Monday, May 31, 2010

Memorial Day Comment and Thank You

Remembering doesn’t do the remembered any good, of course. It's for ourselves, the living. I wish we could dedicate Memorial Day, not to the memory of those who have died at war, but to the idea of saving the lives of the young people who are going to die in the future if we don’t find some new way – some new religion maybe – that takes war out of our lives. That would be a Memorial Day worth celebrating.
This is from Andy Rooney. Read the entire commentary at

Watch the 2:37 Video + 15 second commercial.

A Memorial Day Thank You - posted by The Law Office of Ryan P. Smith, PLC.

The Department of Veterans Affairs reports that about one million men and women have died in the military during wartime, including about 655,000 battle deaths. This Memorial Day we honor these brave souls for making the ultimate sacrifice for our country. Better still, honor their sacrifice by performing a random act of kindness or simply thanking one of our current service members. (May 28, 2010)

Tuesday, May 25, 2010

FINRA - Annual Conference kick-offs | FINRA Fined Piper Jaffray $700,000 for Email

FINRA - Annual Conference

kick-offs tomorrow following yesterday's announcement that it Fined Piper Jaffray $700,000 for Email Retention Violations, Related Disclosure, Supervisory and Reporting Violations

Retention issue: Finra fines Piper Jaffrey over email archiving

– As summarized by the Investment News, Finra on Monday said the firm failed to keep 4.3 million e-mails from late 2002 through 2008, due to intermittent technical issues with retention and retrieval.The problem came to light after Finra asked Piper for an electronic version of a hard-copy e-mail the regulator had obtained during a separate investigation. Only then did the firm inform Finra of the retention issues, Finra said. Who are you going to call? See a related article entitled Backup and archiving suggestions for small broker-dealers

It is too late now to register FINRA's Annual Conference: In-person attendance has sold out. Space is still available for the live streaming video broadcast.Select conference sessions will be available via on-demand video in late June. CLE-eligible audio will also be available in late June. Register for what you can for FINRA's 2011 Annual Conference.
Recent Updates, Agenda, Sessions, CRCP Luncheon, Office Hours, Speakers, CLE and CPE Credit



Tuesday, May 18, 2010

Small Hedge Funds Pained By New Regulations | FINRA & Wall Street 'Hall of Shames'

Hedge funds have bounced back in a big way from the financial calamity of 2008, but that hasn’t stopped regulators from trying to hit the industry with new rules. Continue reading this at Dealbreaker.
which provides a link to CNBC which notes this could spur even more consolidation along the lines of Man Group/GLG deal yesterday.
Hedge Fund Inquiry Will Slam Small Funds []

Dealbreaker also has a piece on an Ex-Morgan Stanley Employee Running a Wall Street “Walk of Shame Tour” - video included from the Deal.

Seven (7) FINRA member firms recently were expelled or suspended for failing to pay fines or arbitration awards or for not supplying financial information. Twenty-seven (27) Individuals had their licenses revoked, were barred or were suspended for various reasons. See the list on pages 24-25 of the May 2010 FINRA Disciplinary Sanctions for via the FINRA Hall of Shame's Latest Entrants.

This is courtesy of Compliance Insights' What Went Wrong:
Who Got Theirs And Why.
Fines and Sanctions levied by the SEC, FINRA, NYSE Euronext, CFTC, CBOE, and others. Compliance Insights' most recent update is "FINRA: Thomas Weisel Dumped ARS's into Client Accounts"
Read more on the latest. "FINRA: Thomas Weisel Dumped ARS's into Client Accounts"

Tuesday, May 4, 2010

Finra Takeover of NYSE Regulation for Equities, Options Markets

NYSE Regulation, a not-for-profit subsidiary of NYSE Euronext, will oversee Finra's performance of regulatory services for its markets, according to a news release.

Finra Chairman Richard Ketchum said in a statement that the deal allows the group "to have a more holistic, cross-market approach to regulation" amid "fragmented markets, aggressive competition and complex trading strategies."

Ketchum had warned that multiple regulators jockeying to keep tabs on U.S. trading are working with an incomplete picture of the overall market, with differing sets of rules creating loopholes and the potential for some participants to avoid oversight.

"This is the right thing for the markets and the right thing for customers," NYSE Euronext CFO Michael S. Geltzeiler said. "Moving these types of activities to Finra, coupled with the business they have from Nasdaq and BATS, marks one step toward the optimal structure where we have a single market surveiller."

Geltzeiler said that eventually he would prefer all U.S. share-trading volume to go through the same regulatory surveillance required of exchanges like NYSE Euronext, and that consolidating these functions could make the overall process cheaper and more efficient for everyone.

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