RJ and Makay

Now that it has clarified how broker dealers and RIAs can provide client information, the SEC has broadened CFP Board of Standard’s powers regarding violations of a privacy rule and potential SEC enforcement action.

Federal privacy rule Regulation SP has served as the rationale for why advisors were prevented from sharing client information with the Board during customer complaint proceedings.

Morgan Stanley Smith Barney (MSSB) has hired Jeff Hack from J.P. Morgan Chase as its chief operating officer in one of several organizational changes announced by company president Gregory Fleming.

According to an internal memo, Hack will oversee MSSB's ongoing technology/operations integration activities. Morgan Stanley is in the midst of integrating its brokerage with that of Smith Barney, which has about 17,800 financial advisors, the most on Wall Street.

Though in the offing for some time, it's still a shock to see a credit agency move toward downgrading U.S. debt. Today, Standard & Poor's (S&P) Ratings Services reduced its outlook on the U.S. to "negative," potentially setting the stage for a downgrade from triple-A status in the near future.

"More than two years after the beginning of the recent crisis, U.S. policymakers have still not agreed on how to reverse recent fiscal deterioration or address longer-term fiscal pressures," explains S&P credit analyst Nikola G. Swann. The chance of a U.S. downgrade within two years is at least one in three, Swann estimates.