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Investment Advisor
January 2007
Kathleen M. McBride |
A New SRO's in Town The move to consolidate the NASD and the NYSE, and their corresponding and sometimes conflicting sets of rules into one unified SRO has picked up momentum and a number of endorsements while also sparking a certain amount of controversy.   |
Registered Rep.
January 22, 2007
John Churchill |
Votes In, NASD and NYSE Merger Likely; Will Dissenters Challenge? The securities industry won't have dual self-regulatory organizations to complain about anymore. The NASD announced over the weekend that member firms overwhelmingly approved to consolidate the NASD and the NYSE into one. |
Financial Planning
June 1, 2007
Marshall Eckblad |
4 Questions Mary Schapiro is chairman and CEO of the NASD, which is set to merge later this year with the New York Stock Exchange. Here, she spoke about the new organization that she has been appointed to lead. |
Registered Rep.
August 21, 2006
Kristen French |
NYSE and NASD Hold Merger Talks It is not yet clear whether a deal will actually go through, or whether the financial regulators would merge their arbitration systems or keep them separate. |
Registered Rep.
March 1, 2007
Kevin Burke |
The New SRO Plans for the NYSE/NASD regulatory consolidation are moving quickly toward an April 2 deadline. But executives question whether the proposed governance structure for the consolidated regulator could change the nature of regulation in the industry for the worse. |
Registered Rep.
March 12, 2007
John Churchill |
NYSE/NASD Merger Attracting Lawsuits A California broker/dealer who has sued to stop the merger of the NYSE and the NASD is looking for like-minded folks to join its cause. |
Registered Rep.
January 30, 2007
Halah Touryalai |
At Independent B/D Confab, Optimism and Skepticism The head of the Financial Services Industry Institute is feeling a little more comfortable with regulators. But, on the other hand, the chairman of the FSI also warns that the combining of the NYSE and NASD might create a power struggle among "second-level" regulatory staffers. |
Registered Rep.
July 30, 2007
Halah Touryalai |
FINRA Sticks as SEC Approves Regulator Consolidation After some minor bumps along the way, the NASD and NYSE merger is official. |
Wall Street & Technology
January 6, 2006
Ivy Schmerken |
Everything's Coming Up Hybrid Will a joint NYSE - NASD regulator result in the $100 million-a-year savings that the NASD is proposing in the hybrid regulation of dual member firms? |
Registered Rep.
November 29, 2006
Kevin Burke |
Small Firms Move to Block NYSE/NASD SRO Merger Not everybody is cheering the formation of a single self-regulatory organization. An insurgency of small brokerage firms is urging their peers to strike down yesterday's announced merger between the regulatory arms of NYSE and NASD. |
Registered Rep.
October 20, 2004
Will Leitch |
Tough Talk at SIA Mutual Fund Conference NASD Chairman and CEO Bob Glauber blasted the mutual fund industry for trying to shift the focus of SEC regulation away from the people it was intended to protect: the investors. |
Financial Planning
February 1, 2007
Marshall Eckblad |
5 Questions A short interview with Margaret Sheehan, author of Practical Guide to NASD Regulation about the outlook for the NASD in 2007. |
Financial Advisor
June 2004
Tracey Longo |
Compliance Overload A white-hot regulatory agenda is bedeviling independent broker-dealers in the U.S. |
Registered Rep.
December 1, 2006
Kevin Burke |
SEC Chairman Endorses Single SRO Now that SEC Chairman Christopher Cox has made creating a single SRO for the brokerage industry a top priority, why are some suddenly wondering if it's a good thing after all? |
Registered Rep.
February 1, 2006
John Churchill |
Schapiro in, Glauber Out at NASD in 2007 Mary Schapiro, head of NASD Regulatory Policy and Oversight, will be taking over for Robert Glauber as chairman of the NASD at the end of the year. One tough cop replaces another. |
Registered Rep.
July 30, 2003
Will Leitch |
SIA Says "Me Too" on Sales Fee Investigations Amid the brewing investigations into mutual fund sales practices, the Securities Industry Association came out last week in support of the new Joint NASD/Industry Task Force. |
Investment Advisor
June 2006
Elizabeth Festa |
B/d Briefing: Regulating Annuity Sales The NASD is taking steps to assess oversight of the sales of all types of annuities by the patchwork quilt of regulatory agencies overseeing the products and move toward a level playing field of regulation without formulating any new rulemaking of its own. |
Registered Rep.
