US regulatory body fines 29 securities firms 9.2 million dollars

WASHINGTON, Nov 30 (AFP) - The US securities industry's self-regulatory body Tuesday fined 29 firms more than 9.2 million dollars for reporting information about their brokers later than required.
The penalized companies include American Express Financial Advisors, Wachovia Securities and Edward Jones and Co., according to the NASD, formerly known as the National Association of Securities Dealers.
The NASD on Tuesday also barred Merrill Lynch and Wachovia from registering new brokers for five business days in response to the firms' numerous reporting violations.
NASD rules require firms to provide the organization with current information about brokers after they are hired.
Mary Schapiro, NASD vice chairman, called the failure to report timely broker information a serious problem and "deeply troubling."
Firms did not admit or deny the NASD's allegations but agreed to pay the fines, according to an NASD press release.
Each of the 29 companies failed to report in a timely manner between January 2002 and March 2004 at least 25 percent of the disclosures required by NASD, according to the organization.
Of the 29 companies fined, Merrill Lynch, American Express Financial Advisors Inc. and Wachovia paid the largest fines, of 1.6 million, 700,000 and 650,000 dollars, respectively.

11/30/2004 17:19 GMT - AFP