You have to be living under a rock to not know about the Protocol for Broker Recruiting. This was an agreement entered into between UBS, Merrill Lynch and Citigroup/Smith Barney/Shearson Lehman Brothers (whatever they wanted to be called then) that [...]
FINRA has proposed rule amendments to the customer and industry arbitration codes. These amendments would codify procedures to allow registered representatives who are not named in arbitrations to receive an expungement order from the panel. The current procedure is a [...]
I haven’t been to it in four years. Not much has changed, other than somehow we have all gotten older. I am going to try something new, tweeting from the conference. You can follow me here. I am hoping it [...]
What could a comment on text messaging and driving possibly do with a blog that primarily discusses securities and commercial matters? A lot, actually. Here’s the deal. Too many people are injured or killed because of texting. It’s bad enough [...]
Unfortunately, many brokers treat the form U-4 as a necessary evil. Many view it as a form that stands between them and registration. Of course, the regulators view the form as an opportunity to examine a broker’s background. And the [...]
I thought this smelled when I first heard about it. When Merill Lynch merged with Bank Of America, the retention awards were made by an entity called Merrill Lynch International Finance, or some such nonsense. And I heard that there [...]
It’s interesting how the securities business goes in cycles. Over 20 years ago, my former employer Prudential Securities (now Wells Fargo Advisors) had problems with limited partnerships. At the time, the Prudential Securities name became synonymous with limited partnership sales, [...]
Palm Beach County is famous for many things. Burt Reynolds, Tiger Woods, Michael Jordan, Spring Training for the World Series-winning St. Louis Cardinals are among them. Sometimes Palm Beach County gets in the news because the United States Supreme Court [...]
It’s all over the news, at least that section of the web that I frequent, that FINRA employees changed documents before handing them over to the SEC. The Reuters story by Suzanne Barlyn and Sara Lynch can be found here. My [...]
This concept has always fascinated me. A company such as Citigroup pays a huge fine but says “we didn’t do anything wrong.” In this case, Citigroup agreed to pay the fine for allegedly piecing together a sweetheart transaction where it made money [...]
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