Results for "compliance"

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New Jersey bars three brokers

February 4, 2009

Three former brokers, who were first with UBS Financial Services Inc. and then with Merrill Lynch & Co. Inc., have been barred from working in New Jersey, state Attorney General Anne Milgram announced yesterday. The state's securities bureau...

SEC stresses importance of compliance

December 3, 2008

In an open letter released Tuesday, the SEC warned chief executives of registered financial services firms to be vigilant when it comes to keeping their compliance programs in order. In the letter, Lori Richards, director of the U.S. Securities...

SEC criticized for poor oversight of brokerage firms

October 12, 2008

In the wake of a negative report on the Securities and Exchange Commission's oversight of brokerage firms, the brokerage industry is bracing for tougher regulation. The report, which was released Sept. 25 by the SEC's inspector general, found...

Independent advisers create best practices to deal with elderly

September 28, 2008

While the Securities and Exchange Commission has compiled a set of best practices for working with aging clients, independent advisers have created small-scale solutions for their own firms. Diminished capacity and dementia were headlining topics...

Wall St. woes don't worry smaller firms

September 28, 2008

Executives at small broker-dealers and regional investment banks see opportunity in the frenzy on Wall Street, but they worry that new regulations will be burdensome. Although everyone in the industry has been affected by the crisis, smaller...

Paulson does about-face on compensation

September 24, 2008

Treasury Secretary Henry Paulson today told a House committee he was open to considering limits on executive compensation in the Bush administration’s proposed $700 billion bailout package for the nation’s financial institutions. But in a...

SEC spots ethics lapses

August 11, 2008

Incomplete codes of ethics and codes of ethics that aren't followed were cited as two common problems found by Securities and Exchange Commission examiners at investment advisory firms. The SEC's office of compliance inspections and examinations...

Compliance costs soar

July 21, 2008

Compliance costs rose 65%from January 2007 through March 2008 for more than 400 investment advisory firms surveyed by four organizations involved in the advisory business. According to the 2008 Investment Management Compliance Testing Survey,...

Brokers, insurers juggle hot potato of VA suitability

June 9, 2008

Both brokers and insurers bear responsibility for the suitability of variable annuity sales, but at different points in the sales process, industry officials said at a conference last week. "Who really should own suitability? On the one hand,...

Regulation, courts still transforming insurance products

June 9, 2008

A combination of regulatory developments and court cases since 1998 has molded annuities and insurance products into what they are today — and that development continues. From the Pension Protection Act to the Financial Industry Regulatory...

Internet changed financial landscape, spawned reforms

June 9, 2008

"The marketplace always drives Washington," said Duane Thompson, managing director of the Financial Planning Association's Washington office. The development of the Internet over the past decade has led to reforms, he said. "What that did was...

Study: B-Ds to double in size, but profitability's a challenge

June 2, 2008

Broker-dealers are expected to keep getting bigger, but turning that growth into profitability will remain a challenge, according to a new study. Broker-dealers are projected to double in size over the next five years, with revenue increasing...

A duty to monitor proxy voting

May 12, 2008

Upon the conclusion of a talk about achieving fiduciary excellence that I delivered April 28 at the Mountain States Public Employee Retirement Systems Forum in Denver, and sponsored by the Investment Management Network LLC of New York, an attendee...

It is time for the SEC to take a stand on compliance with Section 404

March 24, 2008

After months of insisting that no further delays for smaller public companies would be forthcoming, SEC Chairman Christopher Cox said in December that he would recommend still another delay in implementing Section 404(b) for companies with market...

H&R Block loses $4 million arbitration case

March 3, 2008

Top management at H&R Block Inc., parent of H&R Block Financial Advisors Inc., allegedly turned up the heat and threatened a senior executive in the middle of an acrimonious dispute over compensation, according to an arbitration complaint that...

New tools keep up with compliance

February 4, 2008

Technology to help automate and improve the compliance function may not ring a financial adviser's cash register, but it certainly can reduce the time-consuming and potentially costly problems that compliance failures create. One new product...

Reps question controversial 'minitenders'

February 4, 2008

Investors are still receiving "minitender" offers that try to get them to sell shares at below-market prices. The small-scale tenders first arose years ago as a way to acquire illiquid limited-partnership units, but then spread to actively traded...

Bank-compliance costs soar, says study

January 14, 2008

Compliance costs at some of the nation’s top banks have grown significantly faster than net income, according a survey of 20 of the top banking and thrift institutions released today by the Deloitte Center for Banking Solutions. Compliance...

Questar Capital executive bought 'bogus' investments

December 17, 2007

A top brokerage executive affiliated with a unit of Allianz Life Insurance Company of North America bought shares of unregistered investments created by Edward May, who was charged last month by the Securities and Exchange Commission with committing...

Ameriprise unit loses top rep to First Allied

December 10, 2007

As Securities America Inc. deals with the sting of losing one of its biggest advisers, the independent broker-dealer continues to tighten its compliance practices and procedures. Raymond J. Lucia Cos. Inc. of San Diego last month left Omaha,...

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