- Money Management Executive
Although industry executives expected SEC Chairman Christopher Cox to let the independent directors rule to fall by the wayside, insiders now tell The Wall Street Journal that he intends to bring it to a vote yet again, and find a compromise on the hotly contested issue of requiring fund boards to be overseen by independent directors. The SEC is expected to keep the requirement that 75% of a fund’s board be independent but rather than requiring the chairman to hold one of those seats, it might assign a lead independent director and give that person greater responsibilities.
February 13 - Money Management Executive
The NASD has fined AllianceBernstein, Putnam Investments and Scudder a total of $700,000 for improperly paying for entertainment and guest expenses at training and education meetings.
February 13 - Money Management Executive
The NASD has fined four Fidelity Investments broker/dealer subsidiaries $3.75 million for lax supervision, including allowing brokers to accept lavish gifts.
February 12 - Money Management Executive
WASHINGTON-Beyond automatic enrollment in 401(k) plans, the Pension Protection Act (PPA) includes a host of provisions that offer fund companies sales opportunities surrounding not how the 2006 law allows individuals to accumulate assets in their working years, but how they distribute those assets later.
February 12 - Money Management Executive
Firms are starting to implement changes to comply with the Securities and Exchange Commission's redemption fee Rule 22c-2, but not without encountering challenges.
February 12 - Money Management Executive
WASHINGTON-The Pension Pro- tection Act (PPA) reflects a change not in the investment industry, but in the very fabric of the American workforce, said Vanguard Chief Executive and Chairman John J. Brennan.
February 12 - Money Management Executive
The Securities and Exchange Commission is taking proceedings against brokerage Trautman Wasserman and a number of its executives, including its chairman and chief executive officer, charging them with late trading and market timing for clients and the firm's own account. Named in the case are CEO Greg Trautman, Chairman Samuel Wasserman, Chief Compliance Officer Forde Prigot, Chief Financial Officer Mark Barbera, Chief Administrative Officer Jerome Snyder and Registered Representative James A. Wilson, Jr.
February 12 - Money Management Executive
The Securities and Exchange Commission is reportedly investigating whether large brokerage firms are sharing information about big trading blocks, by such companies as large mutual funds, with favored clients, such as hedge funds.
February 12 - Money Management Executive
President Bush's 2007 proposed budget increases funding for the Securities and Exchange Commission only 3%, to $905.3 million compared to $904.8 million in 2006. Last year, Congress cut that request down to $877.1 million.
February 12 - Money Management Executive
Janus CFO, Counsel Plan To Step Down in March
February 12