Compliance

Four Fidelity B-Ds Fined $3.75M by NASD

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.

DOL Releases Guidelines for PPA’s Fiduciary Adviser

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).

NQDC Provision Passes Senate

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.

U.S. Senate Panel OKs Deferred Comp Limit

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.

SEC Settles ‘Shelf-Space’ Allegations with Former Putnam Chief

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.

UnumProvident Exec Pleads Guilty to Fraud

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.

So, You Think You Have Problems?

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.