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Registered Rep.
March 1, 2007 |
Blotter SEC Front Running Probe... NASD Fines Bank of America...   |
Investment Advisor
June 2007
Kara P. Stapleton |
News & Products NASD has fined two Fidelity broker/dealers for preparing and distributing misleading sales literature... The broker/dealers of ING plan to lower fees that their advisors pay on two core advisory programs... etc. |
Registered Rep.
February 17, 2005
John Churchill |
NASD Charges American Funds with Directed Brokerage Violation Saying it's just as impermissible to make directed brokerage payments as it is to receive them, the NASD charged American Funds---one of the country's most reputable asset managers---with paying kickbacks to brokerages for selling its funds. |
Registered Rep.
October 26, 2004
David A. Gaffen |
Citi Fined by NASD for Hedge Fund Marketing Citigroup was censured and fined, but neither admitted nor denied the charges. A company spokeswoman said the firm "took immediate action in cooperating fully with the NASD to make sure all materials comply with current NASD guidance." |
Investment Advisor
June 2006 |
B/d Briefing: News & Products At the Fidelity Executive Forum in late April, Fidelity Brokerage Company's National Financial (NF) clearing firm unit demonstrated a number of new services... For the first time in the history of the NASD, a father/son duo has been elected to the NASD board... etc. |
Registered Rep.
November 5, 2003
Will Leitch |
NASD: Brokerages Owe $86M To Investors The summer 2003 scandal involving unpaid breakpoints -- sales-charge discounts that mutual fund companies provide investors who put in a certain amount in a selected fund -- might have been dwarfed by the market-timing scandal, but the SEC and the NASD haven't forgotten about it. |
Investment Advisor
January 2007
Kara Stapleton |
News & Products Bank of New York and Mellon Financial Corporation announced plans to merge... The brokerage firm Jefferies & Co. will pay $9.7 million to settle SEC charges... New York Attorney General Eliot Spitzer has sued UBS... etc. |
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? |
Investment Advisor
October 2006
Savita Iyer |
Seeking Liquidity Is the life settlement business ready to take off? It depends on whether consumers are willing to accept the fact that life insurance policies can be used for purposes other than what they were originally purchased for. |
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. |
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. |
Investment Advisor
March 2006
Melanie Waddell |
The Playing Field: Here, There and Everywhere Dually registered advisors (advisors who are registered with both the SEC and the NASD, and are collecting both fees and commissions) have the best -- and worst -- of both worlds. However, a new study shows when implemented properly, the hybrid model can be very profitable. |
Registered Rep.
August 17, 2005
Kevin Burke |
NASD Tightens Noose on Hedge Fund Sales Practices A top National Association of Security Dealers official said on Wednesday that the regulatory agency has launched an investigation into brokers selling hedge funds to individual investors without alerting them to the potential risks. |
Registered Rep.
May 24, 2006
Kristen French |
Broker Sanctioned for Violation of Patriot Act After nearly a year and a half since the law's passage and after over a dozen brokerage firm audits, the SEC took its first enforcement action against a broker/dealer. Yet, in so doing, the SEC noted that broker/dealers are generally doing a very good job of complying. |
Wall Street & Technology
March 2, 2004
Jessica Pallay |
Give Me a Break Breakpoints may give investors a break, but Wall Street's CIOs are working overtime to comply with regulators' wishes. |
Registered Rep.
May 1, 2004
Will Leitch |
Out, Damn Spots Already, stockbrokers have located a loophole in a NASD instituted a rule meant to prevent stockbrokers from, in effect, buying their way out of client complaints. |
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.
January 23, 2006
Kevin Burke |
NASD, NYSE Propose Stiffer Rule on Entertainment Spending With Fidelity Investment brokers being linked with stories of drugs, prostitution and other forms of high-flying partying, regulators are proposing stricter rules to rein in spending on longstanding methods of winning business. |
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. |
Investment Advisor
March 2006
Melanie Waddell |
Piling On Keeping up with compliance chores will continue to occupy a substantial portion of advisors' time, as industry officials and observers are steadfast in their belief that regulatory scrutiny by the SEC and NASD isn't going away. |
Registered Rep.
February 1, 2005 |
Blotter Banc One Is No. 1 -- in Fine Size... Fleecing the Flock... Morgan Gets a Slap... |
Investment Advisor
November 2006
Thomas D. Giachetti |
Defining Fiduciary What is a financial advisor's true fiduciary duty? |
Investment Advisor
August 2006 |
B/d Briefing: News & Products Genworth Financial is beefing up its asset management business... The SEC is releasing added guidance on soft dollar rules... The NASD has agreed to put its NASD B Share Expense calculator directly on broker/dealers' Web sites... etc. |
Registered Rep.
June 1, 2004 |
10 Years Ago in Registered Rep NASD warnings, again. |
Registered Rep.
