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SEC requests industry group help in training

October 24, 2005

WASHINGTON - The Securities and Exchange Commission has asked the hedge fund industry to help train SEC staff to inspect the estimated 1,260 hedge fund investment advisers expected to register by February. The SEC's office of compliance inspections...

NASAA publishes list of considerations for reg actions

October 17, 2005

WASHINGTON - State securities regulators have published a list of considerations to be taken into account when punishing brokerage firms for regulatory violations. While the brokerage industry supports the action, state regulators clearly want...

Congress close to passing measure on 401(k) advice

October 17, 2005

WASHINGTON - Congress is getting closer to enacting pension legislation that will make it easier for 401(k) participants to get investment advice. But lobbyists for financial planners question whether the Department of Labor will be able to...

Suit over hedge fund registration on, but industry isn't holding its breath

October 17, 2005

DETROIT - Against all odds, Phillip Goldstein is pushing ahead with a lawsuit challenging the Securities and Exchange Commission's authority to require hedge fund managers to register as investment advisers. Mr. Goldstein, manager of the $73...

New deferred-comp regs seen as boon to planner business

October 10, 2005

CHICAGO - The new rules governing non-qualified deferred-compensation plans will be a boon for business, say financial planners working with top-paid executives. "It is increasing the need for planning, because with more restrictions and complexity...

Alliance, MFS faring best after market-timing woes

October 10, 2005

BOSTON - Two years after Eliot L. Spitzer's market-timing dragnet, AllianceBernstein Capital Management LP and MFS Investment Management Inc. are the strongest asset gatherers among firms that paid hefty fines to settle with regulators. Money...

Operational risk back in the spotlight

October 10, 2005

NEW YORK - Operational and political risk are back in vogue, thanks to the Enron Corp.-type blowups and to regulatory changes implemented in recent years, according to a new Bank of New York Co. Inc. survey endorsed by Harry Markowitz, the money...

Market-timing charges cut across industry models

October 10, 2005

NEW YORK - The latest enforcement action against alleged improper mutual fund trading has affected a variety of broker-dealers, cutting across the industry's business models. NASD of Washington last Monday hit a trio of firms, each with distinct...

Dispute forum for analysts eyed

October 3, 2005

WASHINGTON - The association that represents securities analysts wants to serve as a forum to resolve disputes between analysts and public companies, taking the Securities and Exchange Commission out of the equation. The CFA Institute in Charlottesville,...

NASD to crack down on ETF, separates sales

October 3, 2005

NEW YORK - NASD soon might be taking a hard look at how broker-dealers and their registered representatives sell exchange traded funds and separate accounts, as well as other investment products. Robert Glauber, NASD chairman, in New York last...

MFS adopts open platform, level commissions

September 26, 2005

CHICAGO - To stay competitive in the 401(k) plan market, MFS Retirement Services Inc. in Boston is switching to an open-architecture platform, doubling its support staff and moving toward equalized commissions for advisers. "As far as level...

Brokers curtail equity- indexed-annuity sales

September 26, 2005

IRVINE, Calif. - Independent-contractor brokerage firms are taking steps to restrict the sale of equity-indexed annuities in response to pressure from NASD of Washington. Currently, most independent firms allow their reps to sell fixed annuities...

Life insurers bow to VA rule change

September 26, 2005

WASHINGTON - The life insurance industry is backing down in its battle against an NASD rule change aimed at creating suitability sales practice standards for variable annuity sales. In comments filed with regulators last week, the American Council...

Hedge funds exploit a loophole

September 26, 2005

SOUTHAMPTON, BERMUDA - Months before a controversial rule change is slated to go into effect, some hedge fund managers are exploiting a loophole that allows them to evade regulatory safeguards aimed at protecting investors. Faced with the prospect...

Smith Barney sees early success with push into advisory product

September 26, 2005

SAN FRANCISCO - Smith Barney is reporting success in rolling out a pricing model that makes its stockbrokers look more like registered investment advisers. The New York-based broker already has 1,100 brokers, or 10% of its sales force, with...

Columbia still working to whittle costs, funds

September 26, 2005

NEW YORK - Columbia Management Group Inc. last month revamped its back-office operations, creating savings that will be passed directly to investors in its funds, said Keith Banks, president and chief investment officer of the firm. And as of...

GAO urges shift in SEC examinations

September 26, 2005

NEW YORK - Congressional investigators are calling on the Securities and Exchange Commission to shift resources from oversight of Washington-based NASD and the New York Stock Exchange to its own mutual fund inspection program. The SEC's policy...

Bayou collapse sends a warning signal

September 19, 2005

WASHINGTON - Financial planners who invest client assets in hedge funds are bracing for more calls for regulation as a result of the well-publicized collapse of Bayou Management LLC. Indeed, an official at the Securities and Exchange Commission...

Two sides of Katrina: Giving, scams

September 19, 2005

BOSTON - While con artists have long seized upon on major disasters to exploit the greed and goodness of Americans, the speed at which they pounced in the wake of Hurricane Katrina is unprecedented. Within hours of Katrina's rabid rampage across...

SEC mulls uniform regs for advisers and brokers

September 19, 2005

WASHINGTON - The Securities and Exchange Commission will study the issue of common regulations for financial planners and brokers, an SEC official told brokers last week. "How do you deal with this evolving financial services profession?" asked...

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