NEW YORK — As some U.S. senators find fault with the arbitration system that resolves client disputes with broker-dealers, the brokerage industry’s largest trade group is defending the process.
IRVINE, Calif. — Small brokerage firms are concerned about possible increases in net capital requirements that the Securities and Exchange Commission has proposed.
Now that a lawsuit challenging the merger of the regulatory units of NASD and the New York Stock Exchange has been dismissed, attention has turned to the Securities and Exchange Commission, where NASD bylaw changes needed to seal the deal are pending approval.
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.
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.
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.
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.
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.
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.
IRVINE, Calif. — NASD is expanding the disciplinary information it discloses about brokers and firms.
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.
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.
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.
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 & 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.
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 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.
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.
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.
A new firm is assisting insurance agents in becoming registered investment advisers so the agents can obtain fee income from advice and securities products.
