Cohen Article Published in The Investment Lawyer
Feb 21, 2007 Gary Cohen's article, "Fund Director Approval of Advisory Contracts: Shareholder Report Disclosure," was published in the January 2007 issue of The Investment Lawyer.
Marilyn Sponzo Returns to Private Practice at Jorden Burt
Nov 20, 2006 Broker-dealer compliance counsel Marilyn A. Sponzo returns to private practice in the Securities industry group of Jorden Burt.
SEC Extends No-Action Relief for Customer Identification Rule
October 2006 The SEC Division of Market Regulation issued a letter to the Securities Industry Association extending no-action relief that was originally granted in February 2004.
FinCEN and FRB Release Proposal to Reduce or Eliminate Funds Transfer Reporting Threshold
October 2006 The Financial Crimes Enforcement Network and the Federal Reserve Board recently published an advance notice of proposed rulemaking seeking information on the effect of reducing or eliminating the dollar threshold in the
recordkeeping rules for transfers and transmittal of funds.
Summary NASD Arbitration Decisions Remain Controversial
October 2006 Courts and the NASD continue to consider under what circumstances an NASD arbitration panel should be permitted to grant a summary dismissal motion: i.e., a motion to dismiss an arbitration claim prior to a hearing on the merits of the claim.
SEC Withdraws No-Action Letters Regarding Commissions Paid on Insurance Products
October 2006 The SEC staff recently stated that commissions on the sale of insurance securities products may be paid to an insurance agency that is not a registered broker-dealer only where both: (1) a state's law requires the commissions to be paid to an insurance agency licensed in that state, and
(2) a legal impediment prevents the recipient of the commissions from being, at the same time, a licensed insurance agency and a registered broker-dealer.
NASD Annuity Roundtable: The Storm Before the Calm
October 2006 Several months have passed since the May 5, 2006 NASD Annuity Roundtable and inquiring minds want to know: what has happened since? Not much. The regulatory
silence is notable.
Recent SLUSA Developments
October 2006 Among recent SLUSA developments, the United States Supreme Court has addressed the reviewability of a federal district court order remanding a case originally removed under SLUSA, and, in another case, a district court held that plaintiffs may not avoid SLUSA preclusion by recharacterizing misrepresentation claims as negligence claims.
Michael Valerio's article, "Putman Fiduciary Trust Company: A Seaboard Report for Regulated Entities," published in 6/06 issue of The Investment Lawyer
June 2006 In conjunction with its January 2006 announcement regarding the filing of a civil fraud action against six former officers of Putnam Fiduciary Trust Company ("PFTC"), the SEC also announced that it would not be initiating any action against PFTC, citing the "extraordinary" cooperation and remedial steps taken by the company. Through this announcement, the SEC provides its latest affirmation regarding the types of action and cooperation it expects from an organization to bolster its chances of avoiding enforcement action.
UPDATE: NASD Rules 3012 & 3013
June 2006 Are you prepared for your next NAS D examination? The April 1 deadline for the initial NASD Conduct Rule 3012
annual review of supervisory procedures and the Rule 3013 CEO certification has passed, and areas of special attention
by NASD include adequate supervision of complex investment products and regulatory violations that may go unnoticed, particularly at branch offices.
NASD Issues Alert on Customer Advisory Centers
June 2006 On March 15, 2006, NASD issued an investor alert regarding the growing use of so-called "customer advisory centers" that provide financial planning services, sell securities products, and receive commissions or other financial incentives for doing
so.
Federal Court Dismisses Independent Agents' Claims Relating to Insurers' Introduction of Endorsed Section 403(b) and 457 Variable Annuities
Sep 12, 2005 Jorden Burt's defense team defeated independent agents' complaints relating to an insurer's sale of Section 403(b) and 457 variable annuities in the Eastern District of Louisiana.
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