Non-Traded REIT Sales May Face a Tough Year:InvestmentNews reports that 2024 looks to be another tough year for sales of non-traded real estate investment trusts, a product that has a history of booms and busts and now appears to be heading for a trough. Non-traded REITs face sharply rising interest rates and headlines about half-empty office buildings.
Treasury Market Dealer Rule Adopted by SEC:Reutersreports that the Securities and Exchange Commission on Tuesday adopted a rule requiring proprietary traders and other firms that routinely deal in government bonds and other securities to register as broker-dealers, subjecting them to stricter oversight. The new rule is part of a broader effort to fix structural issues regulators say are causing liquidity problems in the $26 trillion Treasury market.
FINRA Says More Reg BI Enforcement Coming:ThinkAdvisorreports that Regulation Best Interest will continue to be a “priority area” for the Financial Industry Regulatory Authority this year, says the broker-dealer self-regulator’s enforcement chief, Bill St. Louis. FINRA will also continue its look at complex products, St. Louis said — “how they’re recommended, Regulation Best Interest, and also how they’re marketed.”
Arbitration Process Changes Take Effect March 4: AdvisorHubreports that FINRA’s plan to reform the process by which parties in its arbitration forum select three-member panels takes effect on March 4, according to a regulatory notice on Tuesday. FINRA first proposed the changes to the selection process in December 2022.
Buybacks May Boost Stocks:Reutersreports that buybacks are expected to give stocks a boost this year as corporate earnings rebound and are expected to leave companies with excess cash.
SEC Says it Will Keep So-Called Gag Rule:Axiosreports that the SEC last week said it would not amend its controversial "gag rule" tied to settlement agreements.
SALT Bill on Shaky Ground After Clearing House Rules:Roll Callreports that Republican-backed legislation to temporarily boost the cap on state and local tax deductions cleared a key hurdle last week, but the House Rules Committee vote portends tough sledding for GOP leaders to get the bill on the floor.
Senate GOP Slows Down House Tax Bill Consideration:CQ Magazinereports that the $79 billion tax bill the House passed by an overwhelming margin is likely to face a speed bump in the Senate, as Republicans vow to slow down the process and make changes to the package.
Senators Introduce Bill to Block SEC Predictive Data Analytics Rule: ThinkAdvisorreports that Sens. Ted Cruz (R-TX) and Bill Hagerty (R-TN) introduced legislation Tuesday, the Protecting Innovation in Investment Act, to prevent the SEC from finalizing, implementing or enforcing its Predictive Data Analytics rule. Proposed last July, the rule could be finalized this year.
House Committee Warns DOL on Independent Contractor Rule:Fox Business reports that the House Small Business Committee sent a letter to Acting Department of Labor Secretary Julie Su recently urging the DOL to reconsider the agency's new rules for determining whether a worker is an independent contractor, saying the regulations will disproportionately impact small businesses and other smaller entities.
White House Says New Budget Will be Revealed a Month Late:CQ Roll Callreports that President Biden plans to release his fiscal 2025 budget request on March 11, a few days after his scheduled State of the Union address, the Office of Management and Budget confirmed last week. By law, the president is supposed to submit his annual budget request by the first Monday in February.
Social Security Says Taxation Relief May Extend Program Life: InvestmentNews reports that the Social Security Administration said last week that Minnesota Rep. Angie Craig’s proposed tax relief plan for current recipients may extend the lifespan of the retirement program by taxing individuals who earn more than $250,000 a year; currently, the income subject to Federal Insurance Contributions Act taxes is capped at $168,600.
CBO Says Federal Budget Deficit to Soar Over Next Decade: Fox Business reports that the nonpartisan Congressional Budget Office Wednesday released a report projecting that federal budget deficits will skyrocket to well over $2 trillion per year in the next decade largely due to higher net interest costs. Debt as a percentage of GDP will increase to 6.1% from 5.6% in 2024.
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