Regulation And Legislation

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ETFS JUL 27, 2011
Mass. blasts RBC for ETF sales

Addressing an issue that many thought had been resolved several years ago, Massachusetts last week filed an administrative complaint against RBC Capital Markets LLC and one of its former brokers, Michael Zukowski, for “dishonest practices in selling leveraged and inverse leveraged ETFs"

By Andrew Osterland
Land of the fee: Advisers seen switching revenue model ahead of fiduciary rewrite
REGULATION AND LEGISLATION JUL 27, 2011
Land of the fee: Advisers seen switching revenue model ahead of fiduciary rewrite

MSSB big Charles Johnston says move to fee-based model has been ongoing for six months; dubbed 'safe harbor' by RBC's Taft

By Mark Schoeff Jr.
Merrill hit for $880K arbitration award
EQUITIES JUL 27, 2011
Merrill hit for $880K arbitration award

Clients of a prominent Bank of America Merrill Lynch broker have won an $880,000 arbitration award against the firm.

By Dan Jamieson
UBS to pay ex-76ers owner $2M over sale of '100% principal-protected' notes
REGULATION AND LEGISLATION JUL 27, 2011
UBS to pay ex-76ers owner $2M over sale of '100% principal-protected' notes

Notes didn't protect Croce's principal -- once issuer Lehman went belly up; at least 40 cases still pending

By John Goff
Provident mess lands on Fidelity's doorstep
REGULATION AND LEGISLATION JUL 27, 2011
Provident mess lands on Fidelity's doorstep

Trustee petitions judge to issue subpoena to fund firm's National Financial Services unit; examining the money trail

By Bruce Kelly
SEC lets whistle-blowers bypass internal programs
REGULATION AND LEGISLATION JUL 27, 2011
SEC lets whistle-blowers bypass internal programs

Whistle-blowers can collect as much as 30% of penalties when they report wrongdoing, even when they bypass their internal complaint systems.

By Doug Cubberley
With registration looming, many hedge funds say they'll follow Soros
ALTERNATIVES JUL 26, 2011
With registration looming, many hedge funds say they'll follow Soros

With registration requirements looming, more hedge fund managers are likely to follow George Soros in opting for the family office structure over the red tape of running a hedge fund.

By Jeff Benjamin
REGULATION AND LEGISLATION JUL 26, 2011
Ketchum on exams, VAs and fiduciary standard

By mlanche
Fund firms on 401(k) fee disclosure deadline: More time, please
RETIREMENT PLANNING JUL 26, 2011
Fund firms on 401(k) fee disclosure deadline: More time, please

DOL's latest start date — Jan. 1 — still too soon, industry group contends

By Darla Mercado
REGULATION AND LEGISLATION JUL 26, 2011
Phyllis Borzi: Protecting the Everyman's benefits

Phyllis Borzi has come a long way since her days as a high school English teacher.

By Liz Skinner
REGULATION AND LEGISLATION JUL 26, 2011
Securities America settles with state in conditional resolution of Reg D mess

Putting an end to a bitter dispute over the sale of failed private placements, Securities America Inc. has agreed to make whole 63 Massachusetts clients who bought $5 million of failed notes issued by Medical Capital Holdings Inc.

By Bruce Kelly
Finra's Ketchum to B-Ds: Structured products need strict policing
REGULATION AND LEGISLATION JUL 25, 2011
Finra's Ketchum to B-Ds: Structured products need strict policing

Finra president Richard Ketchum says brokerages must make certain reps understand how complex financial instruments work -- before hawking them to clients.

By Bruce Kelly
REGULATION AND LEGISLATION JUL 25, 2011
Finra, Nuveen agree to $3M settlement over marketing of auction-rate preferred securities

Regulator claims marketing material produced by B-D was misleading; settlement reached

By Jessica Toonkel
Big rise in Finra lobbying $$$
REGULATION AND LEGISLATION JUL 25, 2011
Big rise in Finra lobbying $$$

Industry regulator shelled out more than $300K in first quarter; entire financial industry spending big bucks bending ears

By Dan Jamieson
REGULATION AND LEGISLATION JUL 25, 2011
Brokers charge Finra with becoming OATS mill

Brokers are up in arms about what they say is an increasing number of fines for innocent trade-reporting errors.

By Dan Jamieson
REGULATION AND LEGISLATION JUL 24, 2011
Arbitration case costs Neuberger $4 million

Neuberger Berman Group LLC, a money manager that was part of Lehman Brothers Holdings Inc., was ordered by an industry regulator to pay about $4 million to three clients who bought structured notes backed by the failed investment bank

By Bloomberg
Debt drama obscuring great plays in the stock market: Hartford's Carmen
REGULATION AND LEGISLATION JUL 22, 2011
Debt drama obscuring great plays in the stock market: Hartford's Carmen

HMOs, even Apple undervalued, fund manager says; mess in Washington will get straightened out

By Jeff Benjamin
Boehner, GOP bigs all voted for debt drivers they now blame on Obama
REGULATION AND LEGISLATION JUL 22, 2011
Boehner, GOP bigs all voted for debt drivers they now blame on Obama

Like the President, Republican leaders gave thumbs up to TARP, prescription drug plan, foreign wars; 'plenty of blame to go around'

By John Goff
Neuberger Berman loses $4M Finra arbitration case
REGULATION AND LEGISLATION JUL 22, 2011
Neuberger Berman loses $4M Finra arbitration case

Neuberger Berman Group LLC, the money manager that was part of Lehman Brothers Holdings Inc., was ordered by an industry regulator to pay about $4 million to three clients who bought structured notes backed by the failed investment bank.

By Mark Bruno
SIFMA gives SEC ideas for a new fiduciary standard
REGULATION AND LEGISLATION JUL 21, 2011
SIFMA gives SEC ideas for a new fiduciary standard

Letter details how a universal standard could accommodate brokers

By Doug Cubberley