If state securities regulators have their way, the Series 65 could be replaced with a new exam shortly after the New Year. The exam, designed to replace the 10-year-old Series 65 test, which critics claim does little more than test an advisers...
When regulators jointly settled a big sales practice case in May with NationsBank and NationsSecurities, SEC Chairman Arthur Levitt Jr. defended to reporters the $6.75 million in total fines. The case involved alleged misleading sales practices in...
Brokers who work as independent contractors are complaining about rising compliance fees. The fees stem from a growing mandate by regulators for indie Firms to subject more offices to surprise audits.The inspection mandate stems from a broad...
Prudential Securities settled in August a contentious malicious prosecution claim brought by a former broker who the firm charged with stealing $20,000 after his 1994 termination. The $20,000 represented the value the firm placed on a company file...
Lairy Waite, the Ontario Securities Commissions (OSC) head of enforcement for close to a decade has been named to the top post of the newly formed Mutual Fund Dealers Association of Canada (MFDA). While Waite brings more than 20 years of...
Some plaintiffs attorneys claim theyre having problems with the NASDRs New York dispute resolution office. They say the situation worsened after the departure of long-time arbitration chief Deborah Masucci. Some attorneys claim New York cases are...
Merrill Lynch executives will not be sanctioned individually for the firms dealings with Orange County, Calif. , prior to the countys 1994 bankruptcy, according to former SEC Pacific Regional Director Elaine Cacheris.In an interview during her...
In the struggle to obtain and retain assets, some mutual funds are redesigning their fee structures. Several no-load fund complexes are now offering load funds, while a few load funds have lopped off their front-end commission.Since Merrill Lynch...
An SEC rule that requires all broker/dealers to complete a written checklist of Y2K readiness is striking many as at once amusing, annoying--and a bit unnecessary. The SEC tossed out an earlier plan that would have required every single U.S...
As markets began to tumble in August, the Investment Dealers Association of Canada (IDA), which represents and regulates 150 Canadian broker/dealers, took the highly unusual step of initiating a quick audit of the financial health of its members...