March 9, 2006
Halah Touryalai |
NYSE Reg. And NASD: Merger `Em?; A Senate Committee Opens Hearings on SROs Are federal securities laws crafted in the 1930s still effective 70 years on? And, more important, is a privately owned, for-profit NYSE Group able to "self-regulate" itself without being mired in conflicts? And, as registered reps, should you care? |
Registered Rep.
July 1, 2005
Christopher O' Leary |
The Fund Family That Said No While in the past few years many funds sued by regulators have been quick to settle, American, the second-largest fund family in the U.S. with $650 billion in assets is fighting back. |
Registered Rep.
January 12, 2006
John Churchill |
Schapiro in for Glauber at NASD 2007 The NASD Board of Governors announced today that Mary Schapiro, currently the self-regulator's head of Regulatory Policy and Oversight, will become the NASD's chairwoman when the term of its current chief ends in December 2006. |
Registered Rep.
December 4, 2006
Kevin Burke |
FIA Urges NASD Committees to Revise Merger Small broker/dealer firms are trying to slow the proposed merger between the NASD and NYSE Regulation, saying that it's being pursued too hastily and the consequences are not clear. |
Registered Rep.
July 18, 2007
Halah Touryalai |
Can't We All Just Get Along? FPA says FINRA Won't Do for NYSE/NASD It's back to the drawing board, again, for the National Association of Security Dealers. Its new name choice, FINRA, has been called too broad by the Financial Planning Association. |
Registered Rep.
March 6, 2009
David A. Geracioti |
Gadfly to FINRA: "Better," "Fairer" Regulation Please FINRA is challenged to a meeting to discuss restoring the partnership between the regulator and the regulated. |
Registered Rep.
April 1, 2005
Bill Singer |
Two-Tiered Justice? A recent SEC report shows that the NASD is far less enthusiastic about policing itself --- despite the fact that such self-regulation is part of its charter. |
Investment Advisor
April 2007
Kara P. Stapleton |
News & Products Mary Schapiro, NASD Chairman and CEO, announced that the regulatory consolidation between NASD and NYSE Member Regulation is on track... Securities America, Inc. launched a new Assistant of the Year program... etc. |
Registered Rep.
April 26, 2005
Kristen French |
A Pawn Takes the Queen Charles Elliott scores one for the "little guy," and proves that sometimes it pays for a broker to take on securities regulators, despite their financial and legal heft. |
Registered Rep.
August 17, 2005
Kevin Burke |
NASD Tightens Noose on Hedge Fund Sales Practices A top National Association of Security Dealers official said on Wednesday that the regulatory agency has launched an investigation into brokers selling hedge funds to individual investors without alerting them to the potential risks. |
Investment Advisor
December 2006
Kathleen M. McBride |
Three-Part Harmony Financial advisors, sing along as the SEC is set to look at proposals for regulatory rules that have been harmonized in an attempt to eliminate, or greatly reduce, conflicts, duplication, and confusion, in a new hybrid set of rules. |
Registered Rep.
December 14, 2005
David A. Geracioti |
NYSE Regulators to Member Firms and Reps: We Are Watching You Broker/dealers had a very strong 2005. But so too did the regulators. |
Registered Rep.
November 1, 2004
Anne Field |
Gunning for College As more investors put their faith in 529 plans, the stakes rise for those who are supposed to be protecting them, and agencies like the NASD and the SEC have jumped into the fray with gusto. |
Registered Rep.
July 1, 2005
Bill Singer |
An Industry in Need of Counseling The relationship between regulators and the brokerage industry lately resembles that of a long-term union that's hit the rocks, and the pair could benefit from opening up a little more to each other. |
Registered Rep.
February 1, 2006
John Churchill |
Size-ism? Ten years after the formation of the Small Firms Advisory Board, many small firms say they are still getting pushed around by bigger firms -- and this time the NASD is taking the side of the bullies. |
Registered Rep.
