Financial Services Industry: Hearings Before the Subcommittee on Telecommunications and Finance of the Committee on Energy and Commerce, House of Representatives, One Hundred First Congress, Second Session, on H.R. 3054, H.R. 4441, and H.R. 5777, Bills to Provide for Self-regulation and to Improve the Disclosure to Customers of Investment Advisers, and to Amend the Federal Securities Laws to Equalize the Regulatory Treatment of Participants in the Securities Industry, July 11, 1990 Financial Services Industry Oversight ....U.S. Government Printing Office, 1991 - 812 pages |
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accounts administrative advertising advice affiliates amended AMERICAN BANKERS ASSOCIATION assets bank common trust Bank Holding Company bank's believe BHCA bill BOUCHER BREEDEN broker-dealers capital Chairman charged clients collective investment funds Committee common trust funds compensation competitive Comptroller Comptroller's proposal concern conflicts of interest Congress consumers costs CPAs deposit insurance depository institution enforcement engage Exchange Act exemption FDIC fees fiduciary financial planners financial services firewalls Glass-Steagall Act insurance agents insurance fund investment adviser association Investment Advisers Act investment advisory Investment Company Act Investment Company Institute investors issue legislation loans McMILLEN mutual funds NASAA NASD national banks national investment adviser operating permit person private right problems prohibit proposed rule protection regulation regulatory restrictions right of action risk Section Securities Act securities activities securities firms Subcommittee subsidiaries thrift tion trust customers trust law U.S. banks underwriting violations
Popular passages
Page 535 - ... in the exercise of reasonable care could not have known, of the existence of the facts by reason of which the liability is alleged to exist.
Page 264 - ... so liable sustains the burden of proof that he did not know, and in the exercise of reasonable care could not have known, of the existence of the facts by reason of which the liability is alleged to exist. There is contribution as in cases of contract among the several persons so liable.
Page 729 - For purposes of this subtitle, the term "common trust fund" means a fund maintained by a bank — (1) Exclusively for the collective investment and reinvestment of moneys contributed thereto by the bank in its capacity as a trustee, executor, administrator, or guardian; and...
Page 11 - Mr. Chairman and Members of the Committee: It is my pleasure to appear before you today to bring you up to date on the good news about the Naval Reserve and to look ahead to the future. I will discuss my "report card" for the past year and present our program for Fiscal Year 1986.
Page 268 - Investment adviser" means any person who, for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing, or selling securities, or who, for compensation and as part of a regular business, issues or promulgates analyses or reports concerning securities...
Page 124 - The Investment Company Institute is the national association of the American investment company industry. Its membership includes 4,582 open-end investment companies ('mutual funds'), 433 closed-end investment companies and 13 sponsors of unit investment trusts.
Page 725 - Many forms of conduct permissible in a workaday world for those acting at arm's length, are forbidden to those bound by fiduciary ties. A trustee is held to something stricter than the morals of the market place. Not honesty alone, but the punctilio of an honor the most sensitive, is then the standard of behavior.
Page 443 - ... any device, scheme, or artifice to defraud any client or prospective client; (2) to engage in any transaction, practice, or course of business which operates as a fraud or deceit upon any client or prospective client...
Page 522 - Section 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934 include an implied private right of action under which an investor defrauded through the purchase or sale of a security may bring an action in federal courts.
Page 496 - ... reasonably expect to be completed with professional competence. B. Due Professional Care. Exercise due professional care in the performance of professional services. C. Planning and Supervision. Adequately plan and supervise the performance of professional services. D. Sufficient Relevant Data. Obtain sufficient relevant data to afford a reasonable basis for conclusions or recommendations in relation to any professional services performed.