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Regulation & Compliance

Money Funds Off Hook on SEC Credit Rating Rule

September 1, 2010 - SEC reprieve for money funds that would require them to approve of the credit rating agencies they must use to determine whether a security is eligible for investment.

Adviser Groups Spar Over Fiduciary Solution

September 1, 2010 - Two advisor trade groups - the Securities Industry and Financial Markets Association and Financial Planning Coalition, which consists of the Certified Planner Board of Standards, the Financial Planning Association and the National Association of Personal Financial Advisors - finally sent in their comment letters to the Securities and Exchange Commission regarding Section 913 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, or what the Commission should do about enforcing a blanket…

SEC Hires Regulatory Veteran John Ramsay

August 30, 2010 - The SEC appoints John Ramsay deputy director of trading and markets division - a role that will be key to the Dodd-Frank bill.

BlackRock Argues Against Adding Asset Allocations to Target-Date Fund Name

August 26, 2010 - In a letter to the SEC, investment management firm says it does support enhanced disclosure.

Merrill Lynch to Pay $2.5 Million Over UIT Discounts

August 18, 2010 - Bank of America Merrill Lynch is set to pay $2.5 million in restitution and fines after failing to provide discounts to customers on a certain type of redeemable security, the brokerage industry's primary regulator said on Wednesday.

Fifth Guilty Plea Entered in Ongoing Federal Muni Investigation

August 13, 2010 - Martin Kanefsky of Kane Capital Strategies is facing 20 years in jail and multiple fines of $250,000 each in Justice Department probe.

SIFMA to SEC: Allow 'Flash Orders' in Options Trades

August 13, 2010 - SIFMA's Equity Options Trading Committee says a ban "could have significant adverse consequences for the options markets generally by decreasing competition and liquidity and increasing volatility."

Rules for Big Banks Likely to Spread to Others

August 13, 2010 - WASHINGTON — Though the Dodd-Frank regulatory reform law designed separate rules for large and small institutions, covering everything from capital to stress tests to consumer protection, a consensus is growing that the higher standards for bigger institutions will eventually apply to everyone else. "Two-tiered regulation by its nature falls apart because the regulators develop a familiar way of doing things, particularly for big banks, and they hold it up to the small banks," said Kip Weissman,…

Merrill Pays $728K Fine for Unregistered Associates' Sales

August 12, 2010 - Merrill Lynch agreed Wednesday to pay $728,260 in civil penalties for allowing unregistered client associates to sell securities in states where they were not permitted to do business.

Flash Crash Culprit: Computers, High-Frequency Traders ... or SEC?

August 11, 2010 - iShares/BlackRock study released in Schwab ETF media briefing shows that exchange-traded funds were the victims, not the cause of the May 6 Flash Crash nearly 1,000-point drop in the stock market. The circuit breakers are only seen as an interim solution.

MME Live Broadcast Web Seminar: ETF Administration

August 11, 2010 - September 10, 2010 / 12:00 Noon ET / Duration: One Hour

Computing Cloud Seen as Answer for Consolidated Audit Trail

August 11, 2010 - A supplier of risk management software to bulge bracket firms on Wall Street has proposed that the Securities and Exchange Commission rely on real-time data stored in a nationwide cloud of computing power and networks to create an effective audit trail of stock market activity.

FINRA Slaps Morgan Stanley With $800,000 Fine

August 10, 2010 - FINRA Fines Morgan Stanley for deficient conflict of interest disclosures in equity research reports and public appearances.

BAB Price Guidance Urged

August 10, 2010 - WASHINGTON — Four major municipal market groups are urging the Treasury Department to issue guidance confirming that the existing regulatory framework on issue price for tax-exempt bonds also applies to Build America Bonds and stating that if issuers follow certain long-standing practices, they can be confident they are complying with the rules in this area. …

Much Ado About 25 Bucks

August 10, 2010 - This week's Editor's Desk takes a look at what investors are actually paying in the controversial 12b-1 fees.