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Regulation and Compliance > Federal Regulation > SEC

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By Staff Writer

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The SEC issued a Request for Proposals (RFP) due August 24 for phase one of a major study of how regulators’ rules for investment professionals affect ordinary investors. The effects of job titles, disclosures and professional roles will be scrutinized. The SEC will also focus on the Broker/Dealer Exemption Rule, 202(a)(11)-11, allowing registered representatives to provide advice to customers under “suitability” rules without having to register as an investment advisor and act under fiduciary rules…

The Financial Planning Association will have its day in court on October 5, in a lawsuit it filed April 28, 2005, versus the SEC about the aforementioned SEC Broker/Dealer Exemption Rule. Oral arguments will be heard in the U.S Court of Appeals in Washington, DC…

NYSE wants to expedite arbitration proceedings in cases of up to $200,000 by using a single public arbitrator instead of a panel of three arbitrators…

NEXT Financial Group‘s President Jeff Auld left the Houston-based B/D to move to Marion, Iowa, and lead Berthel, Fisher & Company. He will retain part-ownership in NEXT. NEXT Chairman and CEO Gordon D’Angelo adds interim president to his title…

Senior management and portfolio managers at Birmingham, Michigan-based Munder Capital Management have teamed up with Crestview Partners, L.P., and Grail Partners, LLC, to pay Comerica $302 million plus Munder’s stake in World Asset Management, for Comerica’s 90% interest in Munder Capital Management. The deal is slated to close, subject to regulatory approvals, before year-end…

Charging that four ING affiliated broker/dealers broke its Anti-Reciprocal Rule, the NASD fined the firms a total of $7 million. El Segundo, California-based Financial Network Investment Corp. was fined over $3.4 million; ING Financial Partners Inc. in Des Moines, Iowa, was fined nearly $1.3 million; Multi-Financial Securities Corporation, Inc., based in Denver, Colorado, was fined over $1.2 million; and St. Cloud, Minnesota-based Prime Vest Financial Services, Inc. was fined over $1 million.

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