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Supervisory NASD Continuing Education

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Sep 7, 2005 7:56 pm

dashampersand

Joined: 2004-12-22Offline

I just returned from my three hour long Supervisory NASD mandated Continuing Education Training.  All-in-all, it was a worthwhile session.  However, although much of the time was spent on ethics, market manipulation, money laundering, Foreign Nationals and broker faux pas, it might surprise most of you that there was no mention of:

1.  Pay to play arrangements for selling mutual funds.

2.  Market timing.

3.  After hours trading.

It is amazing to me that the things that have damaged this industry the most received no mention.

Oh, there was a branch manager who smuggly turned down a bottle of wine from a vendor because it was unethical.  Perhaps, if it had been a $135 million bottle of wine, she would have thought differently.

Sep 7, 2005 8:03 pm

anonymous

Joined: 2005-09-29Offline

[quote=dashampersand]

I just returned from my three hour long Supervisory NASD mandated Continuing Education Training.  All-in-all, it was a worthwhile session.  However, although much of the time was spent on ethics, market manipulation, money laundering, Foreign Nationals and broker faux pas, it might surprise most of you that there was no mention of:

1.  Pay to play arrangements for selling mutual funds.

2.  Market timing.

3.  After hours trading.

It is amazing to me that the things that have damaged this industry the most received no mention.

Oh, there was a branch manager who smuggly turned down a bottle of wine from a vendor because it was unethical.  Perhaps, if it had been a $135 million bottle of wine, she would have thought differently.

[/quote]

I'll bet they got no mention because they are the sort of "sins" that have to be done with the knowledge of the top. They're not the sort of thing supervisiors of front line brokers are going to need to be on the look out for.