Compliance

Compliance Other

Perrino Report

NASD FILES “PERINO REPORT” AMENDMENTS: Responding to the Perino Report, NASD seeks revisions on arbitrator disclosure and removal standards, plus it is narrowing its “public” and “non-public” arbitrator classifications. The amendments NASD proposes to Rules 10308 and 10312 parallel those we described in last week’s report on NYSE’s rule changes […]

Compliance

SEC Proposes Changes to Fund Advertising Rules

  Changes increase the quantity and prominence of disclosures and reemphasis that advertisements are subject to the antifraud provisions of the federal securities laws. Comments due July 31, 2002 By John M. Baker, Esq. On May 17, 2002, the Securities and Exchange Commission proposed extensive changes to the rules governing […]

Compliance

NASAA Opposes Account Transfer Interference

NASAA Opposes Account Transfer Interference Joins NASDR in supporting customer right to transfer account, regardless of broker/firm disputes By John M. Baker, Esq. [Ed. This post is from 2001 and is presented for historical purposes.] When registered representatives change their brokerage firms and try to take their customers with them, […]

Compliance

NASD Issues Investor Alert on Stretch IRAs

By Mark J. Astarita, Esq. August 10, 2001 – in the section of its web site labeled “Investor Alerts” the NASD has issued a warning regarding so called “stretch IRAs”. A stretch IRA stretches the period of tax deferred earnings of assets within an IRA beyond the lifetime of the […]

Arbitration Brokers Case Law Compliance

Attempt to Void Settlement

Arbitration Panel Orders Return of Settlement Payment, and Awards Nothing. WEINBERG v. BEAR STEARNS & CO., INC., NYSE ID #2000-008216 (Los Angeles, 10/18/00): Recently confirmed, this Award presents an unusual outcome in a “two-bites-of-the-apple” scenario. According to the “Case Summary” section of the Award, Israel and Molly Weinberg entered into […]