Securities Industry and Financial Markets Association News

Financial Trade Group, Stock Exchanges Resolve Broker Liability Database Dispute

A financial industry trade group said on Wednesday it resolved a dispute with U.S. stock exchanges that had threatened to hold brokers liable for any breaches of a new trading database controlled by the exchanges and the Financial Industry Regulatory …

Supreme Court Hands Wall Street Victory in Curbing SEC Disgorgement Remedy

The U.S. Supreme Court on Monday scaled back the Securities and Exchange Commission’s power to recover ill-gotten profits from defendants’ misconduct, handing Wall Street firms a victory and dealing another blow to the regulator’s enforcement powers. In a 9-0 ruling, …

Financial Industry Files Suit Against Obama Fiduciary Standard for Retirement Plan Brokers

Wall Street and business lobbying groups have teamed up to fight the Obama administration’s new rules for U.S. brokers managing retirement accounts, saying the regulations include a ” deliberately unworkable” fiduciary standard. The U.S. Chamber of Commerce joined groups including …

Obama Administration Advances Retirement Advisor ‘Fiduciary’ Rule

The U.S. Labor Department on Friday took the next step toward requiring brokers who provide retirement advice to follow a “fiduciary” standard of putting clients’ interests first, a move that could roil the financial services industry. The White House’s Office …

Reuters Special Report: U.S. Banks Book Trades Abroad to Bypass U.S. Regulation

This spring, traders and analysts working deep in the global swaps markets began picking up peculiar readings: Hundreds of billions of dollars of trades by U.S. banks had seemingly vanished. “We saw strange things in the data,” said Chris Barnes, …