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Fund group says rule review could have merit
The radical notion of abolishing mutual fund boards and allowing funds to set their own prices may be worth a second look, according to the head of a group representing independent fund directors for the $10.4 trillion fund industry.
NASD still tinkering with VA suitability rule
IRVINE, Calif. — NASD continues to tinker with a pending variable annuity suitability rule, making a fourth proposed change in almost two years.
Obama, Clinton call for investigation into LTC abuses
WASHINGTON — Members of Congress are calling for investigations into alleged long-term-care-insurance abuses just as the government is set to release its latest survey, showing a 97% satisfaction rate among policy claimants.
CIT student loan executives placed on leave
CIT Group Inc. said Monday that it placed three top executives at its Student Loan Xpress unit on leave just days after the companies were subpoenaed by New York state Attorney General Andrew Cuomo in his ongoing probe of the $85 billion student loan industry.
Regulatory sins haunt Christ Investment Service
The National Futures Association suspended Christ Investment Service LLC, a San Francisco-based introducing broker, for allegedly illegally acting as a futures commission merchant and as a counterparty to foreign currency transactions, according to the association.
Let competition, not boards, set advisory fees
Abolishing the role of mutual fund boards of directors in approving advisory expense ratios would lead to more competition in mutual fund fees, according to a book released in Washington today.
Wall Street grapples with defeat of rule, uncertain of its effects
The securities industry is coming to grips with the defeat of the broker-dealer exemption rule.
Next move is SEC’s, and it keeps mum
All eyes are on the Securities and Exchange Commission now that a federal appeals court has overturned its controversial broker-dealer exemption rule.
Court rejects broker-dealer exemption rule
The U.S. Court of Appeals for the District of Columbia Circuit on Friday overturned the Securities and Exchange Commission’s broker-dealer exemption rule in a 2-1 decision.
SRO merger suit: The battle begins
A federal judge last week ordered NASD and the New York Stock Exchange to supply an initial batch of documents to a broker-dealer that sued to stop the proposed merger of the organizations’ regulatory units.
SEC proposes rules on cash sweep practices
IRVINE, Calif. — The Securities and Exchange Commission has proposed that firms beef up their disclosure of cash sweep policies. The proposal, part of a little-noticed package of rules floated by the SEC this month, would require broker-dealers to provide a quarterly notice to customers telling them that they can opt out of a default sweep option and choose another vehicle for their cash.
Marketing firms targeting elderly draw attention from regulators
Regulators are turning the spotlight on companies that specialize in using high-pressure marketing tactics to sell financial products and services to older Americans.
‘Probe and disturb’ viewed as key to one firm’s tactics
Nobody ever accused companies that push annuities on older Americans of being subtle.
State regulators defend their authority vigorously
State securities regulators are worried that the recent emphasis on making U.S. capital markets more competitive could lead to the pre-emption of their power by federal regulators.
SEC soon may file its first privacy case
The Securities and Exchange Commission is getting close to bringing a first-of-its-kind privacy case against a broker-dealer for using client data in the account transfer process, and industry attorneys said that the SEC is investigating similar cases against as many as a dozen other firms.
Labor Department weighs in on fee brouhaha
WASHINGTON — The Department of Labor has put the issue of enhanced 401(k) fee disclosure on its agenda, a move that could take some of the wind out of the sails of a legislative threat.
Contract boils down Fed action to ‘yea’ or ‘nay’
HUNTINGTON BEACH, Calif. — For asset managers, forecasting whether the Federal Reserve will cut U.S. interest rates for the first time in four years might become a little easier, thanks to a budding derivatives contract.
Compatibility of pension funds, hedge funds questioned at hearing
WASHINGTON — The possibility of limiting pension fund involvement in hedge funds was raised last week by legislators and hedge fund industry representatives at a hearing on Capitol Hill on how much risk hedge funds pose for financial markets.
Opponents of SRO merger are keeping the faith
Opponents of a merger between the regulatory operations of NASD and the New York Stock Exchange haven’t given up on their efforts to stop the deal.
Galvin leads charge against senior fraud
State regulators, led by Massachusetts’ William F. Galvin, are stepping up their attacks on financial scam artists who prey on senior citizens.
