Time For A ChangeJul 1, 2007,David A. Geracioti Editor Are you an advisor or a broker? Yes, we know, you're a financial advisor, or a wealth manager or whatever fancy term you use to win clients and gather... BlotterJul 1, 2007,John Churchill Citigroup Dinged $15 Million: The NASD settled with Citigroup Global Markets to the tune of $15.2 million for charges related to misleading documents... Sub-Prime Collapse Bombs Into Brokerage Industry; Indie Brokerage Can’t Meet Margin CallsJun 22, 2007,By John Churchill The sub-prime lending meltdown could be spreading. It’s one thing for Bear Stearns to have to arrange a $3.2 billion bailout of one of its hedge funds, but, for the brokerage industry, the problem just hit closer to home. ... New Name, New Agenda for NASD/NYSE EntityJun 21, 2007,By John Churchill Mary Schapiro unveiled yesterday the new name it has selected for the new NASD/NYSE regulatory combo: SIRA, which stands for Securities Industry Regulatory Authority, but sounds a little bit more like some ugly winged creature out of Dungeons & Dragons. Taken together with the SIA’s recent merger-induced name change to SIFMA (which sounds more like an affliction) securities industry organizations are on an acronym-picking roll. Not.... What Now?Jun 1, 2007,By John Churchill With some one million odd fee-based brokerage accounts holding $300 billion in assets now legally considered advisory accounts, brokerage firms face the daunting task of deciding (quickly) what to do next.... BlotterJun 1, 2007,John Churchill Misleading the Military: NASD fined two Fidelity b/ds $400,000 for preparing and distributing misleading sales literature that promoted Fidelity's Destiny I and II Systematic Investment Plans, which were primarily sold to U.S. military personnel.... NASD OverkillJun 1, 2007,By Bill Singer When regulators play hardball—and lose.... Spitzer Forms Panel to Clean up NY RegulationMay 29, 2007,By Kristen French In his new role as New York governor, Eliot Spitzer is joining forces with those he used to terrorize—Wall Street chief executives—to modernize financial services regulation in the state, the Financial Times reports. Spitzer is forming a panel with the executives, as well as with lawyers, consumer groups and regulators to streamline regulations and make New York more competitive with London, without sacrificing investor protection. The committee will be chaired by Eric Dinallo, the New York insurance superintendent, and will seek to simplify regulation of insurance companies state-chartered banks and securities dealers. ... SEC Fines A.G. Edwards for Failure to SuperviseMay 2, 2007,By John Churchill Add A.G. Edwards to the long list of firms that have been fined by the SEC for long-ago failures to supervise brokers who deceptively market timed mutual funds. ... The Great ReckoningMay 1, 2007,BY JOHN CHURCHILL Oy. What a headache. That's what many Series 7-carrying advisors are saying about the prospect of the end of the Merrill Lynch rule. ... Defamed? Tough Luck. NY Court Says You Can’t Sue Your Firm for U-5 commentsMar 30, 2007,By Halah Touryalai Brokerage firms won a round Thursday in an ongoing battle over what they can and can’t say about departing brokers on their U5 records. In Rosenberg vs. MetLife, the New York Court of Appeals ruled that MetLife had "absolute" privilege over the information it inserted into Rosenberg’s "Form U-5" when he left the firm. Essentially, the decision means that reps cannot sue brokerage firms for allegedly defamatory comments made on U-5 termination forms. ... Thousands of Female Morgan Stanley Reps May SettleMar 16, 2007,By Halah Touryalai Morgan Stanley is the latest firm to settle a class-action discrimination suit filed by thousands of its female reps.... NYSE/NASD Merger Attracting LawsuitsMar 12, 2007,By John Churchill A California broker/dealer has sued to stop the merger of the NYSE and the NASD, and the firm is looking for like-minded folks to join its cause.... What’s In a Name? If You Are a Fiduciary, a Lot. But Are CFP Certificants Fiduciaries?Mar 9, 2007,By Christina Mucciolo Financial planners who hold the Certified Financial Planning designation have been tussling with the CFP Board, which controls the CFP designation, over the designation’s ethical standards. Well, it looks like the tussling will continue.... The Legal Battle That Just Keeps On GoingMar 9, 2007
