The Financial Industry Regulatory Authority (FINRA) fined Oppenheimer Co., Inc. $1 million for "submitting mutual fund breakpoint data to FINRA that the firm knew to be inaccurate, as well as for related supervisory deficiencies." It was found that on two occasions, Oppenheimer submitted inaccurate and incomplete data in response to NASD's request to perform a self-assessment of its mutual fund breakpoint discount practices. In addition to a fine, censure, and independent consultant's review, Oppenheimer is obligated to conduct internal audits of its processes for intake, assignment and responses to regulatory inquiries. Oppenheimer is required to report its findings to FINRA quarterly for a period of six quarters…
Compliance officers at broker/dealer firms will have a chance to discuss new and changing regulations during a series of seminars organized by the Securities and Exchange Commission. Co-sponsored by FINRA, the CCOutreach B/D seminars are designed to answer questions that compliance officers say they feel are most pressing. A national seminar to be held at SEC headquarters in Washington, D.C. is tentatively scheduled for next March, and several regional seminars will be held in other locations around the country. Topics on the agenda include sales practices, particularly for variable products and issues involving seniors; compliance programs for trading activities; debt security issues; conflicts of interest; how to protect customer data and private information; and the compliance officer's role in the financial industry's constantly changing environment. Compliance officers can submit ideas for topics to be discussed or can volunteer to speak at the seminars by emailing [email protected] or [email protected]. In January, information on registering to attend will be available on the two websites, www.sec.gov/info/bdccoutreach.htm and www.finra.org/bdccoutreach…
Christine Nigro has been promoted to president of AXA Advisors, LLC, the B/D for the retail distribution channel of AXA Equitable Life Insurance Company. Nigro joined AXA Advisors in May 2006 as the broker/dealer's COO. Prior to joining AXA Advisors, Nigro was VP and director of personal financial services, investment operations, and customer service for JP Morgan Chase…
