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Registered Rep.
March 1, 2007
Bill Singer |
Don't Mess with Suspension Rules If you are like most working people, you go to the office every day. And, if you like your job, it can even be hard to stay away. But if you are a financial advisor and get a suspension from the NASD, don't give in to temptation. Stay away. Go on vacation.   |
Financial Planning
May 1, 2006
Marianne Czernin |
Don't Let Simple Things Trip You Up! Financial professionals must take the time to make sure they understand what the various regulatory organizations require them to do before they actually do it. They shouldn't go it alone, or they could find themselves in the same situations as these reps. |
Registered Rep.
May 1, 2005
Bill Singer |
Can Anyone Get This Write? The NASD and the NYSE need to get together and compare scorecards when doling out justice to industry evil doers. |
Registered Rep.
December 1, 2006
Bill Singer |
The Guessing Game If the NASD wishes to dispel the notion that it is biased against smaller members, then it should adopt the NYSE's policy. Unless, of course, it has something to hide. |
Registered Rep.
August 1, 2006
Bill Singer |
Grave Mistakes These examples show how well-meaning advisors can get tripped up by ignoring the rules that apply to a deceased client. Client Withdrawal Symptoms... Deadly Spree... Lending a Warm Hand... Execution After Death... etc. |
Financial Planning
September 1, 2006
Marianne Czernin |
Compliance Tips Your Ongoing Commitment to the NASD: It's important to know that as a registered rep currently employed by a broker-dealer, your obligations to the NASD do not cease should you quit and decide to become a carpenter, congressman or pirate. |
On Wall Street
August 1, 2013
Alan J. Foxman |
Legal Expert Discusses Commission Contracts Our legal expert discusses how to make sure you re getting your due in commissions. |
Registered Rep.
November 1, 2006
Bill Singer |
Secret Agreements with Clients Can Backfire Developing NASD enforcement trends: NASD Conduct Rule 2330: Customers' Securities or Funds... NASD Conduct Rule 2370: Borrowing From or Lending to Customers... etc. |
Registered Rep.
April 1, 2005
Bill Singer |
Two-Tiered Justice? A recent SEC report shows that the NASD is far less enthusiastic about policing itself --- despite the fact that such self-regulation is part of its charter. |
Registered Rep.
January 1, 2005
Bill Singer |
For the Record An on-the-record interview with the NASD is much less fearsome (and dangerous) when handled correctly. Given that they are becoming more common, it's worth taking a few minutes to understand a rep's rights and obligations. |
Registered Rep.
February 1, 2006
Bill Singer |
Cheaters Never Prosper Brokers must take tests. It's a fact of Wall Street life. That some people will go too far in an effort to pass them is sadly a fact of industry life, too. Here are a few of the more egregious examples: That's an Old Photo of Me... Failing Up... etc. |
Registered Rep.
July 1, 2004
Bill Singer |
When Silence Isn't Golden Reps may not inhibit customers or other parties from providing information, documents or testimony or from cooperating otherwise with a regulator in an investigation of alleged violations, even after a settlement. |
Registered Rep.
April 1, 2006 |
Mudslinger Stains Q: I've been a broker for 22 years and worked for two of the largest brokerage firms in the world. Several years ago, I received a phone call from a long-standing client, who'd received something strange in the mail... A: Document what is taking place... etc. |
Financial Planning
December 1, 2005
Lynn Hume |
Ameriprise to Pay $1.25 Million Fine for 529 Sales In a first-of-a-kind enforcement action, the NASD ordered the former American Express Financial Advisors to pay $1.25 million for failing to adequately supervise its sales of Section 529 college savings plans. |
On Wall Street
September 1, 2011
Alan J. Foxman |
To Share Or Not to Share (Revenue) I'm preparing to merge my small brokerage firm with a registered investment adviser. Do we have to wait for FINRA approval before we can close the transaction? |
Registered Rep.
October 25, 2006
Halah Touryalai |
Another One Bites the Dust: Broker Fined Record Amount for Market-Timing Scheme The NASD fined Paul Saunders, a registered rep, CEO and majority owner of James River Capital Corporation, $2.25 million. That sum represents the largest fine against an individual for marketing timing, including disgorgement of about $750,000 in illegal profits. |
Registered Rep.
