In evaluating their responsibilities with respect to brokerage accounts
, broker-dealers have long taken comfort in case law that has defined the scope of their professional duties narrowly.
* Managed accounts -- about 228,0001 retail brokerage accounts
held at Merrill Lynch as of February 2015 under the discretionary management of a Merrill Lynch registered representative or Merrill Lynch-approved outside investment adviser; and
This dual strategy on the DOL rule stands in marked contrast to the approach being taken by Merrill Lynch, which also has explained that "legacy retirement assets" in Merrill IRA brokerage accounts
before April 10, 2017, "can remain in that account," given the grandfather provisions of the DOL rule.
Participant-directed 401(k) plan investment has expanded from an investment menu to include a self-directed brokerage account
But Reish (left) explains that DOL continues to assert that, "where a plan consists solely of brokerage accounts
(i.e., each participant must invest through his or her brokerage account
), the fiduciaries may have a duty under ERISA to provide a lineup of designated investment alternatives."
They would use computer programs secretly installed on victims computers that recorded personal financial information, such as credit card and brokerage account
Gibraltar Global Securities offers offshore brokerage accounts
to international businesses.
Nikko Cordial said the debit card is Japan's first backed by a brokerage account
and may be used for both yen and dollar settlements as long as the card holder has sufficient yen and dollar funds in the brokerage account
at the securities firm.
Then, taxpayers, having an expectation that their brokerage accounts
are much larger than they really are, can only deduct the actual loss.
Indeed, as the financial markets rose and continued rising through the year 2000, so did the number of online brokerage accounts
. Some firms reported 100+% annual growth rates.
As the Securities and Exchange Commission puts it: "The three former traders abused their positions at Knight by knowingly and intentionally executing fraudulent stock trades from the Knight proprietary accounts they controlled at prices guaranteed to generate profits in private brokerage accounts
that they also controlled."
Department of Labor, the Pension Benefit Guarantee Corporation, and the Internal Revenue Service will now allow employee benefit plans to report investments made through participant-directed brokerage accounts
as a single line item on the Schedule H of the Annual Return/Report Form 5500, rather than by type of asset on the appropriate line item for the asset category (e.g., common stocks, mutual funds).