It’s not exactly on the scale of the Hundred Years War (which actually lasted 116 years), but legal battles of Hydie Sumner, the former broker who won $2.2 million from Merrill Lynch in a discrimination lawsuit, just don’t seem to end.... When Fund Sales Were EntertainingFeb 12, 2007,By John Churchill File this one under Fund Distribution Before Spitzer: The NASD announced today it fined three mutual fund distributors a total of $700,000 for violations of its non-cash compensation rules. One firm’s activity list for a Saturday training session—when no education and training events were actually planned: “golf, fishing and horseback riding followed by dinner and live entertainment.” Ah, the good ole days of fund sales.... SEC Big Says Waiver Tactics Can BackfireFeb 9, 2007,By Kevin Burke An SEC commissioner today said that asking broker/dealers and investment advisory firms to waive their legal right to attorney-client privilege in order to speed up the pace of enforcement investigations is shortsighted.... The Unscrupulous ManagerFeb 1, 2007,By Ann Therese Palmer A colleague of mine recently left our firm and the business, asking me to take care of a few of his clients. One client about whom he was concerned happens to be his cousin. My colleague was new to the business, and his manager handled setting up the cousin's retirement plan. ... Damage ControlFeb 1, 2007,By Bill Singer Sometimes you are guilty as charged caught with your arm in the cookie jar and that's it. Sure, you have excuses and rationalizations, but no NASD or NYSE hearing panel is likely to believe them.... Secret Agreements with Clients Can BackfireNov 1, 2006,By Bill Singer NASD has been watching for brokers and firms who borrow from clients, agree to share losses or settle disputes privately... Listen to Your ClientNov 1, 2006,By Ann Therese Palmer If a client insists on liquidating part of her portfolio, particularly assets that are heavily concentrated, it's very risky to ignore her request... Fighting the U5Nov 1, 2006,By Jacob H. Zamansky New York's highest court will soon decide whether a brokerage employee can contest the language an employer uses in the Form U5... Skirts Vs. Smith BarneyNov 1, 2006,Angela Covo Less than 10 years after they settled the infamous boom-boom room case, Smith Barney is being sued for discrimination again. The new case, Fassbender... A Big Trade Off?Nov 1, 2006,By Susan Konig When going independent, your payouts rise substantially. But what about your compliance responsibilities?... How to Protect Client AssetsNov 1, 2006,By Jason Van Steenwyk Liquidity claims against professionals, business owners and wealthy individuals are rising. What can you do to help clients minimize risk of losses... BlotterNov 1, 2006,John Churchill SEC Busts Another Ponzi: The SEC filed securities fraud charges against Salvatore Favata, the former president of National Consumer Mortgage (NCM), a... The Long Arm of NASDOct 1, 2006,By Bill Singer In arbitration, the SRO warns you don't have Constitutional protection. But, there are limits... Creditors Snatch Collection PlateOct 1, 2006,John Churchill If you're bankrupt, giving money to a religious institution is not an option, says one court. ... Deciphering the Rules of Retirement AdviceOct 1, 2006,By John Churchill Some advisors have long ignored parts of ERISA when consulting participants of 401(k) plans. Now they don't have to. Still, the Street is confused over what the new pension laws really mean when it comes to reirement advice... Agent or Fiduciary?Oct 1, 2006,By Ann Therese Palmer The line between brokers and fiduciaries has gotten blurry. When does a broker cross over?... Fight ClubOct 1, 2006,By Kevin Burke Scrappy independent b/d's are swinging back against an NASD regime that they say has beaten them down and largely ignored their concerns... Mediation MamboOct 1, 2006,Halah Touryalai If you've got legal trouble, October may be your lucky month: It's mediation month. The program of events, sponsored by the NASD, kicks off on Oct. 3... Advisor BewareSep 1, 2006
Registered reps always have an obligation to do what is in the best interests of their customers, which includes making recommendations that are suitable for their investment objectives and risk tolerance.... BlotterSep 1, 2006
Number 19 for Spitzer; Oppenheimer Broker Fingered; A.G. Edwards Dinged by NYSE... Cockroaches of the Investment BusinessSep 1, 2006,By Kristen French Securities regulators say that 60 percent to 70 percent of the complaints they receive concerning fraud are committed by unregistered individuals, while 97 percent to 98 percent of registered reps have virtually spotless records... |
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