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Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
Wall Street News
Democrats Ask U.S. Brokerages If They Support Delay to Fiduciary Rule
[Photo: by Ron Sachs / Zuma]
Would big brokerages support delaying a new rule by the U.S. Department of Labor if President-elect Donald Trump's administration makes a move to do so?
With the rule set to go into effect in April, Senator Elizabeth Warren said she posed that question in a letter to 33 wealth management firms - including Morgan Stanley, Raymond James Financial, and Bank of America Merrill Lynch, because they have already spent millions to be compliant with the rule.
A Morgan Stanley spokesperson said the bank had received the letter and was reviewing it. Bank of America and Raymond James did not respond to requests for comment.
Last year, Merrill Lynch said it would stop offering retirement services that paid advisers commissions, eliminating the possibility that advisers might push one investment product over another based on the commission they could earn.
Morgan Stanley and others have opted to keep commissions-paying accounts, but have strengthened training and compliance standards to meet the rule's higher standards.