March 1, 2007 |
Signature Guarantees A registered rep questions the use of its credit union's Medallion Stamp Signature Guarantee for a client's insurance company bank draft account. |
Registered Rep.
March 1, 2008 |
Client Complaints: To Report Or Not To Report When a registered rep should report client complaints. |
On Wall Street
October 1, 2012
Alan J. Foxman |
Brokering the Commission Split Our legal analyst explores commission sharing and FINRA disclosure rules. |
Registered Rep.
November 1, 2005 |
Supplemental Inquiry Q: Is there any way my employer can find out if I receive W-2 income from other sources... Q: Recently at a social event, a co-worker's client told me another local broker (who is a competitor) had made some disparaging remarks about my co-worker... etc. |
Registered Rep.
April 1, 2007
Bill Singer |
Clarence Darrow, You're Not Beware of water-cooler know-it-alls when it comes to legal advice regarding NASD violation issues. |
Registered Rep.
May 1, 2005 |
Blotter Not-So-Hot IPO: The NASD fined Thomas Weisel Partners for levying exorbitant commission charges on "hot" IPO shares... Expelled, Reinstated, Expelled: Brokerage firm LH Ross was officially expelled from the securities industry and fined... etc. |
Registered Rep.
October 20, 2006 |
Growing Pains AS tenant-in-common properties continue to flood the market, the industry is clearly working to boost demand for its product. One goal is to bring more licensed broker/dealers to the table. Another option is to broaden the target client base. |
Registered Rep.
November 7, 2006
Kevin Burke |
NASD Whacks Two Firms with Fines Over Ill-Advised 529 Sales The NASD said on Monday that it has fined Chase Investment Services and MetLife Securities for failing to establish internal controls to supervise the sale of 529 college savings plans. |
Registered Rep.
January 1, 2005
Jennifer Woods Burke |
Not in My Name Under limited circumstances, NASD Rule 2130 allows registered representatives to erase histories of disputes with customers from the CRD system. |
Investment Advisor
July 2006
Kathleen M. McBride |
B/d Briefing: Two Faces of Wall Street Few financial professionals expect to work a 40-hour week on Wall Street. So it was surprising to see the extent of rep participation in class-action lawsuits over broker overtime, and the astounding settlements that have been awarded. |
Registered Rep.
October 1, 2006
John Churchill |
Blotter In the Name of Love: An Ameriprise registered rep was accused of stealing money from clients to pay for travel abroad to look for a Russian bride... NASD Busts Slick Broker... |
Registered Rep.
January 1, 2003
Bill Singer |
Who Regulates the Regulators? In the securities industry, brokers are expected to follow the rules. If you don't, you will be held accountable by the NASD. But what do you do if the NASD doesn't follow the law? |
The Motley Fool
July 18, 2007
Selena Maranjian |
Check Out Your Broker Finding the perfect broker to whom you would entrust your hard-earned money is difficult. "BrokerCheck," a new online tool from NASD, makes it easier to weed out the unscrupulous ones. |
Registered Rep.
September 3, 2003
David Gaffen |
NASD: Brokers With Complaints Need A Watchful Eye Heed the red flags. This is the thrust of a new NASD proposal that would require brokerage houses to devote extra supervision to reps with extensive numbers of complaints or regulatory actions against them. |
Registered Rep.
December 1, 2006
Kevin Burke |
529 Sales Caught in Sweep The NASD fined Chase Investment Services and MetLife Securities for failing to establish internal controls to supervise the sale of 529 college savings plans. |
Registered Rep.
August 10, 2004
David A. Gaffen |
Fleeing Brokers Can Take Some Client Info Three of the nation's largest brokerage firms have agreed to make it easier for registered reps to take clients with them when they change firms, eliminating a lot of the cloak-and-dagger antics that brokers often suffer when making a move. |
On Wall Street
January 1, 2012
Alan J. Foxman |
The Disclosure Dilemma When and what needs to be disclosed on the U4? |
Registered Rep.
