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Independent directors launch counterattack

August 8, 2005

IRVINE, Calif. - Independent mutual fund directors are mounting a counterattack against efforts to stop a new rule that would require independent chairmen for mutual fund boards. The Securities and Exchange Commission rule is due to go into...

Firms are moving away from fee-based accounts

August 8, 2005

IRVINE, Calif. - Brokerage firms are de-emphasizing fee-based brokerage accounts as a result of the regulatory spotlight aimed at the programs. In some cases, broker-dealers are developing advisory accounts to take the place of the fee-based...

Separates managers may drag feet on performance reports

August 8, 2005

DETROIT - In a last-ditch effort to dodge tougher performance-reporting standards, the separately managed accounts industry is going for the jugular of the CFA Institute. If the standards are implemented in their current form on Jan. 1, many...

Raymond James to stop battling with regulators

August 8, 2005

NEW YORK - Raymond James Financial Inc. is through publicly jousting with securities regulators and is developing a new system for its affiliated registered representatives to ensure clients get a better deal on variable annuities. In a meeting...

Experts debate if B of A deal's 1-shot or trend

July 25, 2005

NEW YORK - Experts are debating the repercussions of the settlement between Bank of America Corp. and Massachusetts regulators. The settlement requires the Charlotte, N.C.-based bank to offer refunds to clients age 78 and older who purchased...

CIBC case no cure for hedge fund fraud

July 25, 2005

OTTAWA, Canada - The Canadian Imperial Bank of Commerce's $125 million settlement with U.S. regulators is unlikely to deter Canadian banks from helping hedge funds make improper mutual fund trades, according to one Canadian hedge fund manager....

Model state ethics regulations open for comment

July 25, 2005

WASHINGTON - A proposal clarifying that state regulators can take action against investment advisory representatives for unethical practices has been made public by the North American Securities Administrators Association Inc. for comment. NASAA...

Investment club group's trust is under siege

July 25, 2005

DETROIT - It took Ralph Seger Jr. 40 years to begin asking questions as trustee to the National Association of Investment Clubs Trust. But now that he has begun, he can't stop. Mr. Seger, chairman emeritus of Bloomfield Hills, Mich.-based money...

Closed-end-fund IPOs: Is the door shutting?

July 25, 2005

IRVINE, Calif. - The issuance of new closed-end funds has begun to slow amid concerns about slackening performance, market saturation and possible regulatory attention. Over the first six months of the year, brokerage firms raised $14 billion...

Push for federal insurance charter worries states

July 18, 2005

WASHINGTON - State insurance legislators are becoming increasingly concerned that the Senate might soon start looking at legislation that would allow insurers to be regulated by the federal government instead of states. At the summer meeting...

Settlement gets attention of in-house-focused firms

July 18, 2005

NEW YORK - Broker-dealer executives whose reps do a high percentage of their business in proprietary products have more reason to worry, now that American Express Financial Advisors Inc. has with the New Hampshire Bureau of Securities Regulation....

Calif. gives firms free rein on rep exit forms

July 18, 2005

IRVINE, Calif. - Employment lawyers in California are attempting to counteract a recent state appeals court decision that gives broker-dealers total legal immunity for what they write on U-5 termination forms. The U-5 termination form is used...

Advisers see conflict in Fidelity-Ibbotson

July 18, 2005

WASHINGTON - Not only is the latest alliance between a mutual fund giant and a firm providing independent investment advice likely to affect chances that federal investment-advice legislation is approved, but some advisers say that even the...

Ohio set to offer CDs in 529 savings plan

July 18, 2005

NEW YORK - Ohio is poised to become the first major state to offer certificates of deposit through its Section 529 college savings program. Ohio's CollegeAdvantage 529 Savings Plan, the fourth-largest in the country in terms of assets, expects...

States step up role in policing VA sales abuses

July 11, 2005

NEW YORK - Many of the same attorneys general who were instrumental in ferreting out contingent-commission abuses by property-casualty insurers - as well as market timing permitted by life insurers writing variable annuities - have set their...

Two fund firms allow only one swap per 30 days

July 11, 2005

NEW YORK - At least two mutual fund companies this year have adopted what appear to be particularly restrictive trading policies in an effort to curb market timing. But some industry experts say the policies might not be as confining as they...

Fund governance reg may downsize boards

July 11, 2005

WASHINGTON - Whether or not the controversial mutual fund governance rule is allowed to go into effect, fund company experts and lawyers say that small and midsize fund companies might simply reduce the number of "interested" board directors...

States aim to strengthen annuity suitability standards

July 11, 2005

WASHINGTON - States are beginning to take steps to tighten suitability standards for variable-product sales. The California Assembly is considering a bill approved by the state Senate that would give John Garamendi, the state's insurance commissioner,...

NASD forges ahead in bid to regulate indexed annuities

July 11, 2005

NEW YORK - NASD has begun a significant push to regulate broker-dealers' sales of insurance-oriented financial services products though the Securities and Exchange Commission has not yet approved specific new or amended rules giving it the power...

Ladenburg's makeover includes changes at the top

July 11, 2005

NEW YORK - Ladenburg Thalmann Financial Services Inc. continues its attempt to remake itself. This spring, it appointed its second CEO in less than a year, Mark Klein. The firm also added a number of top executives in June. The moves come at...

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