From the March 2007 issue of Investment Advisor • Subscribe!

March 2007

NASAA, the state securities regulators association, reported that between 2004 and 2005, 26% of the 3,635 state enforcement actions dealt with the financial exploitation of seniors; and 34% of all "successfully concluded enforcement actions" involved either variable or equity-indexed annuities. Patty Struck, administrator of the Division of Securities in Wisconsin, said last month that within the last year, 44% of the complaints securities regulators have received came from seniors.

Financial Services Institute Chairman John Simmers announced FSI will issue a white paper detailing the development of independent broker/dealers to help educate legislators, regulators, and the public on the value of the independent contractor model.

The Financial Planning Association will provide guest speakers to the American College of Emergency Physicians (ACEP) as part of a joint venture to incorporate financial literacy into ACEP educational programs.

As expected, NASD members approved a change to NASD bylaws that will result in the combination of NYSE and NASD regulatory arms into a unified self-regulatory organization, the NASD announced on January 21. The new organization means one entity will oversee broker/dealers with a single "harmonized" set of rules.

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