Two of three attorneys picked by the NASDR to serve on its U-5 immunity task force are objecting to the regulator's proposal to create a uniform clear-and-convincing standard of evidence in proving defamation via U-4s and U-5s (see "NASD Issues U...
A vocal NASD critic is orchestrating a boycott of the NASD's upcoming board of governors election.Alan Davidson, owner of tiny Zeus Securities in Jericho, N.Y., and president of the 100-member Independent Broker-Dealer Association, sent a Dec. 10...
Lockwood Financial Services is forming a joint venture with Wheat First Butcher Singer to create The Consulting Alliance, an investment management consulting service.Malvern, Pa.-based Lockwood provides investment management consulting services...
Like other tax laws, the so-called Taxpayer Relief Act of 1997 and its new Roth Individual Retirement Account has investors asking questions."There's a huge interest and a lot of confusion about it," says Ellen Breslow, director of individual...
A Michigan broker is in trouble with NASDR for allegedly "selling away" from his firm. Although his lawyer won't identify him, the case involves a broker who referred a customer to his wife--who is a broker at another firm, according to the...
The NASD and the NYSE have warned the SEC about the dangers of allowing upstart SROs to regulate alternative trading systems.In comment letters to the agency's wide-ranging concept release on exchange regulation, both SROs recommend against the...
An NASDR arbitration panel didn't buy Dean Witter's claim that four brokers who left its Worcester, Mass., office in a raid by Legg Mason should be punished for breaking their non-compete agreements. In a Nov. 5 decision, a panel of NASDR...
While regulations involving the use of E-mail get ironed out, new software that filters and reviews E-mail for everything from offensive language to sales practice violations is taking shape, and promises to offer a solution to the compliance...
Industry executives made it clear at their November annual convention in Boca Raton, Fla., that they are not satisfied with the NASD's recent proposal to offer qualified immunity on U-4 and U-5 statements."Our position would be that we'd want...
In October, RR polled a total of 400 brokers; 50 from each of the top firms as measured by number of retail reps: A.G. Edwards, Dean Witter, Edward Jones, EVEREN Securities, Merrill Lynch, PaineWebber, Prudential Securities and Smith Barney...
