SIFMA
SEC ups qualified investor thresholdPosted by RJ and Makay on Feb 16, 2012 |
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The Securities and Exchange Commission (SEC) announced yesterday that it is tightening its rule governing investment advisory performance fees by raising the net worth requirements for qualified investors by excluding the value of the investor’s home from the net worth calculation. Under the current rule, registered investment advisors may charge clients performance fees if the client’s assets under management or net worth meet certain dollar thresholds.
The Securities Industry and Financial Markets Association (SIFMA), in its effort to discipline deadbeat brokers, wants the Financial Industry Regulatory Authority (FINRA) to reign in brokers that have failed to pay back promissory note loans. SIFMA is urging FINRA to amend its rules to prevent brokers from pleading poverty to avoid arbitration repayment orders.
Stock market volatility has been high this year, but it may not be that unprecedented, according to Joseph Mecane, chief administrative officer of U.S. markets for NYSE Euronext. In August alone, the value of equities markets moved up or down more than 1% eleven or twelve times, he said. The volatility will probably continue, he told a gathering of industry professionals at the annual meeting of the Securities Industry and Financial Markets Association (SIFMA).
