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Mr. Chairman and Members of the Subcommittee: NASD is grateful to the committee for inviting us to testify on NASD's regulatory activities regarding inappropriate sales of certain investment products to members of the armed forces, and for allowing us to submit this statement for the record.
Mr. Chairman and Members of the Subcommittee: NASD would like to thank the committee for the invitation to testify regarding securities arbitration.
In December of 2002, the Securities and Exchange Commission (SEC), New York Attorney General, the North American Securities Administrators Association (NASAA), the New York Stock Exchange (NYSE), and NASD reached an agreement in principle with ten of the nation's largest investment banks to resolve issues of conflicts of interest involving research analysis and initial public offerings (IPOs).
Mr. Chairman and Members of the Committee: NASD would like to thank the committee for the invitation to submit this written statement for the record.
WASHINGTON — The Financial Industry Regulatory Authority (FINRA) announced today that it has barred Kenneth Ronald Allen, a former equity trader at First New York Securities L.L.C., from the securities industry for trading Japanese securities on the basis of material, non-publicized information that he received from a corporate insider.
WASHINGTON — The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Goldman Sachs Execution & Clearing, L.P. $800,000 for failing to have reasonably designed written policies and procedures in place to prevent trade-throughs of protected quotations in NMS stocks from November 2008 through August 2011 in connection with trading in its proprietary alternative trading system, SIGMA-X.
WASHINGTON – The Financial Industry Regulatory Authority (FINRA) today began publicly disseminating Rule 144A transaction data in corporate debt securities, bringing transparency to a market that had previously operated in the dark. 144A transactions – resales of restricted corporate debt securities to large institutions called qualified institutional buyers (QIBs) – account for a significant portion of the volume in corporate debt securities.
WASHINGTON — The Financial Industry Regulatory Authority (FINRA) announced today that a FINRA hearing panel has expelled Washington, D.C.-based Success Trade Securities, Inc. from membership and barred its CEO and President, Fuad Ahmed, for the fraudulent sale of promissory notes and for creating a Ponzi scheme.
WASHINGTON — The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Merrill Lynch, Pierce, Fenner & Smith, Inc. $8 million for failing to waive mutual fund sales charges for certain charities and retirement accounts. FINRA also ordered Merrill Lynch to pay $24.4 million in restitution to affected customers, in addition to $64.8 million the firm has already repaid to harmed investors.
FINRA applauds Chair White's speech today on the important issue of enhancing America's equity market structure.