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CFA lets separates off the hook

August 22, 2005

DETROIT - The separately managed account industry has emerged victorious from its four-year tug of war with the CFA Institute over the issue of performance-reporting standards for money managers. Money managers will have the option of excluding...

Philly exchange could be new rival for the NYSE

August 22, 2005

NEW YORK - While all eyes are watching The Nasdaq Stock Market Inc. to see if it can make a dent in the New York Stock Exchange's long-standing 80% market share in listed stock trading, the Philadelphia Stock Exchange could be the one to do...

Board's education policy riles CFPs

August 15, 2005

DETROIT - The Certified Financial Planner Board of Standards Inc. has inadvertently ruffled the feathers of some financial advisers in its efforts to improve the management and organization of the continuing-education credits required of the...

SIA draws fire for trying to delay the Merrill rule

August 15, 2005

SAN FRANCISCO - The Securities Industry Association's attempt at delaying the so-called Merrill Lynch rule drew caustic responses from various industry observers, including securities lawyers, industry consultants, registered investment advisers...

Ventura highway to Social Security reform?

August 15, 2005

WASHINGTON - As Washington lobbyists ponder upcoming Social Security and pension bills, one California chapter of the Financial Planning Association isn't waiting for its national organization to act. The Ventura County chapter of the FPA has...

States probe MetLife over payout practices

August 15, 2005

NEW YORK - MetLife Inc. has received subpoenas from the attorney general of Florida and the insurance commissioner of Oklahoma seeking documents detailing compensation for, respectively, "intermediaries" and "insurance producers." The New York-based...

FSI calls proposed NASD contest rule 'anti-competitive'

August 15, 2005

NEW YORK - The Financial Services Institute says NASD's recent rule proposal on sales contests is "anti-competitive" and "confusing," and would be a burden to independent-contractor broker-dealers. If the proposed rule change is approved, it...

529 plan community unhappy with proposal to boost scrutiny

August 8, 2005

NEW YORK - A regulatory proposal that would shed more light on the sale of 529 plans through brokers is drawing fire from state officials and financial services companies. Under a rule proposed by the Municipal Securities Rulemaking Board, brokers...

Ruling offers lesson in fiduciary responsibility

August 8, 2005

CHICAGO - A federal appeals court case involving a Utah investment adviser who confessed to embezzlement in a suicide note and an accountant whose actions unwittingly contributed to the scheme serves as a lesson to retirement plan advisers about...

Estate lawyers fear being cut out of will

August 8, 2005

CHICAGO - In the wake of the Terry Schiavo right-to-die case, Congress has been considering ways to promote living wills to the general public. But some estate planning lawyers are concerned that proposed legislation would sideline them in the...

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...

LTC holders could catch a Medicaid break

August 8, 2005

WASHINGTON - Americans may soon have a new incentive to buy long-term-care insurance. Two bills introduced the day before the August congressional recess would encourage the purchase of LTC insurance by allowing policyholders to bypass rules...

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...

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...

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...

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...

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....

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...

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...

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