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FINRA Floats Rule Changes on Gifts, Noncash Comp

19:31 10 August in In the News by rafferty

August 10, 2016 By Melanie Waddell, ThinkAdvisor   Among planned changes includes raising the gift limit from $100 to $175 The Financial Industry Regulatory Authority is seeking comments on its plan to amend its gifts, gratuities and noncash compensation rules. The proposed new rules, issued in Regulatory Notice 16-29, would raise the gift limit from $100 to $175, mostly to account for inflation, notes Cipperman Compliance Services. The new rules would also impose the noncash compensation restrictions on all securities transactions rather than just mutual funds, variable annuities, direct participation programs (DPPs) and public offerings. FINRA’s proposal would also replace previous guidance on business entertainment — allowing “ordinary and usual business entertainment” — with a requirement to implement policies and procedures ensuring no quid pro quos, defining permissible business entertainment, training and recordkeeping. FINRA is also proposing to incorporate...

Appointment of former LPL exec Robert Moore to Cetera’s board could help embattled B-D restore its brand

18:54 21 May in In the News by rafferty

May 20, 2016 By Bruce Kelly, Investment News People inside and outside the company say word of the new chairman has already given a lift to morale of advisers The pending appointment of Robert Moore, an experienced broker-dealer executive, to serve as chairman of Cetera Financial Group, could help the embattled B-D restore its brand and has already given a lift to the morale of its advisers, according to people both inside and outside the company. A source familiar with Cetera's plans told InvestmentNews this week that Mr. Moore, the former president of the nation's largest independent broker-dealer, LPL Financial, would be named non-executive chairman in the coming weeks as the board is revamped. Cetera moved one step closer to implementing those plans Thursday after its parent company, RCS Capital Corp., or RCAP, won court approval for its bankruptcy plan....

DOL Storm Watch

16:49 06 April in In the News by rafferty

April 4, 2016, Financial Advisor Magazine Author Dan Jamieson's article opens with, "It wouldn’t be an overstatement to say that independent broker-dealers spent the first two weeks of March in a state of paralysis, awaiting the final outcome of the Department of Labor’s fiduciary rule...