While the industry lauded Congress for passing the Gramm-Leach-Bliley Act, the new law also gave the Federal Reserve an entree into the SEC's turf.The law sweeps away the last remnants of Depression-era legislation that prohibited one company from...
England's Financial Services Authority (FSA), which oversees the United Kingdom market, has begun monitoring retail firms and is requiring some to make daily reports on their activities.The reason, according to the FSA, is that the number of daily...
SEC-approved rules for handling employment discrimination claims in NASD arbitrations go into effect Jan. 18.A year ago, the NASD eliminated mandatory arbitration of harassment and discrimination claims, leaving that choice up to employers. If...
"There's a new way to work with Merrill Lynch--any way you want."--TV adAt first, it seems counterintuitive, even oxymoronic. Like Bayer introducing a new "non-aspirin" pain reliever. Or Volvo manufacturing a line of cars without air bags. It's...
Canadian financial advisers are up in arms over a proposed regulation they say will compromise their ability to give independent advice.Members of the Independent Financial Services Brokers of Canada, which represents 1,500 licensed advisers, are...
Forget the stories about full-service brokers going out of business. Heated competition for reps shows that full-service advisers have value, said Mark Sutton, PaineWebber's retail chief, at a media briefing Nov. 23.Competition for brokers with...
The stereotypical CPA is trustworthy, conservative, knowledgeable about taxes and good with numbers. Sounds like the qualities needed in a good investment adviser. Clients think so. They have been demanding investment advice from their accountants...
The growth of nondiscretionary fee accounts and discount options has created a potential regulatory trap for brokerage firms. So in November, the SEC proposed a rule to solve the problem.As full-service firms separate the cost of a transaction...
Merrill Lynch is introducing a new program for IRA rollovers. The plan, called OneStop, is being tested in several locations throughout the country with 65 reps participating.The service is modeled after Fidelity's Rollover Express program...
A complaint filed by Morgan Stanley & Co. against former managing director Steven Yamane two years ago backfired in September, when an NASD arbitration panel awarded Yamane stock and options worth more than $3.5 million.The panel also ordered...
