WALL STREET @MainandWall™: Fw: Wall Street banks fined $43.5M for promising positive research

Friday, December 12, 2014

Fw: Wall Street banks fined $43.5M for promising positive research

Sent from my Verizon Wireless BlackBerry

From: "NYSSA SmartBrief" <nyssa@smartbrief.com>

Date: Fri, 12 Dec 2014 07:23:10 -0600 (CST)

To: <mainandwall@aol.com>

Subject: Wall Street banks fined $43.5M for promising positive research

Senate takes up $1.1T spending bill | Wall Street banks fined $43.5M for promising positive research | SEC chief: Court rejection of insider-trading convictions "overly narrow"

Created for mainandwall@aol.com | Web Version

December 12, 2014

Daily newsletter from NYSSA for investment professionals

FORWARD

Sponsored By

Senate takes up $1.1T spending bill
Debate is set to begin in the Senate on a $1.1 trillion spending bill to head off a U.S. government shutdown. The House passed the measure in a 219-206 vote Thursday night. Its version would fund most of the government for a full year and includes a rollback of some Dodd-Frank Act provisions related to derivatives trading. Bloomberg (12/12), The New York Times (tiered subscription model) (12/11), The Washington Post (tiered subscription model) (12/11)

One Week, Once A Month, One Columbia MBA.
Now you can be home, taking care of business, and be in New York, taking your business to game-changing new heights with Columbia Business School's newest Executive MBA, EMBA-Americas. Visit our site to learn more and sign up for an information session in your area.

Industry Update

Wall Street banks fined $43.5M for promising positive research
The Financial Industry Regulatory Authority fined 10 Wall Street banks a total of $43.5 million for "implicitly or explicitly" promising Toys R Us and its private equity owners positive analyst coverage. The banks made the offer to win participation in the company's initial public offering, FINRA said. Bloomberg (12/11)

SEC chief: Court rejection of insider-trading convictions "overly narrow"
A recent federal appeals court decision that overturned two insider-trading convictions is an "overly narrow" view of insider-trading laws, said Mary Jo White, head of the Securities and Exchange Commission. The 2nd U.S. Circuit Court of Appeals vacated convictions of two former hedge fund managers Wednesday. CNBC (12/11)

SEC may strengthen oversight of asset managers
Securities and Exchange Commission Chairman Mary Jo White said in a major policy speech that the regulator is considering imposing tougher supervision on major asset managers. Current regulations fail to adequately deal with the way asset funds and their advisers manage risk, she said. Reuters (12/11), Pensions & Investments (free access for SmartBrief readers) (12/11), The Wall Street Journal (tiered subscription model) (12/11)

SEC writing rule requiring advisers to adopt continuity plans
Mary Jo White, head of the Securities and Exchange Commission, said staff members are developing a rule that would require advisers to establish a continuity plan, which would take effect if they left their practice or became incapacitated. According to the SEC's regulatory agenda, the agency plans to take up the rule in October. InvestmentNews (free registration) (12/11)

Analysis: Capital rules may bring banks less, not more, stability
New capital rules for America's systemically important banks were intended to improve their stability, but it is inevitable that they will also produce some instability, according to The Economist. "The new rules discourage banks from holding big corporate deposits, which may push this money to less regulated entities," the magazine notes. The Economist (tiered subscription model) (12/13)

Is Pricing Low Your Strategy to Success? Think again.
Pricing is the heart of a business. It affects everything you do and is affected by everything you do. Economists talk of supply and demand as key factors behind pricing—successful entrepreneurs manipulate demand by making their products more desirable. These six steps will help you determine the right price for your product or service, read the article and learn how to get pricing right.

New York Focus

Sponsored By

Cuomo says he probably won't back pay raise for legislators
New York Gov. Andrew Cuomo said he's unlikely to go along with a pay raise for legislators because they aren't interested in supporting his proposals for ethics reform. Members of the Senate and Assembly last had a raise in 1999. The New York Times (tiered subscription model) (12/11)

N.J. pension system further hurt by promises not met, expert says
New Jersey has failed to fund pensions as promised, says the head of a commission formed to examine problems with pension system. "The solution mandated payments Gov. [Chris] Christie didn't make. That's one reason it's getting worse," says Thomas Healey, who was named chairman of the commission by Christie. The Wall Street Journal (tiered subscription model) (12/11)

Hyland Whitepaper: Receivables Document Management
By automating your AR department, your organization can create a seamless process from document creation to approval. Discover how with the right solution, your organization can guarantee tight control over the entire order-to-cash-process.

Business Tips and Advice

Sponsored Links from American Express OPEN on openforum.com

5 Signs You've Maxed Out Your Entrepreneurial Abilities Mike Michalowicz

3 Skills to Help Your Team Complete Key Projects Denise O'Berry

Branding 101: The Small-Business Guide to Building a Killer Brand Identity Lou Imbriano

5 Tips for Responding Positively to Negative Online Comments Vivian Wagner

How to Be a Better Negotiator Anthonia Akitunde

Click here to learn more about Featured Content

People & Personalities

Sponsored By

Blankfein weighs in on Washington antagonists
Lloyd Blankfein, CEO of Goldman Sachs Group, is pushing back against Washington's animosity toward Wall Street, comparing the financial sector with the U.S. military during the unpopular Vietnam War. "I certainly don't think it's a virtue to declare a big segment of the economy off limits," he said at a conference in New York. The New York Times (tiered subscription model)/DealBook blog (12/11)

Get advice from author Guy Kawasaki.
Join OPEN Forum^® today to download the exclusive Growth Guide, "The Art of Getting Customers" by entrepreneur, author, and brand evangelist Guy Kawasaki. Learn More.

Financial Products

Sponsored By

WisdomTree launches ETF that excludes state-run firms
WisdomTree has introduced an exchange-traded fund that buys emerging-market equities that aren't state-owned. The WisdomTree Emerging Markets Ex-State-Owned Enterprises Fund buys the stocks of only emerging-market companies in which government ownership accounts for less than 20% of total market capitalization. ETF.com (12/11), Bloomberg (12/11)

Get this weekly email summary written by expert editors
As a valued SmartBrief reader, the Consumer Bankers Association (CBA) is pleased to offer you a complimentary subscription to CBA SmartBrief. More than 8,000 of your peers use this CBA resource to stay abreast of the people, policies and information affecting the consumer financial services industry. Activate your free subscription today.

SmartQuote