The Securities and Exchange Commission has invited public comment on a rule proposal from NASD Dispute Resolution that would institute default arbitration procedures for non-responding defunct firms and terminated personnel. When the General Accounting Office disclosed in June 2000 (SAA 00-26) that many winning Claimants in arbitration do not […]
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SEC Approves NASD, NYSE Analyst Rules – Who Benefits?
New regulations enacted to address analyst conflicts, and insure disclosure. Given the fact that such regulations already exist, who is benefiting from these new regulations? By Mark J. Astarita, Esq. On May 8, 2002, the SEC approved proposed rule changes by the NASD and the NYSE to address conflicts of […]
NASD Rule Change on Replacement Arbitrators
NASD Rule Change on REplacement Arbitrators Vacancies to be filled immediately, without a request from the parties. NASD RULE CHANGE ON REPLACEMENT ARBITRATORS Under a Rule proposal filed with the SEC last week, vacancies on Panels will be filled right away, without waiting for the parties to request a replacement […]
First Union Securities Renamed Wachovia Securities
Name Change Effective May 2002 By Rick Weinberg First Union Securities will announce Wednesday that it has been renamed Wachovia Securities, Registered Rep. magazine has learned. The name change is effective May 2002. First Union is the retail brokerage arm of Wachovia Corporation, along with IJL Wachovia. The firm, the […]
SEC Concern Over Margin, Whisper Numbers
Analysts, Margin, Chat Rooms Come into Focus, But is the Focus Correct? By Mark J. Astarita, Esq. While many analysts and brokers ponder how much higher the market can go, and some industry professionals continue to call for the bursting of the bubble, Securities and Exchange Commission Chairman Arthur Levitt […]
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 […]
PIABA Downloads Entire SAC Database
PIABA Downloads Entire SAC Library of Arbitration Awards Lawsuit Pending Between PIABA and CCH and SAC [Ed. This article is from 2001 and is presented for historical purposes] The Public Investors Arbitration Bar Association (PIABA) has informed SAC that it has downloaded from the NASD Portal virtually all of the […]
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, […]
SEC Guidance on Mutual Fund After-Tax Return Requirements
SEC releases FAQ By John M. Baker, Esq. The SEC’s Division of Investment Management today posted its responses to Frequently Asked Questions About Mutual Fund After-Tax Return Requirements. The SEC in September extended the compliance date for advertisements involving mutual fund tax returns from October 1 to December 1, 2001, […]
Limited Grounds to Compel Non-Signatory to Arbitrate
Limited Grounds Exist for Compelling Non-Signatory to Arbitrate MAG Portfolio Consult, GmBH vs. Merlin Biomed Advisors, LLC, No. 00-9502 (2d Cir., 10/10/01) This is a securities dispute between two former partners in investment advisory firms (the old Merlins) which received management fees from health care investment funds. When Plaintiff relinquished […]
