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 […]
Compliance
Regulation FD FAQ
SEC FAQ on REG FD By Mark J. Astarita, Esq. The SEC Staff has supplemented its Telephone Interpretations Manual to include some frequently asked questions about the Commission’s new Regulation FD. The update is available at the SEC website, at http://www.sec.gov/offices/corpfin/phonits4.htm Regulation FD was adopted by the Commission on August […]
SEC Judgment Against Momentum Stock Site
SEC Judgment Against Momentum Stock Picking Site By Mark J. Astarita, Esq. The SEC announced that on May 25, 2001, the U.S. District Court in Eugene, Oregon entered judgments against Jared R. Leisek and his brother, Byron J. Leisek. According to the SEC, its complaint, filed on March 1, 2001, […]
SEC Regulation FD
SEC Approves Regulation FD On August 10, 2000 the Securities and Exchange Commission approved a new rule that would end the practice of selective disclosure, whereby officials of public companies provide important information to Wall Street insiders prior to making the information available to the general public. The Commission also […]
SEC Provides Guidance on Rule 11Ac1-6
SEC Provides Guidance on Rule 11Ac1-6 FAQ Posted For Order Routing Reporting Guidance By Mark J. Astarita, Esq. On June 22, 200` the SEC announced that its Division of Market Regulation has published Staff Legal Bulletin No. 13 responding to questions the staff has received from market participants on the […]
NASD Rules, Regulations, Clearing Firm Reports
The NASD has proposed rule change which will clearing firms to report certain data to the Department of Member Regulation (“Member Regulation”) on a daily basis, regarding the activities of their own, and their introducing firms. NASD Regulation’s Department of Member Regulation is developing a new business model regarding the […]
Duties of Advisor to Supervise Sub-advisor
Duties of Advisor to Supervise Sub-Advisor Addressed SEC speech reflects on obligations for conduct of sub-advisor By John M. Baker, Esq. Dec. 9 2001 – Stephen Cutler, Director of the SEC’s Division of Enforcement, on Thursday spoke at the Investment Company Institute’s Securities Law Developments Conference on potential pitfalls in […]
First Gramm-Leach-Bliley Deal Approved
First Gramm-Leach-Bliley Deal Approval Schwab Receives Approval to Become a Financial Holding Company and to Acquire US Trust By John M. Baker, Esq. The Federal Reserve on May 1 approved The Charles Schwab Corporation’s election to become a financial holding company and proposed acquisition of U.S. Trust Corporation and its […]
NASD Seeking Obsolete Rules
Modernization Project Continues, Suggestions due July 2, 2001 By John M. Baker, Esq. May 18, 2001 – NASD Regulation today gave an update on its review of the NASD rules, began in 1998, to (1) determine if there are obsolete or otherwise unnecessary rules that could be repealed or that […]
SEC Adopts Electronic Storage Rules
Agency responds to ESIGN By John M. Baker, Esq. The Electronic Signatures in Global and National Commerce Act, or ESIGN, encourages federal agencies to accommodate electronic recordkeeping. In response to ESIGN, the SEC today posted amendments to rules under the 1940 Act and the Advisers Act that expand the ability […]
