implemented June 30, a prominent member of the SEC’s own Investor Advisory Committee said…

The U.S. Department of Labor urged a D.C. federal judge Friday to toss Oracle’s bid to defang the DOL’s enforcement unit that sues federal contractors over alleged job bias, arguing that Oracle can’t dismantle the enforcement regime, which it agreed to when it became a federal contractor. In a 54-page brief, the government argued that…

Lucia refused “to bow to an agency with unlimited resources unwilling to admit that its prosecution efforts had become wholly disproportionate to the alleged infraction.” Read the full article   TweetShareShare0 Shares

After eight years of litigation, which went all the way to the Supreme Court, the Securities and Exchange Commission earlier this week said it had reached a settlement with veteran financial adviser Raymond Lucia, who rose to national prominence on his radio show and in books touting an investment strategy known as “Buckets of Money.”…

After eight years of litigation with the Securities and Exchange Commission, including a successful U.S. Supreme Court challenge to the appointment process for SEC administrative law judges, the onetime “Buckets of Money” radio host Raymond Lucia has reached a settlement with the commission. The deal announced Tuesday requires Lucia to pay a penalty of $25,000…

Phyllis Borzi, the former assistant secretary of Labor in the Obama administration, criticized some financial services advocacy organizations, including the Financial Services Institute (FSI), for a recent petition arguing that the Securities and Exchange Commission’s Share Class Selection Disclosure Initiative was a form of “regulation by enforcement.” Read the full article   TweetShareShare0 Shares