The SEC is giving investment advisers greater latitude in charging certain clients performance or incentive fees, but has also made it tougher for investors to qualify for such treatment.In July, the agency eliminated all of the contractual and...
Product pushing is alive and well on the Street. Since the beginning of this year, 13 closed-end funds have been launched. Thats as many as were launched in all of 1995, 1996 and 1997 combined. Six of these are high-yield junk bond funds that may...
The day when advisers can link multiple custodians and produce one statement for clients is here. Several vendors are targeting independent advisers who use more than one custodian.Advent Softwares new RexService offers a choice of 13 custodians...
Firms will still be able to sue defecting brokers in court under provisions of a proposed NASDR rule filed with the SEC in July.The proposal deals with how firms may obtain temporary restraining orders (TROs) and injunctions against brokers when...
For years the Ontario Securities Commission (OSC), Canadas largest regulator, has had a dismal record of catching industry troublemakers. The reason, according to numerous commissioners, past and present, was that the agency just didnt have the...
Jerry Figari got a nice incentive bonus in early 1997 to join Prudential Securities in Stuart, Fla.--$200,000. But after sending a hard-hitting letter to a corporate prospect, Figari lost his job and, furthermore, now has to pay back the remainder...
On July 9, the U.S. Court of Appeals for the Second Circuit in New York vacated an NASDR arbitration panels finding that Piper Jaffray had not terminated ex-managing director Theodore Halligan because of his age.Quite simply, the court said...
Eight years after turning its back on the Canadian retail market, Merrill Lynch has charged back in, checkbook in hand, and closed a deal that could allow it to quickly emerge as a retail powerhouse in Canada.The $855 million (U.S.) stock...
In response to some privacy concerns raised by brokers and the industry, the NASD is asking for comment on whether brokers non-investment-related felony convictions should be disclosed via the Internet.The issue is heating up as the NASDR gets set...
Since 1990, First Union Brokerage Services of Charlotte, N.C., has sold securities in at least nine states without proper registration, according to the companys CRD record. Each time state regulators learned of the violations, the firm was...
