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Wirehouse, broker-dealer reps find greener pastures at banks

February 21, 2006

NEW YORK - Many wirehouse and broker-dealer representatives are finding greener - albeit sometimes less lucrative - pastures working for banks, especially those that use third-party marketers to handle the investment side of their businesses....

Accounting oversight panel's legality questioned

February 21, 2006

WASHINGTON - A conservative group is challenging the legality of the Sarbanes-Oxley Act of 2002, claiming that the Public Company Accounting Oversight Board, created by the reform law, is illegal. The law, passed after Enron Corp. of Houston...

Treasury Dept. to scrutinize indies' tax status

February 21, 2006

NEW YORK - Department of the Treasury plans to scrutinize the tax status of independent-contractor workers, including about 120,000 independent registered representatives, have left some industry executives and observers dismayed. Over the past...

Independent fund directors vocalize their wish list

February 21, 2006

WASHINGTON - Several independent mutual fund directors have a short list of industry reforms they would like to see implemented, and it appears that they have a receptive audience at the Securities and Exchange Commission. "We need your insights...

529 business girds for continued NASD scrutiny

February 21, 2006

NEW YORK - As if the Section 529 college savings plan business doesn't have enough to worry about, it can expect continued scrutiny from NASD this year. That is on top of industry concerns about the longevity of the plans' federal tax-exempt...

Special-needs trusts spawn unexpected abuses

February 21, 2006

WASHINGTON - Abuses that occur with special-needs trusts don't always involve trustees' spending too much. Lawyers who specialize in preparing the documents that aim to provide for disabled people during their lifetimes say they have seen trustees...

Red tape sinks Canada's top fund performer

February 21, 2006

OTTAWA - Canada's best- performing mutual fund, Resolute Growth, is closing because of red tape and the cost of regulation, and it may divest some of its holdings to a sister fund that only investors with at least $130,000 can buy. "Our decision...

FSI zeroes in on state regulators

February 13, 2006

NEW YORK - Building on its success last year of meeting with NASD, the Financial Services Institute Inc. this year plans to target state securities regulators. The FSI, the Atlanta-based trade group for independent-contractor broker-dealers...

MSRB to decide on controversial 529 proposals

February 13, 2006

NEW YORK - One of the most fiercely debated and long-simmering issues in the world of 529 college savings plans is about to come to a boil. The Municipal Securities Rulemaking Board this week will meet to decide the fate of a rule proposal that...

Future tax-exempt status of 529 plans in jeopardy

February 13, 2006

NEW YORK - The 529 plan industry long has assumed that eventual congressional repeal of the 2010 sunset provision of the college savings vehicles' federal-tax-exempt status was a slam-dunk. Not so fast. The exemption from federal tax has been...

ICI to regulators: Focus on quality of disclosure

February 13, 2006

BOSTON - The $8.9 trillion mutual fund industry, seizing on the SEC's willingness to consider allowing investors to receive annual reports and proxy-voting materials online, will redouble efforts to relieve funds of the responsibility of mailing...

'Merrill' rule sparks software restrictions on reps

February 13, 2006

IRVINE, Calif. - Registered representatives at wirehouses face a host of procedures and restrictions in reaction to the Securities and Exchange Commission's so-called Merrill Lynch rule, which went into effect Jan. 31. Among other things, brokers...

Hedge fund industry braces for what's next

February 13, 2006

KEY BISCAYNE, Fla. - Less than a week after a rule took effect that requires hedge fund managers to register as investment advisers with the Securities and Exchange Commission, the focus already has shifted toward what might be next on the regulatory...

A commodity fund opens door to new investment options

February 13, 2006

NEW YORK - A new exchange-traded commodities pool has opened the floodgates to a new universe of ETF products, according to industry experts. The DB Commodity Index Tracking Fund, launched Feb. 3 and advised by New York-based DB Commodity Services...

Medicaid restrictions aim to prevent abuses

February 13, 2006

WASHINGTON - A little-noticed provision in the Deficit Reduction Act, signed by President Bush on Feb. 8, will prohibit people from getting Medicaid coverage if they give money away to qualify for the coverage within five years of incurring...

Regulator, associations strike deal

February 6, 2006

OTTAWA - The saga of the $698 million collapse of Portus Alternative Asset Management Inc. has taken another twist. The Ontario Securities Commission alleges that Portus of Toronto took about $83 million of investor funds to bankroll its operations....

Tories in Canada aim to cut capital gains

February 6, 2006

OTTAWA - Prime Minister Stephen Harper won a minority government Jan. 23 partly due to a platform, called Stand Up for Canada, which included a promise to cut taxes on capital gains for individuals and companies that reinvest the money within...

Political contributions by fund industry soar

February 6, 2006

BOSTON - The mutual fund industry, led by Fidelity Investments, has finally discovered an age-old secret for making friends and influencing people in Washington: money. Facing a slew of key legislation and struggling to recover from a loss of...

NASD acts on trade shredding

February 6, 2006

NEW YORK - NASD in Washington is playing regulatory catch-up. While the Chicago Board Options Exchange, the New York Stock Exchange and the Philadelphia Stock Exchange already have moved to comply with a Securities and Exchange Commission order...

FPA opposes broker registration delay

January 30, 2006

WASHINGTON - The brokerage industry's efforts to delay implementation of a controversial rule requiring some brokers to register as investment advisers is meeting opposition. The Financial Planning Association on Wednesday came out against the...

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