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Senators Introduce Bills to Stop DOL Rule

A pending Department of Labor rule would raise investment advice standards for retirement accounts by requiring advisers to act as fiduciaries with respect to 401 (k) and individual retirement accounts.  As part of an effort to derail the rule, Senator Johnny Isakson of Georgia introduced legislation on February 4 that would require Congress to approve […]

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Young, et al. v. Kalatoudis

In a case involving the unsuitable recommendation of inverse, leveraged exchange traded funds, arbitrators awarded compensatory damages of over $177,000, which included damages for lost investment opportunity.  The panel also assigned all costs associated with the hearing to the respondent broker.

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FINRA Proposes Rules to Protect Senior Investors

FINRA recently published a Regulatory Notice soliciting comments on proposed rules regarding the financial exploitation of seniors and other vulnerable adults.  Specifically, the proposed rules would include: (1) amendments to FINRA Rule 4512 (Customer Account Information) to require member brokerage firms to make reasonable efforts to obtain the name and contact information for a trusted […]

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FINRA Proposes Updates to Expungement Rules

Brokers who have been the subject of customer complaints sometimes ask arbitrators to remove or “expunge” mention of the complaints from their publicly available records.  Recently, however, FINRA’s Board of Governors authorized FINRA to seek SEC approval of amendments to several rules in the Code of Arbitration Procedure that would make it more difficult for […]

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