The National Association of Securities Dealers (NASD) has fined four Fidelity broker-dealers a combined $3.75 million for faltering on some of their recordkeeping responsibilities for clients and ordered them to conduct audits of their registration and recordkeeping systems, policies and procedures.
In its first Field Accounting Bulletin (FAB) of 2007, the U.S. Department of Labor’s (DoL) Employee Benefits Security Administration (EBSA) offered guidance pertaining to the investment advice and fiduciary investment adviser exemptions introduced in the Pension Protection Act (PPA).
U.S. Senators may have overwhelmingly approved a bill that includes a provision limiting non-qualified deferred compensation programs (NQDC), but the NQDC provision may still be changed in a later legislative conference committee, according to one lawmaker.
Transactions between an investment management firm and investment funds managed by a qualified professional asset manager (QPAM) as an option under a retirement plan satisfy a Prohibited Transaction Exemption, according to regulators.
Fund manager Fred Alger Management Inc., has agreed to a $45 million settlement of charges it engaged in a “massive″ market timing scheme that benefited favored investors.
The U.S. Senate Finance Committee on Wednesday approved by voice vote a measure that could limit the earnings corporate executives can defer into non-qualified deferred compensation (NQDC) plans.
The New York Stock Exchange appears to be investigating three advisers, known as the CBS Group, who were involved in market timing five years ago, fining their supervisors at both UBS and Merrill, according to published reports.
A Florida pension plan has sued ING Group in federal court claiming that the financial services firm charged the plan higher fees to cover revenue-sharing payments.
Regulators on Wednesday released guidance on how to properly implement new Pension Protection Act (PPA) rules governing a variety of qualified plan distributions.
The former chief of Putnam Investments, Lawrence Lasser, has agreed to a $75,000 settlement with the Securities and Exchange Commission (SEC), putting an end to allegations that the investment company used mutual fund assets to lure brokerage houses to use Putnam funds, the Associated Press reported.
Connecticut Attorney General Richard Blumenthal this week announced that The St. Paul Travelers Companies, Inc. plans to stop paying contingent commissions to insurance agents and brokers by the start of 2008.
Massachusetts Secretary of State William Galvin is looking into whether hedge funds have increased their trading fees to compensate banks for office space they lease as a temporary home to hedge fund traders and if the funds are telling investors about the fees.
The St. Louis-based law firm of Schlichter Bogard&Denton has filed another 401(k) fee lawsuit.
Securities fraud class actions decreased by 38% in 2006, falling from 178 filings in 2005 to just 110 in 2006 - the lowest ever recorded in a calendar year since the adoption of the Public Securities Litigation Reform Act (PSLRA) of 1995.
On the last day of 2006, two more financial services firms announced settlements with regulators about their insurance business practices.
The US Attorney for the Western District of Tennessee has announced James Michael Foley, former Vice President of Sales for UnumProvident Corporation, pled guilty on Friday to fraud in relation to sales of insurance to corporations.
Federal regulators have turned to the public for comment on how to formulate guidance on “phased retirement″ in-service plan distributions as provided for by the Pension Protection Act (PPA).
You may think things are crazy this time of year in your office – and they may well seem that way. Advisers are human, after all, and advisory firms composed of human advisers. We’re all subject to human foibles. But a recent NASD settlement reminds us all of just how out of control things can get.
Facing a backlog of about 1,200 requests for Internal Revenue Service (IRS) determination letters on cash balance conversions, the agency announced Thursday that it had lifted a 1999 moratorium on processing the requests.
Fidelity Investments has announced it will pay more than $42 million to its funds after a report issued by independent trustees of Fidelity’s board said some of its traders directed business to brokers who provided them with lavish gifts.