An irreverent Wall Street Blog
by Bill Singer

Registered Rep. Magazine /

September 13, 2010

  

Street Legal: Roads Not Taken

There is a troubling lack of uniformity among regulators

http://registeredrep.com/advisorland/regulatory/finance_regulatory_consistency_roads/

To my eye, one trained through nearly three decades on Wall Street, I fail to appreciate any significant difference between PlanMember and China Yuchai - if anything, China Yuchai seems more directly involved in the software error that resulted in a $12.5 million reported error. As to PlanMember's liability, it seems largely predicated on its third-party vendor's miscue. While I understand that FINRA member firms must exercise reasonable oversight of outsider service providers, FINRA has not convinced me that this member firm's conduct warranted a censure and a $20,000 fine - particularly since a NYSE-listed company seems to have engaged in far worse supervision and merely agreed to a Cease and Desist order.

 
READ THE COMPLETE ARTICLE BY BILL SINGER AT

http://registeredrep.com/advisorland/regulatory/finance_regulatory_consistency_roads/
============================================

Don't Forget to Visit:

Wall Street's Leading Online Community:

http://BrokeAndBroker.com

 

http://BrokeAndBroker.com/index.php

 

The Comprehensive Online Wall Street Regulatory and Legal Website:

http://RRBDlaw.com

Permalink

Search BrokeAndBroker

Related Topics

Previous Entries

Tag Cloud

Bill Singer BrokeAndBroker FINRA Arbitration AWC SEC BrokeAndBroker.com Employment Expungement Street Sweeper Jobs Bill SInger Fraud Wells Fargo OBA Promissory Note Email Wire Fraud U5 Forbes U4 FBI UBS Merrill Lynch EFL Elderly ALJ Ponzi Citigroup Borrowing Outside Business Activity Morgan Stanley Statutory Disqualification PST OIP Rule 3270 Suitability Defamation Whistleblower Wachovia IRS Felony Mail Fraud Bank Form U4 Supreme Court DOJ BrokerCheck Wrongful Termination Employment Tuesday Supervision BrokerAndBroker Insider Trading Madoff SDNY Expenses CRD Forgery Form U5 Checks Bankruptcy Conversion NAC Dodd Frank Willful CCO Raymond James Indictment Credit Card Rule 3040 RIA Guest Blog Punitive Damages IRA Rule 3240 Street Legal Private Securities Transaction Facebook Real Estate Exam Ameriprise Power of Attorney Case In Point Settlement LPL Rule 2010 JP Morgan Tax Lien Bar Bank of America Wall Street NYSE Discovery Stephen Kohn Impersonation Antitrust Commissions Schapiro ATM Discretion Rule 1122 Outside Business Activities Mortgage Wire Goldman Sachs Schwab OHO Wife Annuities Appeal WSP Rule 8210 ETF Tax Liens Securities Fraud NASAA Promissory Notes Small Firm Business Expenses Employee Forgivable Loan Test SRO Tax Offer of Settlement ARS HFT 2Cir Pro Se NASD Estate Cease And Desist Loan Chase Spouse Misdemeanor Edward Jones NSF Husband Conspiracy Due Diligence Signature LOA Flash Crash Huffington Post Lien Initial Decision Money Laundering Signatures Injunction Complaint Corrective Action Statement Hacker MSSB Liens Fidelity POA Trustee Lehman Brothers Credit Cards Bharara Trust Registered Rep Magazine RBC Gallagher NASDAQ Barclays RRBDLAW.com CFTC Away Account Continuing Education Mandatory Arbitration employment Letter of Authorization Bonus Rule 2080 VA Forex DCCir E*Trade Annuity email Malware FINRA Arbitration Wedbush LIBOR Remand 2nd Circuit Second Circuit Margin OTR Solicitation Annual Compliance Questionnaire Beneficiary PCAOB Wey Variable Annuity Willfulness jobs Deutsche Bank Identity Theft arbitration Trading Platform JPMorgan FOREX Guest Blogger Bureau of Prisons Judgments Prison Stockbrokers Social Media Hacking IC3 Undisclosed Settlement BOP Rule 3010 Failure to Supervise Reg SP Fiduciary Website Away Accounts Private Placement Telephone RRBDlaw.com Piwowar BrokeAndBroker Bill Singer Unfair Competition Rakoff Compliance Audit Retirement Solicited RMBS Scottrade Hedge Fund Protocol Auction Rate Securities Eligibility Rule China Plea Great Recession OWB Registration Rule 3050 TRO Apple Knight Will Insurance NYAG Options Rule 2510 Self Regulation 10Cir MetLife Obstruction of Justice Rule 3280 brokeandbroker T&P Cheating Unauthorized Trading Internet Dissent Private Securities Transactions Net Capital Article V Willfully Commission Phishing Unsolicited Confidential Information ADA Check Kiting Retaliation MF Global Wine Brummer Passcode Joshua Brown Gold Unauthorized Discretion Broker Protocol Examination IAR Charge Shah Gilani PN Hurry Raiding Variable Annuities Confidential Crowdfunding SAC Lehman Medicare Discrimination Reg D Vacatur Divorce Disgorgement Rule 12206 EIA Regulation SP Customer Complaint