MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, August 5, 2004 Will the NASD Go Lightly on Piper Jaffray? Although Piper Jaffray is not one of the approximately 12 brokerages being investigated by the SEC and NASD for directed brokerage practices, officials at the company went ahead and conducted a self-review, anyway. According to the company's second quarter earnings filing, Piper Jaffray officials conducted the review and took "remedial and other actions where we believed it to be appropriate." "[W]e have voluntarily disclosed to the NASD facts related to a limited number of compensation arrangements and two directed brokerage arrangements between our firm and certain mutual fund companies, and have responded to requests for documents and information," continued officials. But it seems that the company's self-scrutiny, while good and well, is not good enough. The NASD has decided, on a preliminary basis, to recommend a disciplinary action against the company. Piper Jaffray officials did not state what action, if any, the SEC was or would be taking based on the results. Officials said they would try to resolve the matter with NASD staff. Printed from: MFWire.com/story.asp?s=7760 Copyright 2004, InvestmentWires, Inc. All Rights Reserved |