January 22, 2007 |
An effort to consolidate industry self-regulation of U.S. securities brokers and dealers moved a step closer Sunday, the NASD said. Members of the NASD, formerly known as the National Assn. of Securities Dealers, approved bylaw changes needed to combine with NYSE Group Inc. and form one organization to regulate securities brokers and dealers. Consolidating the self-regulatory functions of the NASD and NYSE Group into one entity will help end duplication, reduce costs and make U.S.
January 12, 2007 |
A merger of regulatory operations for the New York Stock Exchange and the NASD can proceed only if most members on the combined governing board are independent of the industry, Securities and Exchange Commissioner Annette Nazareth said Thursday. "The commission is keenly interested in having effective board governance and having independent board directors," Nazareth said in an interview.
November 29, 2006 |
Wall Street is getting a new top cop. In a big win for the securities industry, the two organizations that police stockbrokers and others in the industry have agreed to form a single self-regulatory body. The change is expected to cut costs for the financial industry, but some consumer advocates fear it could mean that abuses will go undetected. Under the plan announced Tuesday, regulators at NYSE Group Inc. and the NASD (formerly the National Assn.
October 5, 2006 |
Oppenheimer Holdings Inc. agreed Wednesday to pay $800,000 to settle NASD accusations that it didn't report thousands of municipal securities transactions, deleted e-mails and failed to turn over information. It is the brokerage's third-largest fine in the last year for reporting or regulatory failings. NASD found that Oppenheimer & Co.
September 6, 2006 |
The NASD said Tuesday that it fined Morgan Stanley $2.9 million for widespread violations relating to stock and bond trades from 1999 to 2006. The NASD, formerly the National Assn. of Securities Dealers, said the violations by the investment bank and its brokerage arm included a failure to report or the misreporting of thousands of stock and bond trades and a failure to execute hundreds of customer trades at the best prices.
June 2, 2006 |
Securities industry regulators have dropped all charges against former star technology banker Frank Quattrone over how his investment bank allocated shares of hot initial public offerings during the late-1990s Internet boom. The NASD, formerly the National Assn. of Securities Dealers, withdrew the charges for procedural reasons. The ruling Wednesday by an NASD hearing officer was the third in a series of legal victories for Quattrone.