Compliance

Prime Bank Fraud Action by SEC

Another Prime Bank Fraud Action Commenced by SEC December 20, 2000. The SEC announced today that it filed an action against Phillip Ezell, a resident of Fort Wayne, Indiana, for offering fictitious “prime bank” instruments over the Internet from March 1998 to August 2000. The Commission alleges that Ezell, doing […]

SEC Approves Liberalized Listing Standards for MFQS

  Changes for Mutual Fund Quotation Service Approved By John M. Baker, Esq. October 13, 2000 – The SEC today published in the Federal Register its approval of the Nasdaq’s liberalized listing standards for the Mutual Fund Quotation Service. Release No. 34-42417, 65 Fed. Reg. 61,012 (Oct. 5, 2000). The […]

NASD Release on Unregistered Persons and Client Contact

NTM 00-50 Drops 1998 Proposal, Re-affirms NTM 88-50 By John M. Baker, Esq. The NASD posted a Notice to Members concerning marketing activities and supervision of unregistered persons. NASD Notice to Members 00-50 (August 2000). The Notice withdraws a pending rule proposal and provides guidance on the activities of unregistered […]

Death of a Salesman?

Securities law resources, including all rules, and regulations from the NASD, NYSE and SEC, with expert commentary from securities attorneys and legal professionals.

Hire Standards

Regulators Call For Increased Scrutiny of Brokers with Disclosures By Mark J. Astarita, Esq. WHETHER JUSTIFIED OR NOT, the hiring and continued employment of brokers with disclosable events on their Central Registration Depositary (CRD) reports is an increasing concern. Just last year, a report issued by regulators recommended stringent hiring […]

Forms in Need of Reform –

Proposed NASD Rules Will Allow Allegations Against Brokers to be Made Public By Mark J. Astarita, Esq. Some of you may recall my column from October, 1996, “The SEC’s Bad Form”, which addressed changes that the NASD proposed, and SEC approved, to Forms U-4 and U-5. The changes caused serious […]