Proposed money market reforms could increase the cost of borrowing for municipalities by up to $13 billion, according to a claim that Fidelity Investments made to the Securities and Exchange Commission.
Morgan Stanley Wealth Management is looking to attract millennials and women as financial advisers and clients. Greg Fleming, president of Morgan Stanley Wealth Management, says company is also ramping up the number of women in senior management.
Look for increased attention on the municipal market, particularly pension fund abuses, undisclosed conflicts of interest and other violations, said Andrew Ceresney, director of the Securities and Exchange Commission's division of enforcement, at the SIFMA Annual Meeting. The SEC will work more frequently with law enforcement agencies on criminal prosecution when necessary, he said.
The Securities and Exchange Commission voted unanimously in favor of federal supervision of financial advisors who work on municipal bond deals. Elected and appointed government officials are exempt. The rule imposes a fiduciary standard on advisors, requiring them to put a client's interest above theirs. Read SIFMA's comments on the SEC's municipal advisor rules.
With new tools available for monitoring social media content, independent broker-dealers and wirehouses are delving more into social media marketing. This is a departure from past practice, when these firms shied away from social media because of the perception of stricter regulatory scrutiny.