Financial Services Industry
Industry: Email Alert RSS FeedNASD warns members about hedge fund suitability. (In the News).(the National Association of Securities Dealers)
National Underwriter Life & Health-Financial Services Edition, February, 2003 by Bell, Allison
The National Association of Securities Dealers, Washington, has issued a notice telling member companies that sell hedge funds to make sure that customers understand what they are doing.
"Although we are not charged with regulating hedge funds, we will scrutinize carefully the activities of broker-dealers when they sell those products," Mary Schapiro, the NASD's head of regulatory policy and oversight, said in a statement about hedge fund sales. "Brokerage firms must fulfill their investor protection obligations when selling hedge funds, including suitability and disclosure."
The typical hedge fund is an investment fund that gets around U.S. Securities and Exchange Commission restrictions on mutual funds by making shares available to a small number of...
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