Tag: Compliance

Compliance Other

NASD Arbitration Award Vacature Statistics

NASD Vacature Statistics Reveal Surprises More attempts to vacate, higher success rate revealed As a consequence of NASD’s efforts to track payment of the arbitration Awards it issues, statistics are now available that indicate the incidence with which Awards favoring customers are challenged and how often those challenges meet with […]

Compliance Other

NASD Proposal Regarding Unpaid Awards

    Membership approval will include review of unpaid awards, and more. A Rule proposal regulating the membership application process will make it more difficult for brokerage firms and associated persons to avoid paying arbitration Awards through the camouflage of reorganization. The transfer of assets from one brokerage firm to […]

Analysis Brokers Compliance

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 […]

Brokers

New Broker Disclosure

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 […]

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 Other

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 […]