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To appeal or not to appeal
With the deadline bearing down to initiate legal action to block a federal court’s decision on the legality of fee-based brokerage accounts, the brokerage industry is looking for guidance on how to proceed.
Cox, Schapiro tackle disclosure at ICI meeting
The Securities and Exchange Commission is examining disclosures for 401(k) plans and is looking at ways to provide 401(k) information using interactive software, SEC Chairman Christopher Cox said last week.
Funds slow pace of hiring legal, compliance staff
Mutual fund companies are starting to slow the pace at which they hire legal and compliance officers, according to several industry experts. With the mutual fund scandals receding into the past, such a trend was inevitable, they said.
New service agreement at TD Ameritrade causes flap
Amid protest from its advisers that they are being asked to assume too much liability, TD Ameritrade Institutional is going back to the drawing board with its new service agreement.
Equity index annuity insurers are facing more lawsuits
New accusations against equity index annuity sellers may lead to regulatory grief comparable to what property-casualty firms suffered during the contingent- commission scandal a couple of years ago, industry observers say.
Separately managed account quandary
While advisers want their separately managed accounts made available on unified managed account systems, SMA managers fear that that will result in a loss of control over how their products are marketed.
NASD expands broker, firm disciplinary information
IRVINE, Calif. — NASD is expanding the disciplinary information it discloses about brokers and firms.
Small firms upset by an NASD hiring
NASD has hired a former board member as a consultant, raising questions about conflicts of interest and concerns about how well small firms have been represented in the organization.
Fund industry awaits simplified prospectus
Industry leaders eagerly are awaiting a proposal that would allow mutual funds to provide a two-page prospectus in lieu of the lengthy one now required, a concept that could save millions of dollars in costs.
House Democrats eyeing reduction in the AMT
WASHINGTON — House Democrats are hoping to appeal to the middle class with a plan to shift to wealthy taxpayers the responsibility for paying the alternative minimum tax, but financial advisers in general think that it is a bad idea.
Battle lines drawn on appeal of broker ruling
NEW YORK — As the May 14 deadline looms for the Securities and Exchange Commission to appeal the overturning of the broker-dealer exemption rule, supporters and opponents of the rule have been busy making their case in the court of public opinion.
A.G. Edwards settles market-timing suit
A.G. Edwards & Sons Inc. of St. Louis yesterday settled with the Securities and Exchange Commission over allegations of mutual fund market timing. The firm agreed to pay $2.4 million in disgorgement and $1.5 million in penalties.
Battle over SRO merger rages on in court, at SEC
The fight over the pending consolidation of the regulatory units of the New York Stock Exchange and NASD is proceeding apace on two fronts: in court and at the Securities and Exchange Commission.
Congress aims at less affluent in its retirement savings efforts
Congress is beginning to refocus its retirement savings policy-making efforts on finding ways to help Americans of modest means save for retirement, as well as trying to help people get better returns from their retirement savings plans.
SEC seen shy on naked shorting
Critics of short-selling practices they deem abusive are up in arms over what they say is continued inaction by the Securities and Exchange Commission.
SEC’s authority called into question
The SEC can’t win for losing. As a result of judicial overrides of its major regulatory initiatives in the past year, the Securities and Exchange Commission is less likely to try bold new initiatives, experts on securities regulation say.
Hey there, insurance agent: We can make you an RIA
A new firm is assisting insurance agents in becoming registered investment advisers so the agents can obtain fee income from advice and securities products.
401(k) changes seen ‘significant’
WASHINGTON — New default options that the Department of Labor will likely approve for 401(k) investments will have a “significant” impact on the way mutual fund assets are invested, independent fund directors were told at a conference here April 12.
Activists press funds to nix big comp deals
BOSTON — Labor activists are using a Securities and Exchange Commission rule requiring mutual fund proxy disclosure to ratchet up the pressure on executive compensation that they consider excessive.
IRS pending regulations seen as consolidating 403(b) market
The IRS plans to issue final regulations for 403(b) plans by the end of June, and the changes could result in industry consolidation, particularly in the K-12 marketplace, observers said.