August 1, 2005
John Churchill |
Brokers Called Up for Active Duty Face Licensing Headaches, Book-Poaching Colleagues For registered rep reservists serving in one of the nation's armed forces, coming home and returning to the job is soon to get a lot easier. Of course, the NASD says there is nothing it can do to prevent colleagues from stealing a GI advisor's book. |
Registered Rep.
November 29, 2006
Kevin Burke |
Small Firms Move to Block NYSE/NASD SRO Merger Not everybody is cheering the formation of a single self-regulatory organization. An insurgency of small brokerage firms is urging their peers to strike down yesterday's announced merger between the regulatory arms of NYSE and NASD. |
Registered Rep.
October 1, 2004 |
When the Loan Comes Due I switched firms three years ago, joining a wirehouse offering a seven-year forgivable loan as upfront payment. Since hiring on at the new firm, my production has nosedived. If I am fired, can my firm legally ask for the balance of the forgivable loan back? |
Registered Rep.
September 1, 2005 |
Expunge Bath I received customer letters, written after a nasty falling-out, that my firm said would appear on my internal U4, but not my public statement. Am I forever marked up, or can I get the letters off my record?... |
Registered Rep.
April 28, 2005
John Churchill |
NASD Sends Older Reps Back to the Classroom All registered reps are required to complete the regulatory sections of the NASD's continuing education curriculum. According to the Securities Industry/Regulatory Council on Continuing Education, there are currently 109,000 exempted reps that will now have to take the test. |
Registered Rep.
January 27, 2004
John Churchill |
New Rule Makes Clearing Your Record Harder Brokers can expect a new rule that will make removing customer complaints and disciplinary actions from their public records much more difficult. |
Registered Rep.
August 1, 2004
Bill Singer |
Dealing With Complainers Many official complaints can be handled in a way that minimizes the damage to a rep's reputation and to his permanent record. |
Registered Rep.
June 1, 2007 |
All About the Benjamins Reps say the darndest things. |
Registered Rep.
October 1, 2006
Bill Singer |
The Long Arm of NASD A registered rep with Northwestern Mutual Investment Services, helped found the Wisdom Mission Church, of which he was president: The NASD Investigates... SEC Review... |
Registered Rep.
February 1, 2005
Bill Singer |
Short but Not Necessarily Sweet It's a heady moment when a rep leaves his firm. It also often sets in motion a series of showdowns over client ownership and compensation issues. One way to make things easier is to pay careful attention to your resignation letter. |
Registered Rep.
June 1, 2006
Bill Singer |
Working Conflict When considering taking an outside job, registered reps must adhere to NASD rule 3030, Outside Business Activities of an Associated Person. Here's a recap of the guidelines. |
Registered Rep.
May 1, 2004
Bill Singer |
It's Your Call Always Far too many reps are learning the hard way how little responsibility clients shoulder when it comes to assessing the suitability of their investments. |
Registered Rep.
June 1, 2006 |
Balancing Act? Q: I am a 17-year veteran with no compliance marks against me... I'm growing more concerned about making sure that I do what's in the best interest of my clients, which is not necessarily what's in the best interest of my firm... etc. |
Registered Rep.
April 1, 2005
Will Leitch |
Elder Abuse, Advisor Style The NASD says it will propose "significant" regulatory changes to the way variable annuities are sold, claiming elderly clients are being "scared" into investing in products against their best interests. |
Registered Rep.
March 1, 2003
Will Leitch |
Doing the NASD After waiting more than a year for face time with the NASD, a dissident group finally got the opportunity to air its grievances. Problem is, now it's required to keep quiet about the meeting. |
Registered Rep.
February 11, 2004
John Churchill |
Dueling Trend Lines on Complaints Brokers have become more attuned to investor complaints in recent years, but they must be forgiven if they're having a hard time drawing conclusions from the trend numbers reported by regulators. |
Financial Planning
April 1, 2005
Steven K. McGinnis |
Tin Shields As investor lawsuits mount, errors and omissions insurance has become harder to get--and easier to lose. |
