Compliance September 25, 2007

Fed Seconds SEC Vote for Broker Exceptions For Banks

The U.S. Federal Reserve gave its nod to a regulation allowing banks to continue selling some securities products and services without having to register as brokers with the Securities and Exchange Commission (SEC).
Reported by

Federal banking and securities regulators were required to cooperate to issue a single set of rules to deal with a matter left open after passage of the landmark 1999 bank reform law called the Gramm-Leach-Bliley Act, according to Reuters.

The Fed board of governors voted in favor of the interagency regulation on Monday, which was approved by the SEC last Wednesday.

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Deals & People September 25, 2007

UBS Expands Private Wealth Operation to Chicago

UBS has opened a Private Wealth Management operation in Chicago, Illinois, its third such office in the U.S.
Reported by

The bank already has two other Private Wealth Management offices in New York City and Stamford, Connecticut, which also a comprehensive suite of brokerage, trust and private banking services.

The Chicago office will be managed by Dennis J. Drescher, Managing Director, UBS said in a press release.

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’Through the opening of this new office, we are pleased to be able to expand our ability to offer our ultra high net worth clients in the Chicago region a holistic approach designed to help meet their unique financial planning needs,’ said John Straus, Head of Private Wealth Management and Chairman of the Private Bank, in the press release.

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