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Financial Planning
December 1, 2005
Lynn Hume |
Ameriprise to Pay $1.25 Million Fine for 529 Sales In a first-of-a-kind enforcement action, the NASD ordered the former American Express Financial Advisors to pay $1.25 million for failing to adequately supervise its sales of Section 529 college savings plans.   |
Financial Planning
December 1, 2006
Lynn Hume |
The Bond Buyer As the popularity of 529 plans has grown, federal regulators have worried that unwitting consumers may be unaware of the state-tax benefits offered by their in-state plans. |
Registered Rep.
April 1, 2005
Bill Singer |
Two-Tiered Justice? A recent SEC report shows that the NASD is far less enthusiastic about policing itself --- despite the fact that such self-regulation is part of its charter. |
Financial Planning
August 1, 2006
Marianne Czernin |
Compliance Tips Spotlight on Your Email: NASD Rule 3010 requires all broker-dealers to develop appropriate supervisory policies that prohibit registered representatives from electronically corresponding with the public, unless the communications are subject to those supervisory and review procedures. |
Registered Rep.
March 2, 2006
John Churchill |
NASD Promotes Its Online Education Program Called the E-learning Exchange, the NASD created the online education tool for reps and firms last May in order to help securities firms head off compliance and regulatory problems before they start. |
Registered Rep.
March 1, 2007 |
Blotter SEC Front Running Probe... NASD Fines Bank of America... |
Registered Rep.
December 15, 2005
John Churchill |
Court to NASD: You Don't Have a Leg to Stand On For the first time in its 68 years as a self-regulatory organization, the National Association of Securities Dealers sued the Securities and Exchange Commission over a right it was never granted. Guess what? It lost. |
Registered Rep.
January 1, 2003
Bill Singer |
Who Regulates the Regulators? In the securities industry, brokers are expected to follow the rules. If you don't, you will be held accountable by the NASD. But what do you do if the NASD doesn't follow the law? |
Registered Rep.
March 17, 2003
Will Leitch |
Unfair Disclosure For The Broker? In a little-publicized move, the NASD has formed a Public Information Review Initiative, which would radically expand investors' access to information about brokers. |
Registered Rep.
January 12, 2006
John Churchill |
Schapiro in for Glauber at NASD 2007 The NASD Board of Governors announced today that Mary Schapiro, currently the self-regulator's head of Regulatory Policy and Oversight, will become the NASD's chairwoman when the term of its current chief ends in December 2006. |
Registered Rep.
February 21, 2007
John Churchill |
Who's Watching the Watcher? No One, Apparently The NASD fined Raymond James Financial Services $2.75 million today for inadequate sales supervision of its producing branch managers. |
Registered Rep.
March 1, 2007
Bill Singer |
Don't Mess with Suspension Rules If you are like most working people, you go to the office every day. And, if you like your job, it can even be hard to stay away. But if you are a financial advisor and get a suspension from the NASD, don't give in to temptation. Stay away. Go on vacation. |
Registered Rep.
February 1, 2006
John Churchill |
Schapiro in, Glauber Out at NASD in 2007 Mary Schapiro, head of NASD Regulatory Policy and Oversight, will be taking over for Robert Glauber as chairman of the NASD at the end of the year. One tough cop replaces another. |
The Motley Fool
May 23, 2007
Selena Maranjian |
Brokerage-Related Warnings There's a lot of information for investors at the NASD website. Here are a few topics about which it has recently issued alerts. |
Registered Rep.
February 1, 2005 |
Blotter Banc One Is No. 1 -- in Fine Size... Fleecing the Flock... Morgan Gets a Slap... |
Registered Rep.
November 1, 2006
Bill Singer |
Secret Agreements with Clients Can Backfire Developing NASD enforcement trends: NASD Conduct Rule 2330: Customers' Securities or Funds... NASD Conduct Rule 2370: Borrowing From or Lending to Customers... etc. |
Registered Rep.
January 16, 2004
John Churchill |
NASD Charges Waddell & Reed With Violations The NASD Wednesday slapped Waddell & Reed with more than 6,700 complaints, charging that the firm systematically encouraged brokers to recommend unsuitable variable annuity exchanges to its customers. |
Registered Rep.
