US- Securities Exchange Commission (SEC)
The SEC is the financial regulator for the US Financial Services Industry. These graphics depict SEC in metaphorical terms.
US Attorney General Eliot Spitzer on 14 October sued the nation's leading insurance brokerage firm, alleging that it steered unsuspecting clients to insurers with whom it had lucrative payoff agreements, and that the firm solicited rigged bids for insurance contracts.The actions against the brokerage firm, Marsh & McLennan Companies, stem from a widening investigation of fraud and anti-competitive practices in the insurance industry. Evidence revealed in the lawsuit also implicates other major insurance carriers.
It was reported in the Financial Times on 7 December 2004 that the SEC has indicated that it is will to drop the requirement for foreign companies to reconcile their financial statements to US Accounting rules.
On 22 February 2005 the Financial Times reported that the SEC in the US is set to allow fund managersto continue to place business with Brokers who provide independent research to the managers through a process called "Soft Dollar Commission". The regulator is keen to allow funding of equity research outside the big Wall Street securities firms.
See Paul Cummins's article, dated 22 October, on Eliot Spitzers attack on the insurance industry. There will shortly be a new graphic on the website ,depicting Eliot Spitzer reprimanding Marsh & McLennan.