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NASD wants to supplant OSJ category
Industry observers are worried about the potential effect of an NASD proposal to eliminate the definition of “office of supervisory jurisdiction” and in its place create four new branch-office categories.
SEC releases order routing report
Payment for order flow and internalization of retail options orders to affiliated dealers by brokerage firms has become more pervasive, the Securities and Exchange Commission found in a study
Latest ethical lapse ‘troubles’ CFA Institute
The CFA Institute responded with "concern and disappointment" to the mega-insider trading case that was brought to light last week.
U-5 defamation issue comes to a head in N.Y.
Industry lawyers are watching closely how New York’s highest court will settle a long - simmering battle over how much legal protection brokerage firms should have for statements made on so-called U-5 termination forms.
Bill to end federal antitrust immunity worries insurers
WASHINGTON — The life insurance industry is concerned that a bill which would eliminate federal antitrust immunity for insurance could lead to unfavorable attention from the Federal Trade Commission.
A hidden perk: Antitrust filing fee reimbursement
NEW YORK — In light of new regulations requiring greater disclosure on executive pay, directors are scrambling to justify every nickel spent on perks for the top ranks.
Hedge fund industry looks to court regulators, critics, media
The $1.2 trillion hedge fund industry, bracing for its second regulatory battle with the Securities and Exchange Commission in as many years, plans to take a more proactive approach to dealing with regulators, critics and the media.
VA industry unveiling electronic processing
A trade group for the variable annuity industry today announced a technology initiative intended to save time and money for VA distributors through streamlining and standardization.
For fund investors, it pays to read the fine print
BOSTON — Just because the Enron Corp. and market-timing scandals have led to greater disclosure requirements doesn’t mean that some mutual fund companies aren’t still burying some doozies in their regulatory filings, according to Russel Kinnel, director of mutual fund research for Morningstar Inc.
Cost basis reporting not as simple as it appears
WASHINGTON — Be careful what you wish for with regard to cost basis reporting, as it might cause a headache of colossal proportions.
SEC backing off on B share cases?
Regulators are backing off their aggressive pursuit of B share cases. In the clearest indication yet that enforcers have changed their tune, the SEC late last month dropped a prominent B share case against former Prudential Securities Inc. broker Robert Ostrowski.
Lawmaker changes horses on income stream comments
A congressman who raised eyebrows last month when he seemed to imply that annuities are the answer to the need for lifetime retirement income claims he was misunderstood.
Calif. court: State can sue American Funds
A California court ruling late last month may make it easier for states to sue financial firms, according to legal experts.
NASAA: Reform arbitration or add court option
The securities arbitration system should be reformed or else investors should be given the option of taking their disputes to court, according to a group that represents state securities regulators.
Canada’s reg reform project is on tap
OTTAWA — After much consultation, the Canadian Securities Administrators’ Regulation Reform Project is about to surface, though exactly when isn’t clear.
New report boosts idea of federal regulation of insurers
WASHINGTON — Proponents of allowing insurers to be federally regulated are taking heart in the inclusion of that proposal in a report recently issued by New York Mayor Michael Bloomberg and Sen. Charles Schumer, D-N.Y.
DOL clarifies investment advice exemptions
The Department of Labor's Employee Benefits Security Administration released its first Field Assistance Bulletin of the year, which provides guidance to field investigators regarding an exemption for investment advice in the Pension Protection Act.
Former hedge fund manager indicted for fraud
The former head of a Hailey, Idaho-based hedge fund was indicted on criminal charges that he carried out a fraudulent scheme that bilked investors out of $88 million, the U.S. Attorney's office said yesterday.
Wall Streeters slammed for poaching
After losing a number of brokers to big boys on Wall Street, David Lerner went to the mat on two arbitration cases.
Conference call: ICI wants SEC to go both ways, more or less
The head of the mutual fund industry’s largest trade group called on the Securities and Exchange Commission Thursday…
