Business Services Industry
US probes brokerage firms on discounts.
Australasian Business Intelligence, January, 2003
Jan 09, 2003 (The Asian Wall Street Journal - ABIX via COMTEX)
US brokerage firms found to have providing appropriate discounts to investors could find themselves facing significant penalties. The National Association of Securities Dealers (NASD) is investigating claims that many firms are providing proper discounts to investors placing money in mutual funds. The discounts in question apply to what are known as front-end sales charges. Mary Schapiro, the chairman of the NASD, says that the problem of not applying the proper discounts appears to be occurring across all areas of the brokerage industry. Firms may find themselves find themselves expelled from the broking industry if it is found that they have intentionally not provided the discounts.
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