October 26, 2006
Kevin Burke |
NASD Fines B/D for Account Transfer Charges A small independent broker/dealer was slapped with a $50,000 fine and sanctioned for overcharging more than 1,500 customers who decided to follow their brokers to another firm. |
Wall Street & Technology
January 5, 2004
Anthony Guerra |
Acronyms Abound in Operations IM, BCP and STP are all part of the alphabet soup that operations professionals grapple with every day. |
Registered Rep.
August 10, 2004
John Churchill |
Hidden Market-Timers A new study of mutual fund firms' enforcement capabilities affirms what many in the industry have known for some time---that omnibus accounting practices by fund intermediaries make catching timers virtually impossible. |
Registered Rep.
April 7, 2005
Kristen French |
NASD Advocates More Disclosure, Less Paper Broker/dealers and their reps may get a big break on point-of-sale disclosure if the Securities and Exchange Commission heeds recent NASD advice. |
Investment Advisor
August 2005
Thomas D. Giachetti |
Come Right In Here are some issues pertaining to an advisor's compliance-readiness, including a list of some of the more substantive issues that are currently the focus of SEC examiners. |
Registered Rep.
August 2, 2005
Kristen French |
Morgan Stanley Fined $6.1 Million for Fee-Based Brokerage Slip-Ups NASD's investigation showed that from January 2001 through December 2003, Morgan Stanley failed to establish and maintain a supervisory system to review and monitor its fee-based brokerage business. |
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
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. |
The Motley Fool
August 30, 2007
Selena Maranjian |
A Better Way to Check Your Broker? A former SEC guy is aiming to help you steer clear of ne'er-do-wells. Meanwhile, make sure that the brokerage you're using is best for your needs. Odds are, you can find a better brokerage that charges you less or offers more services. |
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.
December 1, 2006
Janet Arrowood |
Life Settlements: Bad Rap, Good Business Regulatory attention to life settlements has intensified as they have taken off in the past few years, and more lawsuits are expected. Despite the bad rap, there are some legitimate and valuable uses of life settlements for advisors and their clients. |
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. |
Registered Rep.
February 1, 2006
John Churchill |
Size-ism? Ten years after the formation of the Small Firms Advisory Board, many small firms say they are still getting pushed around by bigger firms -- and this time the NASD is taking the side of the bullies. |
Registered Rep.
January 22, 2007
John Churchill |
Votes In, NASD and NYSE Merger Likely; Will Dissenters Challenge? The securities industry won't have dual self-regulatory organizations to complain about anymore. The NASD announced over the weekend that member firms overwhelmingly approved to consolidate the NASD and the NYSE into one. |
Investment Advisor
October 2006
Kathleen M. McBride |
News & Products How sweet it is: KeyCorp is selling its McDonald Investments branch network to UBS... More than a slap: Prudential Securities, Inc. was ordered to pay $600 million to regulators... etc. |
Registered Rep.
October 1, 2006
Halah Touryalai |
Mediation Mambo If you've got legal trouble, October may be your lucky month: It's "mediation month" sponsored by the NASD. |
Registered Rep.
July 1, 2004
Gregg Wirth |
It's the Advice, Stupid The NASD's probe definitely has many brokers and branch managers in the industry nervous. They are unsure exactly what regulators are looking for, what constitutes a violation and what, if any, penalties could be levied. |
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.
July 1, 2005
Christopher O' Leary |
The Fund Family That Said No While in the past few years many funds sued by regulators have been quick to settle, American, the second-largest fund family in the U.S. with $650 billion in assets is fighting back. |
Registered Rep.
December 15, 2005
John Churchill |
Court to NASD: You Don't Have a Leg to Stand On For the first time in its 68 years as a self-regulatory organization, the National Association of Securities Dealers sued the Securities and Exchange Commission over a right it was never granted. Guess what? It lost. |
The Motley Fool
October 19, 2006
S.J. Caplan |
When Brokers Break the Rules Investors do have some recourse if they feel they've been duped, and that recourse is on sale this month. |
Investment Advisor
January 2006
Melanie Waddell |
A Notch Higher Broker/dealers expect their clearing firms to act like true strategic partners. |
Registered Rep.
May 2, 2007
John Churchill |
SEC Fines A.G. Edwards for Failure to Supervise Add A.G. Edwards to the long list of firms that have been fined by the SEC for long-ago failures to supervise brokers who deceptively market timed mutual funds. |
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.
April 1, 2007 |
Turf Wars Over Advice The age-old debate between the b/d and investment advisor (RIA) industries over who should be able to provide advice and when, and whose regulatory regime offers better investor protections, is far from over. |
Investment Advisor
June 2006
Kathleen M. McBride |
Stretched For broker/dealers who are already stressed, dually registered advisors are a challenge being met in varied ways. |
