AML Template for Small Firms

You can now smfind a template for small firms on FINRA’s site that will help them in establishing the AML compliance program. It includes relevant rules, Web sites, text examples, and other sources that will definitely be helpful during the development of an AML plan.
Click here to access FINRA’s page for this particular item.

Home Sales Up in November

Existing home sales were up 7.4% in November and the mortgage rates have risen. Current sales are at the highest level since Feb 2007. Some economists claim that this rise was expected due to the first time buyers looking to benefit from the tax credit. Not surprising NAR (National Association of Realtors) reported that 51% [...]

New Podcasts from FINRA

Two new podcast are now available through FINRA’s website:
- PANDEMIC PREPAREDNESS (PART 1)
- CHANGES TO TWO OF THE SECURITIES INDUSTRY’S REGULATORY ELEMENT CONTINUING EDUCATION PROGRAMS (S101/S106)
For more info or to view them please click on this link.

Improper Soft Dollar Payments

FINRA has fined Terra Nova Financial $400,000 for making over $1Million in improper soft dollar payments to five hedge fund managers. The charges were also due to poor supervision and failing to retain its business-related electronic instant messages.
 
“Broker-dealers that collect soft dollars and make payments for their hedge fund clients must possess and implement adequate [...]

Morgan Stanley Looks to Sell China Investment Bank Stake

Morgan Stanley is seeking a buyer for its 34 percent stake in investment bank China International Capital Corp, Wei Sun Christianson, the U.S. bank’s China chief executive, said on Monday. Check out the story below.
http://www.cnbc.com/id/33713113

Are you still waiting on your Refunds Check?

IRS has combined $123.5 Million from 107,831 refund checks, which have been returned by the Postal Services due to invalid mailing address. Chances are if you have been waiting on your refund check your mailing address must a mismatch with IRS’s records. Taxpayers only have to go to “Where’s My Refund?” tool on IRS.gov or [...]

Strong Cisco Earnings

The company reported strong earnings this afternoon. Earnings per share were $0.36 above the expected $0.31.  Cisco also announced today that its board of directors is authorizing up to $10 billion in additional repurchases of its common stock.

Q1 Net Sales: $9.0 billion (decrease of 13% year over year)
Q1 Net Income: $1.8 billion GAAP; $2.1 billion [...]

Berkshire’s Family keeps growing

Burlington Northern (BN) announced few min ago that it agreed to be purchased for $100/share by Warren Buffett  -total transaction comes to about $4 billion and it will be finalized by Q1 2010…and who said deals were dead?

FINRA’s registration renewals and new hires

FINRA’s renewals are mandatory for all registered personnel, but how fair is it for reps who are looking to change firms. If a rep decides to change firms in the last quarter, FINRA charges the rep  registrations for 2009 at the new firm and then is expected to pay 2010 registration fees for December. Reps need to [...]

FINRA 2010 registration renewal

FINRA’s annual registration renewal program will be commencing shortly with the preliminary statement coming out on November 14th. All registered personnel are required to renew their registrations.  Broker Dealers will have different schedules for collecting registration fees from their registered reps, however all broker dealers must submit their payment to FINRA by December 11, 2009. [...]

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