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SEC mulls enforcement action against Reserve
Staff at the SEC’s Division of Enforcement has informed Reserve Management that it intends to recommend that the SEC bring an enforcement action against the company for violating federal securities laws.
<i>Finra chief tapped to head up regulator</i>
President-elect Barack Obama has nominated Mary Schapiro, the chief executive of the Financial Industry Regulatory Authority Inc. of New York and Washington, as chairwoman of the Securities and Exchange Commission.
House passes plan to suspend retirement tax
Excise taxes imposed on retirement savings account holders who do not take minimum distributions by age 70½ would be suspended for 2009 under legislation unanimously approved last night by the House of Representatives.
Busted brokers continue bilking clients at new firms
Despite intense pressure from regulators to tighten recruiting standards for brokers with marks on their records, these bad apples are still being hired by new firms, recent cases illustrate.
Candor is key, NYSE reg chief says
America’s top financial watchdogs need to make haste in addressing transparency challenges posed by complex securities products, NYSE Reg chief executive Richard Ketchum emphasized Tuesday in a speech at Hofstra University.
Mavericks’ Cuban blogs his innocence
Entrepreneur Mark Cuban, owner of the NBA's Dallas Mavericks, is defending himself on his website against insider trading charges that the SEC levied against him this week.
Three cheers for fed regulation, insurers cry
“Ultimately, the consumer ought to benefit from greater regulation, provided that we heed the lesson of the current crisis,” said Christopher “Kip” Condron, president and chief executive of AXA Financial Inc. in New York.
Hedge fund registration again raised in Senate
Legislation requiring hedge funds to register with the Securities and Exchange Commission will be reintroduced by the ranking minority member of the Senate Finance Committee.
Scam artist held in contempt
David M. Greene, an alleged Ponzi scheme promoter, is being held in civil contempt for failing to provide documents and information to the SEC.
SEC settlements could hit 3-year high
SEC enforcement settlements are projected to reach a three-year high in 2008, according to a study issued today by Nera Economic Consulting.
The limits of financial regulation
Running on New York-area news radio stations these days is a commercial for a municipal bond offering by a special-purpose New York City taxing authority.
Dismissing arbitration cases could become harder
The Securities and Exchange Commission is expected to approve a controversial rule that would make dismissing arbitration cases more difficult.
Financial organizations receive threats
More than 50 letters that contained threats and an unidentified white powder have been mailed to U.S. financial institutions and government offices.
PIABA to continue reform push
The plaintiff's bar will continue pushing for the elimination of industry arbitrators, said Brian Smiley, the new president of PIABA.
Treasury invests in several regional banks
The Department of the Treasury has begun to purchase stakes in several regional banks as the government aims to halt the freeze of the credit markets,
Exec settles insider trading case
The SEC has settled with the owner of an investor relations firm who illegally traded the stock of Manatron Inc., an information technology company.
Still more reg reform needed, Greenspan says
Following the “breakdown of the central pillar of competitive markets,” new regulatory changes will be needed in the areas of fraud, settlements and securitization in order for the financial markets to “return to stability,” former Federal Reserve Chairman Alan Greenspan said today.
SIFMA, others call for sweeping reg reforms
The financial services industry yesterday called on Congress to enact sweeping regulatory reforms, including creating a “stability regulator” to oversee systemic risk in all financial services firms.
AARP members to monitor ‘free-lunch’ seminars
AARP is collaborating with state securities regulators to monitor “free-lunch” seminars given by financial-product providers.
Congress mulls major 401(k) changes
A wide range of sweeping changes to the 401(k) system were proposed Tuesday at a hearing on how the market crisis has devastated retirement savings plans.
