Best Execution

What Are We Supposed to Be Doing? (The expanded version)

Remember that list of sample “to-dos” published in IM Insight on July 4, 2005? As promised, heres an expanded list, based on many helpful comments from industry participants. Use it to jog your memory, spark ideas, and/or give you a sense of what other firms are up to. Many of these to-dos are not explicitly […]

Advisers Shouldn’t Discriminate Against Third-Party Research, Says Meserve

John Meserve, president of BNY Research, is urging advisers to rethink the “less than best practices” in the way that advisers currently pay for research. At last weeks Institutional Investor Mutual Funds Best Practices Forum, Meserve suggested that the U.S. investment management industry take a close look at whats going on in the U.K. and […]

Congress to Step in to Reg. NMS Fray?

As expected, the SEC adopted Reg. NMS by a 3-2 vote on April 6. The rulemaking provides top-of-book trade-through protection, applicable to NASDAQ as well as the exchanges. It does not contain an “opt-out” exception.Compliance with the new trade-through rules will begin with a small group of representative stocks. The first phase will begin on […]

Real-Time Bond Prices Can Help Fixed Income Best Ex Analysis

The Bond Market Associations website is now providing free real-time bond price information in municipal, treasury, and corporate bond prices. The muni bond pricing info went live a few weeks ago; the corporate bond info just became available last week.An adviser can use the information to evaluate best ex “the same way you would […]

Fidelitys Roiter Sees Reg. NMS Benchmark Order Exception as Alternative to Opt-Out

Now that the opt-out provision has been left on the Reg. NMS cutting room floor, are you concerned about getting your large orders done? Regardless of how the Commission comes out on the depth of book or top of book options, it looks as though there will be at least two options in the final […]

Seeking Best Ex: Compliance Department Shouldnt Go it Alone

The compliance department shouldnt be the only group in the firm seeking best execution. At last months NRS conference, co-panelists James Anderson, partner at Wilmer Cutler Pickering Hale and Dorr, and Barbara Brooke Manning, CCO of Schroder Investment Management, emphasized the need to involve the firms business line in overseeing trading activities. “Set up an […]

Montag & Caldwell Suit Dismissed

Last week, a Florida state court officially dismissed the “back of the bus” best ex case against Montag & Caldwell. In 2001, a City of Gainesville pension plan filed suit against the Atlanta-based adviser, alleging that it caused losses to the plan by entering orders for the plans directed trades only after other client trades […]

OCIE Areas of Focus

“Themes” that OCIE is focusing on, according to OCIE general counsel John Walsh: undisclosed payments, undisclosed conflicts of interest, pricing practices, trading practices, and sales practice problems. Walsh, speaking at the NSCP conference, urged advisers to think broadly about risk issues. “Dont just say The SEC is now looking at this narrowly-defined problem, and were […]

There Are Different Ways to Unbundle Commissions, Says Bergmann

Is the SEC going to require advisers to somehow put a dollar value on research and other components of full-service brokerage, and disclose that information to clients? That unspoken question hung in the air during remarks made by Larry Bergmann, senior associate director in the SECs Division of Market Regulation, at the Securities Industry Associations […]

NASD Soft Dollar Task Force Report

The NASD Soft Dollar Task Force is getting ready to issue its report “in the next couple of weeks,” according to Robert Glauber, NASD chairman and CEO. Speaking at last weeks SIA conference, Glauber said that the group would “strongly recommend” that the SEC not create any disincentive to use third-party research, and that the […]

Audio Interviews

How to Read an SEC Enforcement Action

Stern Tannenbaum law firm partner Aegis Frumento on how to get the most from reading an SEC administrative order or court complaint.

Most Important Supreme Court Decisions for Advisers and Funds

Find out the high court decisions from recent years that are likely to affect how advisers and investment companies work from Debevoise partner Robert Kaplan. 

Top 10 Cybersecurity Steps to Take Now

Sutherland law firm partner Brian Rubin shares the most urgent cybersecurity steps for investment advisers.

Top Marketing Problems … and Solutions

Get solutions for the top marketing challenges that advisers face from ACA Compliance Group managing director Kimberly Daly

Watch Out for 5 Cybersecurity Myths

ACA Aponix Director Pascal Busnel on the most common cybersecurity myths that may cause firms to spend resources where they may not be needed.

The Hidden Costs of Non-Compliance

Proskauer law firm partner and former SEC Division of Investment Management deputy director Robert Plaze on why the costs of non-compliance go way beyond an SEC penalty.

CCO Liability: How to Protect Yourself

Find out from Blue Edge Capital CCO Margaret Fretz what chief compliance officers may be liable for and best practices to make sure you are protected.

Ethics or Compliance: Making the Choice

Find out the difference an ethics, rather than a compliance, perspective makes at an advisory firm from former Ethics and Compliance Officer Association COO Timothy Mazur.