U.S. regulators accused a Colorado investment advisor of
misleading clients including retirees while marketing hedge funds that
later had losses linked to Bernard Madoff's record Ponzi scheme.
SEC Chairman Mary Schapiro says her agency may
impose new rules on high-frequency traders after lawmakers and investors
questioned whether such traders sparked the May 6 plunge.
by
Ray Fazzi
A New Jersey-based investment advisor has been charged by the
SEC with stealing $11 million from
clients through a Ponzi scheme she ran over the past 13 years.
The Securities and Exchange Commission could be stuck with policing
hundreds of New York-based advisors for longer than Congress envisioned
when it passed financial reform earlier this year.
The appointment of a new mutual fund "czar" could influence key issues in the fund industry.
Stockbrokers and investment advisors are nervous about looming changes
to rules that shape how they give advice to their customers.
by
Jeff Schlegel
A group of four financial advisor organizations,
along with the Committee for the Fiduciary Standard, will jointly
sponsor a forum on the fiduciary standard on September 24 in Washington.
The most thorough compliance programs can't provide iron-clad protection
from employees who are crooks, but they can help a company remain in
good standing with regulators when trouble erupts.
An $81 million ruling against UBS AG's
brokerage provides an indirect message for all advisors to heed in terms of
safeguarding client liquidity.
UBS Financial Services Inc. must pay nearly $81 million to an investor,
Kajeet Inc., for damages related to auction rate securities, according
to a recent ruling.
The SEC wants registered investment
advisors to describe themselves to clients and prospects in plain
English, something likely to require significant time and money.
Many advisors wait until the last minute to sign authorizations that
allow third-party custodians to share clients' positions with the
SEC. That could hold up an SEC examination for months.
by
Dorothy Hinchcliff
The SEC today posted a form for people to
comment as part of its study of obligations and standards that should
apply to broker-dealers and registered investment advisors.
An arbitration panel ordered two units of Raymond James Financial Inc.
(RJF) to buy back $2.5 million in auction rate securities from an
investor.
FINRA is taking another crack at
the touchy question of how much financial information investors and
brokerages have to exchange when a dispute goes into arbitration.
The SEC unanimously voted to make Form ADV Part 2 a "plain English" document.
State securities regulators are upset over what they say is a plan by the SEC to drop a shared system that has gathered
information on RIAs and made it available to the public.
Broker-dealers and financial advisors say they're satisfied for the most
part with the overhaul bill passed by the Senate and are now gearing up
to help shape the changes.
A securities arbitration panel ordered J.P...
The SEC has approved a plan to widen the pool of candidates that potentially
could hear an arbitration proceeding.
