The Ontario Securities Commission, Canada's largest provincial regulator, has uncovered numerous regulatory abuses by mutual fund dealers, including poor supervision of salespeople and improper commingling of client funds.According to an internal...
After failing to win much support for its claim that numerous provisions in standard customer agreements are illegal, the Public Investors Arbitration Bar Association (PIABA) is pressing its assault on industry dispute resolution practices on...
In his 13 years as a broker with Prudential Securities, Ellis Prince Jr. figures about seven managers came and went at his branch. Prince sat back and watched only slightly less turnover in the regional manager position. A veteran of several...
Merrill Lynch has launched a new mutual fund wrap fee program incorporating 2,000 funds from 80 fund families. The non-discretionary account uses both load-waived and no-load funds.The new account, Mutual Fund Advisor Selects, was introduced in...
Wit Capital Corp. (http://www.witcapital.com)-the world's first Web-based investment bank (see "New Issues, New Medium," June '97, RR)-opened for business in September, has participated in two IPOs, and is promising to soon originate some of its...
Now that the NASDR has filed its rule proposal with the SEC eliminating its requirement that all discrimination and sexual harassment complaints be subject to arbitration, the question becomes: Will the NYSE follow in the NASDR's footsteps?The...
SEC Chairman Arthur Levitt and Financial Accounting Standards Board (FASB) Chairman Edmund Jenkins came under political heat recently for pushing for a requirement that corporations mark their derivatives positions to the market and account for...
DALBAR, the Boston-based financial services rating firm, reports that investors don't much care if they see a written financial or investment plan. Rather, DALBAR says, consumers want their brokers to be well-versed with their particular financial...
PaineWebber is piloting a new recruitment program to lure 50-somethings and retirees into the brokerage business, an effort it hopes will reduce broker turnover and better serve the aging baby boomer market.The firm says it's aggressively looking...
The NASDR recently released its proposed U-5 immunity rule, which would give brokerage firms partial immunity for what they disclose on termination reports, as well as U-4s and other disclosure documents.According to proposed text of the rule, a...
