Regulators Toughen Broker Standards

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WASHINGTON _ Federal securities regulators adopted tougher new standards Tuesday for the amount of cash or convertible securities brokers must maintain to protect investors. The Securities and Exchange Commission gave final approval to changes in the rule which requires broker-dealers to maintain minimum amounts of cash or assets that can easily be converted into cash in case of an emergency. The action will raise the minimum net capital required of mostly smaller firms to bring them in line with the already stiffer requirements of bigger firms. Firms now required to maintain between $25,000 and $100,000 in net capital will now have to boost those holdings to at least $250,000. Similarly, investment bankers that buy new stock offerings from the issuer and market makers _ the specialists that buy and sell over-the-counter stocks _ will be required to maintain a minimum of $100,000 in capital, up from $25,000. FDA to Not Penalize Upjohn

KALAMAZOO, Mich. _ The Food and Drug Administration said it won't penalize Upjohn Co. for allegedly failing to file reports on people who had adverse reactions to the sleeping pill Halcion

"We believe that this exonerates Upjohn and our employees," Theodore Cooper, chairman and chief executive officer of Kalamazoo-based Upjohn, said Tuesday. …