June 1, 2005
Will Leitch |
Edwards Weighing How to Settle A.G. Edwards is ready to talk about paying for its transgressions in the sale of Class B and Class C mutual fund shares. |
Investment Advisor
June 2006 |
Group Think The SEC said it will reduce fees on securities transactions and registrations by $1 billion... The NASD issued a warning to investors that cashing out of their 401(k) assets at even a modest level can have a potentially devastating effect... etc. |
Registered Rep.
June 1, 2004 |
10 Years Ago in Registered Rep NASD warnings, again. |
Registered Rep.
October 1, 2006
Halah Touryalai |
Mediation Mambo If you've got legal trouble, October may be your lucky month: It's "mediation month" sponsored by the NASD. |
Registered Rep.
October 25, 2006
Halah Touryalai |
Another One Bites the Dust: Broker Fined Record Amount for Market-Timing Scheme The NASD fined Paul Saunders, a registered rep, CEO and majority owner of James River Capital Corporation, $2.25 million. That sum represents the largest fine against an individual for marketing timing, including disgorgement of about $750,000 in illegal profits. |
Registered Rep.
November 7, 2006
Kevin Burke |
NASD Whacks Two Firms with Fines Over Ill-Advised 529 Sales The NASD said on Monday that it has fined Chase Investment Services and MetLife Securities for failing to establish internal controls to supervise the sale of 529 college savings plans. |
Registered Rep.
April 28, 2005
Kristen French |
Raymond James Fined, Plans to Drop Fee-Based Brokerage As part of the sanctions imposed by the NASD, if Raymond James doesn't discontinue its fee-based brokerage business, the firm will have to retain an independent consultant to oversee the creation of a supervisory system for the fee-based brokerage business. |
Registered Rep.
February 1, 2006
John Churchill |
Size-ism? Ten years after the formation of the Small Firms Advisory Board, many small firms say they are still getting pushed around by bigger firms -- and this time the NASD is taking the side of the bullies. |
Registered Rep.
March 1, 2003
Will Leitch |
Doing the NASD After waiting more than a year for face time with the NASD, a dissident group finally got the opportunity to air its grievances. Problem is, now it's required to keep quiet about the meeting. |
Registered Rep.
January 22, 2007
John Churchill |
Votes In, NASD and NYSE Merger Likely; Will Dissenters Challenge? The securities industry won't have dual self-regulatory organizations to complain about anymore. The NASD announced over the weekend that member firms overwhelmingly approved to consolidate the NASD and the NYSE into one. |
Financial Planning
June 1, 2007
Marshall Eckblad |
4 Questions Mary Schapiro is chairman and CEO of the NASD, which is set to merge later this year with the New York Stock Exchange. Here, she spoke about the new organization that she has been appointed to lead. |
National Real Estate Investor
October 15, 2003
Parke Chapman |
NASD Fines Wells REIT Sponsor For Rewarding Brokers Wells Investment Services, sponsor of Wells Real Estate Investment Trust (REIT), has been sanctioned by the National Association of Securities Dealers (NASD) for rewarding broker/dealer reps who sell shares of the REIT with non-cash gifts. |
The Motley Fool
July 18, 2007
Selena Maranjian |
Check Out Your Broker Finding the perfect broker to whom you would entrust your hard-earned money is difficult. "BrokerCheck," a new online tool from NASD, makes it easier to weed out the unscrupulous ones. |
Registered Rep.
April 1, 2007
Bill Singer |
Clarence Darrow, You're Not Beware of water-cooler know-it-alls when it comes to legal advice regarding NASD violation issues. |
Registered Rep.
February 3, 2006
John Churchill |
Dissidents Elected to NASD Board of Governors In an election victory that would make Ralph Nader, Ross Perot and other pot-stirring outsiders smile, two of three candidates running against NASD's leadership supported nominees have won seats on the self-regulator's National Board of Governors. |
Registered Rep.
