March 31, 2007 |
A federal appeals court Friday overturned a rule that allowed securities brokers to avoid some requirements faced by financial planners in advising customers, saying both groups must be held to the same standards to protect investors. The 2-1 ruling by the U.S. Court of Appeals for the District of Columbia Circuit held that the Securities and Exchange Commission had overstepped its authority in adopting the rule in 2005. The Financial Planning Assn.
March 12, 2007 |
Congress should revamp securities regulation, shield accounting firms from litigation and take other steps to bolster American financial competitiveness, according to a new report from the U.S. Chamber of Commerce. Echoing other recent studies by business and political groups, the report to be released today by a chamber-appointed commission says that U.S.
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.
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 12, 2006 |
Shares of online brokerage firms sank Wednesday after Bank of America Corp. said it would offer free Internet stock trades to many of its banking customers. Clients with at least $25,000 in deposits will get up to 30 free trades a month, the bank said. Launched Wednesday in the Northeast, the program will be expanded across the country and is expected to be available to California customers by February.
June 27, 2006 |
Merrill Lynch & Co., Morgan Stanley and Lehman Bros. Holdings Inc., three of the world's biggest securities firms, sued website The Fly on the Wall on Monday, claiming that it "pirated" their stock research. The copyright infringement lawsuit, filed in U.S. District Court in New York, said the site "systematically and impermissibly accesses" the firms' proprietary equity research, "free riding" on their work without conducting any of its own.
June 26, 2006 |
Anyone tracking the Bombay Stock Exchange these days would be forgiven an attack of motion sickness. The Sensex, India's premier index, has swung wildly since May, climbing to vertiginous heights, dropping like a stone, then swooping up and down as investors attempt to catch their breath and regain some equilibrium. Now, judging by their performance of the last few days, Indian stocks may be evening out, give or take a wobble or two.
June 2, 2006 |
A state judge has thrown out California's fraud lawsuit against brokerage firm Edward Jones & Co., in another defeat for Atty. Gen. Bill Lockyer's attempt to assert authority over mutual fund sales practices. Superior Court Judge Loren McMaster in Sacramento dismissed Lockyer's 17-month-old suit against St. Louis-based Jones last week, ruling that California's case conflicts with a federal law that gives U.S. regulators sole authority to set securities-industry disclosure rules.
May 24, 2006 |
Citigroup's Smith Barney brokerage unit has agreed to pay $98 million to settle claims on behalf of thousands of current and former brokers who said they were owed overtime pay and other reimbursements. The proposed settlement is the latest and largest by securities firms that claimed brokers were exempt from state and federal overtime laws because they are salaried, administrative employees.
April 27, 2006 |
A new judge has been assigned to the case of former star investment banker Frank Quattrone, but the government has yet to decide whether it plans to put him on trial for obstruction and witness tampering charges for a third time. "The only comment we have is we will be advising the judge about the status of the proceedings," Megan Gaffney, a spokeswoman for the U.S. Attorney's Office in Manhattan, said Wednesday. U.S. District Judge Lewis Kaplan has been assigned the case, she said.