On Jan. 15, the NASD announced that its membership approved 22 members for its board of governors at the group's annual meeting in Washington, D.C.But Alan Davidson, owner of Zeus Securities in Jericho, N.Y., and president of the 100-member...
Of 53 comment letters received by the NASDR on its proposed U-5 immunity rule, A.G. Edwards was the only firm to oppose the plan.In its letter, A.G. Edwards recommended against approving the rule, which would provide more legal protection for...
Now that the NASD proposal to cap punitive damages in customer cases is pending before the SEC (see "Punitive Damages Proposal is Hot Issue," Page), a trial balloon proposing that the same sort of cap be imposed in employment cases also has been...
When Federal District Judge Nancy Gertner ruled that forcing discrimination claims into arbitration at the NYSE was inherently unfair because of "the extent to which the NYSE arbitration system is dominated by ... the employment side of the...
Remember when good branch managers reminded you of your dad? Whether man or woman, they'd push you hard to succeed, dress you down when you deserved it, take the time to listen--and always be there. Just like dad. Their advice was wise because...
The NASDR enforcement staff's puzzling pursuit of a small-order execution system (SOES) firm for more than a year over one small trade has refueled allegations that the NASD treats small firms unfairly.Last August, the NASD National Business...
The SEC gave the industry a big gift for New Year's. On Dec. 31, after lengthy negotiations that took more than 15 months, the SEC approved the NYSE's new rule on broker/client correspondence. The upshot: Brokers can now send E-mail to their...
Since 1990, Dean Witter, Merrill Lynch, Prudential, PaineWebber and Smith Barney have lost significant market share in all three main asset categories--equity, tax-exempt bond and taxable fixed income.According to asset data from Lipper Analytical...
One week after installing a new board of governors, and less than one month after ending comment on a controversial U-4 and U-5 immunity proposal, the NASD Board of Governors has approved enhanced immunity for statements member firms put on...
The SEC has sent back to the NASD a controversial proposal that would cap punitive damages investors could win in NASDR arbitrations.An SEC spokesperson says sending proposals back to SROs with comment letters the agency has received is part of...