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Self-Regulation And Enforcement In Financial Markets: Evidence From Investor-Broker Disputes At The NASD
This paper investigates whether self-regulation in financial markets leads to greater industry bias and expertise in enforcement. Using hand-collected data on securities arbitration disputes from the National Association of Securities Dealers NASD, the author document that pro-industry arbitrators are selected more often to arbitration panels than pro-investor ones (selection on...
Hedge Fund Update: What a Year It Has Been!
This article provides a survey of the major developments affecting hedge funds over the past twelve months, including the SEC staff's report and recommendations last fall, the market timing scandals, NASD's new rule relating to the allocation of IPOs of equity securities by NASD member broker/dealers, and the new CTA/CPO...
NASD Issues Interpretive Letter Prohibiting The Use of Related Performance Information In Hedge Fund Sales Material
On October 2, the National Association of Securities Dealers, Inc issued an interpretive letter to the Securities Industry Association. Among the conclusions set forth in the Interpretation was the NASD's view that Rule 2210 of its Conduct Rules prohibits a member from publishing or distributing hedge fund sales materials that...
Should You Exchange Your Life Insurance Policy?
If you own a life insurance policy, you may have been approached to exchange it for another new policy. This article helps you to know that even though the tax laws make the exchange income tax free and the new policy may appear better to you, you may be losing...
Investing with Borrowed Funds: No "Margin" for Error
Investor purchases of securities "on margin" have grown dramatically in recent months. As NASD recently reported, the amount of debt taken on to buy securities reached $174 billion in July, an increase of over 25% since the beginning of the year. Some commentators see this growth as a sign that...
Recent NASD Actions Impose Additional Regulatory Restrictions on the Offer and Sale of Hedge Funds
Hedge fund managers historically have faced a difficult challenge in tailoring their solicitation activities to fit within the narrowly defined statutory and rule-based regulatory regime under which they operate. Hedge fund managers who utilize the Internet as a sales and communication tool must take special take in this regard. These...
Principal-Protected Funds - Security Has a Price
The recent bear market has left many investors worried more about securing the return of their investment dollars than about the return on their investments. Financial product providers have responded by marketing new types of mutual funds that pledge to guarantee, for a set period of time, that the capital...
NASD And NYSE Adopt New Rules On Analyst Recommendations Of Securities
In response to growing concerns about potential conflicts of interest presented by analyst recommendations of securities in research reports and public appearances, both the NASD and the NYSE have adopted new rules that are designed to improve the quality and objectivity of research and to broaden the disclosure obligations applicable...
Invest Wisely
If you are making an investment through a broker, you must decide which brokerage firm also referred to as a broker/dealer and sales representative also referred to as a stockbroker, account executive, or registered representative to use to make your investment. This article guides us to the points which one...
Mutual Fund Breakpoints: A Break Worth Taking
Mutual funds often offer discounts on front-end sales charges or loads for larger investments. The investment levels at which the discounts become available are called "breakpoints." The purpose of this article is to discuss that investors have not received breakpoints discounts to which they're entitled in many instances and that...
Understanding Mutual Fund Classes
As an investor, you may have read about "Class A," "Class B," Class C", or other classes of mutual fund shares. If you are thinking about choosing one of these classes, it is important for you to understand the differences between them. NASD regulates broker/dealers and their registered representatives, and...
NASD And NYSE Restrictions
It discusses prohibit provisions for a member that has acted as a manager or co-manager of a securities offering from distributing a research report or making a public appearance concerning a subject company 15 days prior to and after expiration, waiver or termination of a lock-up agreement.
Are Variable Annuities Right For Your Clients?
In some situations, investing in variable annuities VAs may be a good choice, while in others investing in securities held within a taxable account may be more appropriate. The primary objective of this article is to develop client profiles for potential VA owners and for current VA owners who might...
A Review Of The Proposed Amendments To The NASD’s Corporate Financing Rule
This paper overviews that the corporate financing rule generally provides that the amount of compensation paid to underwriters and their associates in connection with a public offering of securities and the terms and arrangements relating to the proposed distribution of securities must not be “unfair or unreasonable.” Underwriters and their...
Variable Annuities In Qualified Plans--The Superior Choice
The annuity, whether fixed, variable or a combination, stands at the forefront as an excellent funding method for the full range of qualified retirement programs. This concept has received much negative attention in recent years - ranging from class action lawsuits, to NASD arbitrations, to critical press, even to NASD...
Stock Spams and Scams
You may have received "spam" or junk e-mail recommending you invest in a stock, perhaps even invest in that stock before it is first publicly offered for sale in an Initial Public Offering IPO. You should know that there are now no federal prohibitions against sending spam. But there are...
Should You Exchange Your Variable Annuity?
If you have a life insurance or annuity contract, you may have been approached to exchange it for a new model, one with better or the latest features. You need to know that even though tax law makes the exchange income tax free and the new contract may sound better...
Personal Financial Planning
You have to know what you want and then commit to a plan to meet your goals. The hazards of not planning include the risk of having a lifestyle of limited choices. A financial plan can be a positive force that helps strengthen personal relationships as people work together to...
The Fleecing of Foreign Investors: Avoid Getting Burned by "Hot" U.S. Stocks
U.S. Securities & Exchange Commission encourages all investors to thoroughly investigate any investment opportunity and the person promoting it before you part with your money—especially if you are a non-U.S. investor seeking to invest in U.S. stocks. This is particularly important if you learn about the investment on the Internet...
Investors' Best Practices
NASD operates an Investor Complaint Center that is designed to receive complaints from investors regarding their brokers and/or the firms that employ them. NASD's role is to investigate these complaints for potential violations of securities laws or regulations. This Web Page discusses some of the most common problems reported by...
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NASD Company Info
NAICS Code
Business Associations: 813910
