Regulatory agencies sometimes have "short circuited the required rulemaking process by adopting a regulation through enforcement rather than through rulemaking," write former Securities and Exchange Commission member Paul Atkins and Peter Wallison, who served as general counsel of the Treasury Department. They argue firms have been forced to agree to enforcement actions under the threat of more serious and costly charges.
Chris Flint, whom the Financial Services Institute officially endorsed, has won the large-firm seat on the Financial Industry Regulatory Authority's board. This is the third candidate FSI has helped to land a position on FINRA's board, says FSI president and CEO Dale Brown, adding that one of FSI's "top goals is to make the value of the independent model to investors better understood by all stakeholders."
The IRS has issued a letter ruling regarding the tax treatment of a charitable lead annuity trust. In this case, the person establishing the CLAT intends to create a revocable trust.
Financial-technology companies are mistakenly targeting millennials over baby boomers, who need help managing their wealth as they enter retirement, fintech expert Ben Cukier writes. Helping boomers secure lifetime income is one area of opportunity, Cukier writes.
With three senators reportedly placing holds on the Setting Every Community Up for Retirement Enhancement Act of 2019, preventing the measure from being passed by unanimous consent, hopes for a quick passage have diminished. Some retirement industry insiders say there is a chance the legislation will be attached to a spending bill or some other must-pass legislation after the Senate returns to Washington in September.
Reflecting on the increased number of retirement-planning options for entrepreneurs, columnists Robert Bloink and William Byrnes explain developments with multiple-employer plan, or MEP, regulations. While an MEP is a good option for many small-business owners who have been wary of providing 401(k)s, there are a number of considerations to make first, they write.
The 7% gain posted so far this year by equity-based hedge funds suggests they have benefited from adopting a momentum strategy aimed at cashing in on falling bond yields. Strategists warn, however, that with valuations as high as they currently are, funds remain vulnerable to any market reversal.
The divorce rate among couples 50 and older has doubled since the 1990s, attorney Susan Myres writes. Among the major considerations in assisting clients going through a "gray divorce" are how the split will affect Social Security, various insurance policies, retirement accounts and estate planning.
Leading hedge funds have poured $3.5 billion into Uber but ditched $2.3 billion worth of Microsoft shares since the end of June, a Bloomberg analysis shows. At the same time, funds took a broadly positive view of the so-called FAANG stocks with Netflix, Amazon, Facebook and Google parent Alphabet remaining popular but Apple falling out of favor.
Data from the National Association of Insurance Commissioners suggests that life and annuity carriers are reducing exposure to credit card assets. Investments in securities backed by credit card debt stood at $4.3 billion at the end of last year, 66% below the total reported for 2012.