Practice

The Securities and Exchange Commission has initiated cease-and-desist proceedings against a New York-based advisor for submitting false information on a registration form in a bid to duck its regulatory obligations with state authorities.

The Investment Company Institute, noting its disagreements with outgoing Securities and Exchange Commission chairman Mary L. Schapiro, lauded the “record of accomplishment” of the woman nominated to succeed her.

Securities and Exchange Commission Chairman Mary L. Schapiro said she will leave her office before the end of the year.

Securities and Exchange Commission Chair Mary L. Schapiro will step down on Dec. 14, the commission announced Monday.

UBS AG was fined 29.7 million pounds ($47.6 million) by the U.K. and told by the Swiss that it may have to increase capital levels for operational risks as regulators levied penalties after Kweku Adoboli’s $2.3 billion trading loss.

SAC Capital Advisors LP is seeking to calm investor concern about founder Steven A. Cohen’s trading in two drug stocks and possible regulatory sanctions after prosecutors for the first time tied Cohen to a specific transaction at the center of an insider-trading investigation.

It’s a well-worn a cliché, mostly used in association with professional team sports and meant to convey a cutthroat but fundamental reality: You’re only as good as your last game. It may be harsh, but such is the nature of professional sports, a world where high-stakes games are played by extremely wealthy, though frequently unsophisticated young men who all too often have a meteoric rise to stardom, only to have it be accompanied by a sudden, abrupt fall from grace.

Morgan Keegan & Co. is going to trial before a judge whose decision to throw out regulators’ claims the retail brokerage misled thousands of investors about the risks of auction-rate securities was reversed on appeal.

The annual gift tax exclusion, which has been $13,000 since 2009, will be $14,000 in 2013, the IRS has announced.

UBS Wealth Management Americas has snagged a Merrill Lynch team in Cincinnati with more than $1 billion in client assets under management.