Who Owns the client…the brokerage firm or the broker? October 11, 2001 Merrill Lynch retail chief James Gorman says the numbers answer that question quite clearly. “The experience is that when brokers leave they take 65% of their book,” Gorman told RR at a gathering of reporters in the firm’s […]
News
Analyst Disclosure Issue Would Snag Brokers
New NASD Proposal will require more disclosures by retail brokers. The war on analysts is now threatening brokers. In proposing heightened disclosures from analysts, the NASDR has included retail brokers as well. The July proposal, NASD Notice to Members 01-45, broadens disclosure obligations for public appearances by analysts and brokers […]
Make Mandatory Arbitration Unenforceable
Commentary from T. Sheridan O’Keefe I have something in common with Stephen Sawtelle — a former broker from Waddell & Reed who was just awarded almost $28 million from an NASD arbitration panel (see the front page story in The Wall Street Journal, Aug. 29, 2001). You see, we both […]
Analyst Disclosure Issues
Analyst Disclosure Issue Would Snag Brokers New NASD Proposal will require more disclosures by retail brokers. The war on analysts is now threatening brokers. In proposing heightened disclosures from analysts, the NASDR has included retail brokers as well. The July proposal, NASD Notice to Members 01-45, broadens disclosure obligations for […]
Web Aggregators Under Scrunity
Registration and Regulation Considered By John M. Baker, Esq. Web aggregation is among the most recent financial services developments. Web aggregators collect an individual’s financial account information from a variety of web sites and enable the individual to view and manage it all at a single site. Current estimates are […]
NASAA Proposed Web Based Investment Advisor Registration Depository
]]> Home | Message Board Home Search Arbitration Investors Brokers Finance Law Compliance Archives Comment Period Expires August 21, 2000 By John M. Baker, Esq. The North American Securities Administrators Association (NASAA) has released for public comment proposed amendments to the Uniform Securities Act and the NASAA Model Rules […]
SEC Approves All-Electronic Offering
Web based offering approved by Commission for First Time By John M. Baker, Esq. The Securities and Exchange Commission has for the first time approved an offering that is to be made only by means of the World Wide Web. In a rare action, the registration statement for The […]
SEC Cautionary Advice on Accounting Policies
SEC Cautionary Advice on Accounting Policies New rules considered for more precise accounting policy disclosures. By John M. Baker, Esq. Dec. 12, 2001 – The Securities and Exchange Commission today issued cautionary advice on the selection and disclosure by public companies of critical accounting policies and practices. Release Nos. 33-8040, […]
Penta Fund to Deny Redemption Requests
Losses cause liquidity concerns By John M. Baker, Esq. Penta Japan Fund Ltd. told investors that it temporarily won’t be able to honor some $120 million in outstanding redemption requests. According to a detailed article on HedgeWorld.com, the fund has lost 47.4% of its value this year after gaining 153.8% […]
Independent Director Rules for Mutual Funds
After much discussion and controversy, a decision. By John M. Baker, Esq. The Securities and Exchange Commission today announced that it has adopted its much-awaited rules on the role of independent directors of investment companies. Release Nos. 33-7932, 34-43786, IC-24816 (Jan. 2, 2001). As proposed, the salient provision of the […]
