The Financial Industry Regulatory Authority plans to improve its BrokerCheck disclosure system, making more advisor information available and releasing additional data sets, the agency said. FINRA also said low-risk firms can be eligible for remote inspections, and the agency's streamlined competency exams will become effective Oct. 1, 2018.
The Republican proposal for revising the tax plan, released Sept. 27, contains adjustments that remove incentives for small-business owners to offer 401(k) retirement plans, writes columnist Kristen Ricaurte Knebel. "We believe this to be a technical glitch, an unintended consequence of the tax reform plan," says Craig Hoffman, general counsel for the American Retirement Association.
A joint bulletin from the Securities and Exchange Commission, the Financial Industry Regulatory Authority, the US Commodity Futures Trading Commission and the North American Securities Administrators Association urges investors to carry out detailed background checks on their advisors before making an investment decision based on their advice. "Much of the investment fraud we see today is committed by people who claim to be investment professionals, but are not properly licensed and registered," the bulletin said.
The bill by Rep. Ann Wagner, R-Mo., replacing the Labor Department's fiduciary rule is scheduled for markup by the House Financial Services Committee on Wednesday. If signed into law, the measure would replace the fiduciary rule with a best-interest standard for broker-dealers.
The Treasury Department discussed the idea of merging the Commodity Futures Trading Commission and the Securities and Exchange Commission, but decided against the move. "While some synergies in mission functions could be found, merging the SEC and the CFTC is unlikely to materially enhance the efficiency in which their core activities are carried out," Treasury Secretary Steven Mnuchin and Craig Phillips, a top aide at the Treasury, wrote in a report.
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Withdrawing funds from a retirement account early for any purpose can be detrimental to your savings, writes Wendy Connick. She states the importance of saving separately for emergencies but notes that resorting to a credit card in times of need is preferable to dipping into retirement savings.
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