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NASD urges summit with states, industry on annuity regulations

January 23, 2006

WASHINGTON - NASD officials are setting their sights on fixed annuities, and they want a "summit" meeting with state insurance regulators, and insurance and securities industry officials, to discuss common sales-practice rules for all annuity...

Raymond's indie unit seeks recruiting chief

January 23, 2006

NEW YORK - Looking for better recruiting results, Raymond James Financial Services Inc. is pushing aside its head of recruiting, William D. McGovern, a vice president, and searching for a replacement. "We're trying to bring a fresh perspective...

NASD board election heats up

January 23, 2006

IRVINE, Calif. - A battle is brewing among competing candidates for the NASD board of governors. Candidates selected by NASD's nominating committee face a tough challenge from dissident candidates who got on to the association's ballot via a...

As Canadians vote, Mounties, income trusts play a role

January 23, 2006

OTTAWA - Conservative leader Stephen Harper will be anointed as the next Canadian prime minister when polls close today, according to SES Research, a Toronto polling company, and he might have the Royal Canadian Mounted Police and an insider-trading...

Designations proliferate, causing lawsuit worries

January 16, 2006

NEW YORK - Those financial planning designations just keep on coming, and investor lawsuits may not be far behind, some in the industry say. There are nearly 100 certifications or designations - and counting - being issued for various forms...

Judge hammers at Chamber about SEC decision

January 16, 2006

WASHINGTON - At a Jan. 6 hearing, a federal appeals court judge repeatedly questioned the U.S. Chamber of Commerce about why the Securities and Exchange Commission's hasty readoption of its landmark mutual fund independent-director rule should...

ICI war chest way up, so are contributions

January 16, 2006

BOSTON - Facing a slate of key legislation as well as continuing efforts by Congress to impose stiffer regulation, the mutual fund industry's chief trade group is significantly bolstering its political war chest and spreading more cash around...

NASD fines reach record levels

January 16, 2006

NEW YORK - NASD members are paying much more in fines than ever before. The Washington-based self-regulatory organization last year collected a record amount in disciplinary fines, hitting the brokerage industry with $125.4 million for a range...

Bill would decentralize SEC compliance efforts

January 9, 2006

WASHINGTON - Legislation has been proposed that would reorganize the Securities and Exchange Commission's office of compliance inspections and examinations, and could make it more difficult for regulators to detect churning and to require firms...

Roye urges fund boards to stop monitoring fees

November 28, 2005

NEW YORK - A radical idea calling for fund boards to get out of the business of overseeing fund fees got some unexpected support this month. Paul Roye, former director of the Securities and Exchange Commission's division of investment management,...

Index annuity suitability debated

November 28, 2005

NEW YORK - Broker-dealers may have to start paying the same attention to equity index annuity client screening that they do to variable annuity screening, according to industry observers. But it may not be easy. "Broker-dealers lack an understanding...

NASD may not require VA comparisons

November 21, 2005

WASHINGTON - NASD is considering dropping a proposed requirement that registered representatives and their supervisors compare variable annuities with other securities before recommendations can be made for variable annuities, according to an...

Thankful for booming biz, aging boomers

November 21, 2005

WASHINGTON - As the nation prepares for its annual autumnal feast, financial advisers are thankful for having had a prosperous year and are salivating over the crop of baby boomers who begin turning 60 next year. Many advisers said they've seen...

Canada's election sharpens financial issues

November 21, 2005

OTTAWA - How will the upcoming Canadian election affect the financial services industry? It is a truism that business detests uncertainty. And true to form, the Canadian dollar fell last Monday as currency traders responded to the increasing...

NYSE slaps Schwab with $1 million fine

November 21, 2005

WASHINGTON - A $1 million fine announced last week against Charles Schwab & Co. Inc. highlights problems the San Francisco-based firm has had overseeing the independent advisers who use its services. New York Stock Exchange Regulation, a division...

Rising compliance costs sting midtier asset managers most

November 21, 2005

NEW YORK - While asset managers of all sizes have had to cope with increased compliance costs, those with $100 million to $1 billion in assets under management have been suffering the most. That was among the findings of a survey of 183 asset...

SIA talks tough on duplicative rules

November 21, 2005

IRVINE, Calif. - Securities Industry Association executives have gone on the offensive against what they regard as overlapping regulations and enforcement actions by states, but state regulators are questioning their motives. The incoming SIA...

Congress moves to spur pension growth, advice

November 21, 2005

WASHINGTON - As the Pension Benefit Guaranty Corp. last week announced a $23 billion shortfall, Congress began moving on pension legislation that would ease the way to providing investment advice and automatically enrolling employees in 401(k)...

Details impede disbursements of settlement cash

November 21, 2005

NEW YORK - The billions in mutual fund settlement cash that resulted from the fund trading scandals should make its way into investors' pockets by the summer, but not before a few wrinkles are ironed out with two federal agencies. The U.S. Department...

Wirehouses' piece of fund pie shrinks as regulatory heat rises

November 14, 2005

IRVINE, Calif. - Amid increased concern over inviting more scrutiny from regulators, in-house mutual funds run by big brokerage firms continue to lose stature in the fund industry. Assets in so-called proprietary funds run by brokers accounted...

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