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Retirement Planning > Social Security

NEWS & PRODUCTS APRIL 2007

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Utah’s House of Representatives voted in March 167-7 to pass legislation that repeals a May 2006 Utah statute requiring B/Ds to inform the state’s Division of Securities when there was a “failure to deliver” of securities issued by Utah companies traded on national markets. SIFMA sued Utah in Federal District Court in July of 2006, claiming that the original law “illegally usurped the jurisdiction of the Securities and Exchange Commission and was preempted by federal securities law.” Utah’s Senate voted to repeal the law by a vote of 27-1, setting up the House’s recent vote. The new bill becomes law at the end of April when Governor Jon Huntsman signs it….

Mary Schapiro, NASD Chairman and CEO, announced that the regulatory consolidation between NASD and NYSE Member Regulation is on track to take place in the second quarter as planned. She stated that NASD continues to work with the appropriate federal agencies to receive all the necessary regulatory approvals. The By-laws, which were approved by the NASD membership earlier this year, have been sent to the Securities and Exchange Commission, and should be published for public comment soon.

In a speech in mid-March at the U.S. Chamber of Commerce, Schapiro also said that when the new organization is in place and fully integrated, there will be a single set of rules adapted to firms of all sizes and business models. “There will be one set of examiners and one enforcement staff. Duplicative regulation and overlapping jurisdiction will become a thing of the past. Inconsistent approaches and rule interpretations, and matters falling through the cracks between two separate regulators, will be historical footnotes,” she said in her statement…

Securities America, Inc. launched a new Assistant of the Year program. Assistants must be nominated by a Securities America registered rep, have a minimum of two years experience in the financial services industry and, if securities licensed, have a clean compliance record. Selection is also based on instances of service above and beyond expectations to clients, representatives and the firm, demonstrated leadership abilities, and personal and professional development. Additionally, Securities America has arranged events and training opportunities for assistants, such as Assistant University, a two-day workshop designed to increase knowledge of technology, compliance, operations and practice management; e*Certification, a web-based training program that covers industry, product and firm-specific topics, and a National Conference that features a training track tailored to assistants…

Greg Jones has joined UBS Wealth Management US as head of diversity. He is responsible for the development of the firm’s diversity initiative, as well as working closely with individual business areas to customize programs and strategies. Prior to joining UBS, Jones served as senior VP, executive & diversity recruiting at Bank of America.