Regulation

Schapiro, 57, will be replaced as chairman when she steps down on Dec. 14 by Commissioner Elisse Walter, former senior executive vice president at the Financial Industry Regulatory Authority, President Obama said in a statement.

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.

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.

Nationwide Funds Group has merged the UBS High Yield Fund and UBS Global Equity Fund into the Nationwide High Yield Bond Fund and the Nationwide Global Equity Fund, giving Nationwide some $183 million in new assets

President Barack Obama has been re-elected. Is there portent for the mutual fund and exchange-traded fund industry?