Ketchum Morgan Keegan Banc of America Woody Allen Khuzami Affinity Fraud Aleynikov bill singer Corruption Poteroba Marketplace OIG Rule 12805 401k USERRA Information 9Cir Check Marines Casino Vietnam Bank Fraud Spoofing Marine Corps Ride the Thunder Sanctions ING Termination Rosenthal Recruiting Confirm 6th Circuit Wire Transfer Fees IPO REIT Bloomberg Series 7 BrokeAndBroker Time And Price Sexism Eligibility PNC Stanford Waiver Failure To Supervise McDuff Finder\'s Fee Burris NPR Charles Schwab Executor Bid Rigging Newman Pennystock Explained Decision Affiliate Lucia High Frequency Trading Day Trading CE Unregistered Sales Assistant Employment Agreement Penson HSBC Reg S-P Laptop Private Placements Rule 2111 Online Morgan Stanley Smith Barney Smith Barney BrokeandBroker Side Bar Rule 4511 Morgan Stanely Customer Disclosure Embezzlement Parking Deferred Compensation FINOP Debit Card Corzine Botkin Vault Spouses Kon White JOBS Act Commodities Fraud Chief Compliance Officer Sexist Bandimere Aguilar Pennystocks Bear Stearns Fowler Mutual Fund 11th Circuit Non-Solicitation Restaurant Commodities Disability Elles Department of Justice Timban Severance Board Equity Indexed Annuities Compensation Tax Fraud Administrative Remedies Class Action RRBDlaw Do Not Call Schneiderman ACQ Chase Investment Services Arrest Scottsdale Fifth Amendment Layering Motion to Dismiss Testimony DOL Stay Conflict Argentina Unjust Enrichment CPA BrokerAndBroker.com Testing Judgment Consent Order TSSB Dell Written Supervisory Procedures Guest Bloggers Hospital Due Process Reverse Life Insurance Taft Correctional Institution Christian Stanley Appointments Clause FCI Female Unauthorized Practice of Law Sanction Guidelines Red Flags FCI Beaumont Registered Investment Advisor Deceased Inside Information TheBlot Outside Account Frumento FINRA AWC Charity Scholander CGMI 401(k) Lawyer WaMu Gusrae Kaplan Moon Oppenheimer 40 Act Personal Expenses TIC Backstage Wall Street SP Rule 9216 Credit Suisse FNMA OCIE Florida Leveraged ETF Loans Postponement Reimbursement Investment Adviser Stockbroker Small Firm Governor AML Rule 4530 David Sobel Hearing Netschi Broke And Broker Client Information Third Party Vendor Rule 2370 Imposter CNBC Rule 1031 Lincoln Financial Rule 3030 Moore Teleconference Statute of Limitations Customer Information Stifel Koval McCartney Springsteen FMLA Counterclaim Reverse Merger Selling Away 1Cir BitTorrent Scam Customer Files Widow Congress SunTrust Proctor Skimming Trader Public Interest Advisor Placement Group Fourth Amendment Merrill Anderson Wages Attorneys\' Fees Credit Repair Gabelli Commissioner Stein AXA FINRA Small Firm Impersonator Attorneys Fees Martin Naskovets Rule 12200 Resignation NRSRO Brokeandbroker.com CRS Personal Information Obamacare Dementia Negligence Payroll Pacifico Non-Prosecution Agreement Varney Costa Rica FTC Jurisdiction Chiasson Research Unsuitability Stock Promotion Boyland Books And Records Rule 13200 Fee Disparate Treatment Investment Advisor Collateral Bar Retroactive Bar Retroactive NYG Capital Municipal Advisor Reform US Airways Cellphone Johnson Bartko FNI Media Initials Exhaustion Doctrine Hugh Hewitt AWC. FINRA CEO Password Sexual Harassment 8210 Settling Away David Lerner JPM Leveraged ETFs Euro Lek BrokeandBroker.com Mother Securities and Exchange Commission LLC Criminal Rule 9552 House Financial Services Sexual Discrimination Joint Account Subway Rule 2081 Investor Alert Evidence Texas State Securities Board Compliance Questionnaire Silver Prime Bank FCPA NML Kennedy Promoter Outside Accounts RRBDLAW God Data Undertaking Laser Branch Manager Trainee Fee Eric Stein Spoliation Mattera Nasdaq expungement Tennis Court Retired Woman With Cane Form ADV CDO Permanent Bar Wanger signature Preet Bharara Google Death Arbitraiton Accounting Mary Jo White Immunity Flash Drive Goble Escrow FINRA Board Expense Tortious Interference Practice Sale Theft Summary Judgment Cybercrime Lee Motion To Dismiss Galleon Aegis Frumento Elder Abuse Circuit Court Reuters Executrix Test Center Andrew Wels Enforcement Fiduciary Duty Jon Corzine Kiting Counterfeit Broy Checking Electronic Communications FDA Undercover Fines Fiero BrokeAndBroke Bill Singer BrokeAndBroker Altered Records Murray Kenneth Starr DWI BATS Bank Guarantee Diabetes Dow false statements Spam Tran SIPC Schumer Thain Walter Inmate 1099 Money Market Falsification Elder Fraud 9th Circuit Bribe Countrywide Mutual Funds Short Sale Compromise iPhone Wells Fargo Advisors Hertz Self Regulatory Organization AIG Books and Records EDNY BBVA Motion Obstruction VXX TD Ameritrade FOCUS VIX Bonds Sharing Agreement