December 1, 2006
Bill Singer |
The Guessing Game If the NASD wishes to dispel the notion that it is biased against smaller members, then it should adopt the NYSE's policy. Unless, of course, it has something to hide. |
Wall Street & Technology
January 6, 2006
Ivy Schmerken |
Everything's Coming Up Hybrid Will a joint NYSE - NASD regulator result in the $100 million-a-year savings that the NASD is proposing in the hybrid regulation of dual member firms? |
Investment Advisor
April 2007
Kara P. Stapleton |
A Compliance Culture Recent NASD actions have led to increased compliance efforts on the part of many independent broker-dealers. |
Registered Rep.
August 20, 2004 |
Meting out Justice: NASD Issues 'Extraordinary Remedy' on Broker/Dealer for Market-Timing Abuse In its investigation, the regulator found that from January 2001 through August 2002, National helped four hedge fund clients conduct market-timing in 13 funds that prohibited or restricted such activity. |
Registered Rep.
January 1, 2005 |
An Encouraging Sign Is the worst of the arbitration onslaught over? Through October, there were 7,008 complaints filed with the NASD. |
Financial Advisor
June 2006
Tracey Longo |
Is Any Stone Unturned? Is the NASD's regulatory clampdown over? Major changes are in place at the sales force level. |
Registered Rep.
April 1, 2006
John Churchill |
Merrill Call Centers Gone Wild Merrill Lynch agreed to pay a $5 million NASD fine to settle charges that the firm's brokerage client call centers were poorly supervised. |
Registered Rep.
September 14, 2006
Halah Touryalai |
NASD Fines Securities America for Failure to Supervise Securities America was fined $2.5 million for failing to supervise an advisor who allegedly lured clients into early retirement with exaggerated promises of high returns. |
Financial Planning
February 1, 2007
Marshall Eckblad |
5 Questions A short interview with Margaret Sheehan, author of Practical Guide to NASD Regulation about the outlook for the NASD in 2007. |
Registered Rep.
April 8, 2003
Will Leitch |
SIA Calls NASD Proposal Unfair The Securities Industry Association has weighed in negatively on the NASD's proposed changes to the handling of central registration depository (CRD) complaints. |
Registered Rep.
January 1, 2005 |
Blotter John Van, head of Murphy Van Securities, was barred from the industry... The NASD fined 29 firms a total of $9.2 million for late reporting... The NASD's mutual fund task force released its initial report... |
Registered Rep.
January 23, 2006
Kevin Burke |
NASD, NYSE Propose Stiffer Rule on Entertainment Spending With Fidelity Investment brokers being linked with stories of drugs, prostitution and other forms of high-flying partying, regulators are proposing stricter rules to rein in spending on longstanding methods of winning business. |
Financial Planning
April 1, 2007
John J. Bowen |
Policing Your Practice If you build an effective compliance system, your firm will be more appealing to both clients and buyers. Here's how to build a great compliance system. |
Registered Rep.
October 26, 2004
David A. Gaffen |
Citi Fined by NASD for Hedge Fund Marketing Citigroup was censured and fined, but neither admitted nor denied the charges. A company spokeswoman said the firm "took immediate action in cooperating fully with the NASD to make sure all materials comply with current NASD guidance." |
Registered Rep.
November 1, 2005 |
Supplemental Inquiry Q: Is there any way my employer can find out if I receive W-2 income from other sources... Q: Recently at a social event, a co-worker's client told me another local broker (who is a competitor) had made some disparaging remarks about my co-worker... etc. |
Registered Rep.
August 21, 2006
Kristen French |
NYSE and NASD Hold Merger Talks It is not yet clear whether a deal will actually go through, or whether the financial regulators would merge their arbitration systems or keep them separate. |
Registered Rep.
October 26, 2005
Kevin Burke |
Regulators Hit Ameriprise for $1.25 Million Over 529 Sales Regulators fired their first shot in what figures to be a round of enforcement actions against brokerages for abusive sales practices related to 529 college savings plans. |
Registered Rep.
October 26, 2006
Kevin Burke |
NASD Fines B/D for Account Transfer Charges A small independent broker/dealer was slapped with a $50,000 fine and sanctioned for overcharging more than 1,500 customers who decided to follow their brokers to another firm. |
