SG Cowen fined US$800,000 for failing to report millions of orders
Final phase of TRACE to increase bond transaction reporting
Ratings to be incorporated into TRACE system
U.S. securities firms must designate chief compliance officer
Can suspend former brokers for failing to pay arbitration or settlements
For the first time, the NASD has suspended a firm from opening new mutual fund accounts.The NASD sid Thursday that National Securities Corp. may not open accounts for new clients for 30 days for its involvement in deceptive market timing practices and for failing to have an adequate supervisory system to prevent deceptive market timing […]
The NASD said Thursday it has censured and fined Morgan Stanley DW Inc. US$2.2 million and blocked it from registering new brokers for a week as punishment for more than 1,800 incidents of slow disclosure of customer complaints, disciplinary actions, and other issues involving its brokers. NASD also required Morgan Stanley to hire an independent […]
NASD says firms improperly priced corporate bonds, kept inadequate records
The National Association of Securities Dealers has censured and fined Piper Jaffray & Co. US$2.4 million for engaging in “spinning” initial public offerings. The Washington-based regulator said Monday Piper Jaffray violated NASD rules by allocating and selling profitable hot IPOs to executives of corporations from which the Wall Street investment banker was seeking, or had […]
Transparency key to stemming "appalling abuses of public trust"