November 5, 2003
Will Leitch |
NASD: Brokerages Owe $86M To Investors The summer 2003 scandal involving unpaid breakpoints -- sales-charge discounts that mutual fund companies provide investors who put in a certain amount in a selected fund -- might have been dwarfed by the market-timing scandal, but the SEC and the NASD haven't forgotten about it. |
Registered Rep.
September 1, 2005
Karen Jones |
Regulate Thyself (Better) Further complicating the debate over the self-regulatory organization (SRO) structure are the NYSE's planned demutalization and merger with Archipelago Holdings and Nasdaq's planned merger with Instinet Group. How will these moves affect their role as policemen of brokers? |
Registered Rep.
March 1, 2007 |
Blotter SEC Front Running Probe... NASD Fines Bank of America... |
Investment Advisor
July 2008
Melanie Waddell |
SEC Chairmen of Yore Speak Six former SEC chairmen pointed to quite a few regulatory challenges that loom large -- namely globalization of the world markets, the burgeoning market for complex synthetic securities, and the continued growth of hedge funds. |
Registered Rep.
May 1, 2005
Kristen French |
Scandal Scorecard: Mutual Funds on Top With the SEC and NASD recently levying more than $80 million in fines to five firms (for transgressions related to revenue sharing and B shares), mutual fund sales practices officially sit on the front burner. |
Financial Advisor
April 2004
Tracey Longo |
Wanted: Real Disclosure Rules on brokers compensation disclosure are changing---but slowly. |
Wall Street & Technology
November 26, 2007
Melanie Rodier |
Streamlining Global Compliance Globalization continues to be a trend, and financial companies are finding they can't manage current global compliance requirements efficiently. |
Registered Rep.
September 28, 2004
David A. Gaffen |
The NASD Has Clients' Number The organization will be increasing its use of unsolicited phone calls to clients within the course of investigations into broker/dealer activities -- including calls to clients who have not lodged complaints, which has angered executives. |
Registered Rep.
January 1, 2005 |
Blotter John Van, head of Murphy Van Securities, was barred from the industry... The NASD fined 29 firms a total of $9.2 million for late reporting... The NASD's mutual fund task force released its initial report... |
Registered Rep.
February 11, 2004
John Churchill |
Dueling Trend Lines on Complaints Brokers have become more attuned to investor complaints in recent years, but they must be forgiven if they're having a hard time drawing conclusions from the trend numbers reported by regulators. |
Registered Rep.
February 27, 2004
David A. Gaffen |
Regulators, Industry Still Divided On Mutual Funds David Brown, bureau chief of investment protection in the New York Attorney General's office, said insurance companies who sold mutual funds wrapped in variable annuities, along with banks and law firms, may end up becoming targets of Eliot Spitzer's ire in coming months. |
Registered Rep.
August 1, 2004
Will Leitch |
The Reformation When the scandal craze that has gripped the securities industry first began two years ago, few in the industry recognized how deep it might go. |
CFO
February 1, 2009
Edward Teach |
The SEC under Schapiro Can Mary Schapiro restore investors' confidence in the beleaguered regulator? |
Registered Rep.
October 26, 2004
David A. Gaffen |
Citi Fined by NASD for Hedge Fund Marketing Citigroup was censured and fined, but neither admitted nor denied the charges. A company spokeswoman said the firm "took immediate action in cooperating fully with the NASD to make sure all materials comply with current NASD guidance." |
Registered Rep.
January 1, 2005
Will Leitch |
529 Plans in the Crosshairs To virtually no one's surprise, regulators have begun scrutinizing how 529 plans are peddled. |
Registered Rep.
February 22, 2005
Will Leitch |
SEC's Roye Out as Mutual Fund Head In a move that casts doubt on the future of mutual fund regulation, the SEC has announced that its chief mutual funds legislator, Paul Roye, will step down, effective immediately. |
Registered Rep.
November 10, 2005
David A. Geracioti |
News From the SIA Meeting The top executives of the nation's biggest securities firms gathered at their annual meeting and declared that 2005 will go down as one of the industry's best years ever. |
Registered Rep.
May 1, 2004
Anne Field |
Et tu, 529 Plans Both the NASD and the SEC have revealed they are separately investigating yet another area within the financial services sector: 529 college savings plans. |
