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Administration December 10, 2005
SEC/NYSE Considering Actions Against A.G. Edwards
October 12, 2005 (PLANSPONSOR.com) - In its
quarterly regulatory report, A.G. Edwards Inc. stated the
Securities and Exchange Commission (SEC) may bring a civil
injunctive action against it for mutual fund transactions
allegedly involving market-timing.
Reported by Rebecca Moore
Dow Jones reports that the company also stated in the filing that the New York Stock Exchange (NYSE) is considering formal disciplinary action in connection with the company’s supervision of its “Client Choice” accounts. Client Choice accounts are brokerage accounts with limited trading activity and concentrations of mutual funds that are fee-based, rather than commission-based, according to the filing.
A.G. Edwards said the SEC has offered it an opportunity to make a Wells submission, a persuasive case to the commission that the investigating staff reached the wrong conclusions regarding liability. The company said it has already provided a “Wells-type submission” to the NYSE.