Close Close

Regulation and Compliance > Federal Regulation > SEC

SEC, NASD Okay Actions Against American Express fo

Your article was successfully shared with the contacts you provided.

November 14, 2003 — American Express (AXP) reported that the Securities and Exchange Commission and the National Association of Securities Dealers has preliminarily recommended enforcement action against the company’s broker-dealers “for failure to deliver appropriate breakpoint discounts.” Breakpoint discounts are volume discounts available to investors who make large mutual fund purchases.

In its quarterly filing today with the SEC, the company also said its American Express Financial Advisors (AEFA) unit has received requests for information and has been contacted by regulatory authorities concerning its practices and is cooperating fully with these inquiries. In addition, the AEFA is conducting its own in-house review.