Bank Sales of Mutual Funds: Hearing Before the Subcommittee on Financial Institutions Supervision, Regulation, and Deposit Insurance of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, One Hundred Third Congress, Second Session, March 8, 1994, Volume 4 |
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Results 1-5 of 95
Page 1
... percent of the mutual fund markets , total money market fund sales , and 14 percent of all stock and bond fund sales . Financial institutions sell both shares in mutual funds managed by third - party entities and shares in their own in ...
... percent of the mutual fund markets , total money market fund sales , and 14 percent of all stock and bond fund sales . Financial institutions sell both shares in mutual funds managed by third - party entities and shares in their own in ...
Page 2
... percent of fi- nancial institution customers did not understand that mutual funds sold by financial institutions are not federally insured , and that 52 percent of purchasers of mutual funds through financial in- stitutions believed ...
... percent of fi- nancial institution customers did not understand that mutual funds sold by financial institutions are not federally insured , and that 52 percent of purchasers of mutual funds through financial in- stitutions believed ...
Page 16
... percent or an additional 13 percent responded yes . While the survey was crude , it suggests that : First , a significant minority of the public is generally confused over whether or not mutual funds are federally insured ; and , second ...
... percent or an additional 13 percent responded yes . While the survey was crude , it suggests that : First , a significant minority of the public is generally confused over whether or not mutual funds are federally insured ; and , second ...
Page 19
... percent of it . I did not mean to suggest that if you came into an S & L and said , I want to buy this fund , that the suitability requirements would be triggered . I think for thrifts and broker / dealers it is triggered when we at ...
... percent of it . I did not mean to suggest that if you came into an S & L and said , I want to buy this fund , that the suitability requirements would be triggered . I think for thrifts and broker / dealers it is triggered when we at ...
Page 20
... percent of the public said yes . Chairman NEAL . I was surprised , too , when Congressman Neal testified that a person wasn't aware that the deposit insurance stopped at $ 100,000 , because I thought that was so commonly known . Mr ...
... percent of the public said yes . Chairman NEAL . I was surprised , too , when Congressman Neal testified that a person wasn't aware that the deposit insurance stopped at $ 100,000 , because I thought that was so commonly known . Mr ...
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Common terms and phrases
accounts advertising affiliated American Bankers Association annuities appropriate bank customers bank employees bank holding companies bank mutual fund bank sales bank's banking industry banking regulators beneficiaries broker broker-dealers certificates of deposit Chairman NEAL commercial bank compliance consumer customer confusion depository institutions disclosure enforcement FDIC insured federal banking agencies Federal Deposit Insurance federal securities laws federally insured fees fiduciary financial institutions fund shares fund's Glass-Steagall Act GUIDELINES FOR BANKS income industry guidelines Interagency Statement investment adviser Investment Company Act Investment Company Institute issues mutual fund activities mutual fund industry mutual fund sales NASAA NASD national banks nondeposit investment products offer percent personnel policies portfolio procedures purchase referral regulatory requirements RETAIL INVESTMENT SALES retail sales risk sale of uninsured sales activities sales of mutual sales of nondeposit SCBA sell mutual funds shareholders SIPC Subcommittee subsidiary survey tellers third-party thrifts trust trust instrument uninsured products
Popular passages
Page 415 - A member, in the conduct of his business, shall observe high standards of commercial honor and just and equitable principles of trade.
Page 398 - Is working with representatives of the Securities and Exchange Commission (SEC) and the National Association of Securities Dealers (NASD) to determine how we may best work together to protect consumers who purchase investment products on bank premises.
Page 203 - In recommending to a customer the purchase, sale, or exchange of any security, a member shall have reasonable grounds for believing that the recommendation is suitable for such customer upon the basis of the facts, if any, disclosed by such customer as to his other security holdings and as to his financial situation and needs.
Page 186 - These guidelines are intended to work in tandem with the rules of the Securities and Exchange Commission ("SEC") and the National Association of Securities Dealers, Inc. ("NASD"), to the extent those rules are applicable.
Page 177 - An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.
Page 216 - Title 9 of the California Code of Civil Procedure. Judgment upon the award of the arbitrator(s) may be entered in any court having jurisdiction.
Page 188 - ... willfully violated any provision of the Securities Act of 1933, the Securities Exchange Act of 1934...
Page 80 - ... conducts business pursuant to independent policies and procedures designed to inform customers and prospective customers of the affiliate that the affiliate is a separate organization from the bank and that investments recommended, offered or sold by the affiliate are not bank deposits, are not insured by the FDIC, and are not guaranteed by the bank nor are otherwise obligations of the bank.
Page 152 - ... respect to such products are adequately trained with regard to the specific products being sold or recommended. Training should not be limited to sales methods, but should impart a thorough knowledge of the products involved, of applicable legal restrictions, and of customer protection requirements. If depository institution personnel sell or recommend securities, the training should be the substantive equivalent of that required for personnel qualified to sell securities as registered representatives.5...
Page 174 - Chairman of the US Securities and Exchange Commission Before the Subcommittee on Securities of the Senate Committee on Banking and Urban Affairs, November 10, 1993.