Practice

The Securities and Exchange Commission has filed a settlement enforcement action against Bank of America’s Banc of America Investment Services Inc. for failure to disclose it favored two mutual funds.

The Financial Industry Regulatory Authority’s National Adjudicatory Council yesterday upheld FINRA’s 2006 decision to fine American Funds Distributors $5 million for directing traders—worth $98 million in brokerage commissions—between 2001-2003 to 46 broker/dealers that sold its family of 29 mutual funds.

The Hartford suffered a serious 83% drop in net income due, the firm announced yesterday, to poor investments.

The Charles Schwab Foundation will sponsor awards for the National Financial Literacy Challenge, a 35-question test of personal finance for high school students in the U.S.

WASHINGTON - The Office of the Comptroller of the Currency's $144 million enforcement order against Wachovia Corp. is likely to force banks to step up oversight of telemarketing customers.

At the Securities and Exchange Commission's meeting on April 17 and 18 in Washington, D.C., open only to chief compliance officers, SEC chief examiner Gene Gohlke announced that mutual funds can now add forensic testing to their SEC exam checklist of funds' own annual internal compliance reviews.

Many investors are gasping at the first-quarter losses on their financial statements and wondering whether they should change their asset allocation to a more conservative plan.

Hedge Fund Investments Drop in First Quarter

NEW YORK - As the world economy becomes increasingly connected, communicating important financial information, such as income statements, cash flow, balance sheets and mutual fund returns, would be all but impossible without a common language.

Talk about a living legend brimming with institutional knowledge.