Daniel A. Nathan

Daniel A. Nathan

Morrison & Foerster LLP

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The Volcker Rule’s Trojan Horse for Smaller Banking Entities

The final rules recently enacted to implement the Volcker Rule (‘‘the Final Rules’’) impose on the largest banking entities a highly detailed and complex compliance regime. As to those so-called ‘‘less active banking...more

4/10/2014 - Banks Collateralized Debt Obligations Compliance Proprietary Trading Trust Preferred Securities Volcker Rule

Ketchum Shares Bon Mots with BD Industry at SIFMA Meeting

At this week’s Annual SIFMA Law and Compliance meeting, FINRA CEO Rick Ketchum provided a number of candid and pointed comments in a wide-ranging and no-holds-barred interview conducted by long-time senior compliance official...more

4/8/2014 - ACLU Chief Compliance Officers Compliance FINRA SIFMA

SEC Examiners to Take a Close Look at Firms’ Cyber Security

A high-level SEC official told an industry group yesterday that the National Examination Program (NEP) will be reviewing asset managers’ policies and procedures for preventing cyber attacks. In particular, the SEC is looking...more

2/3/2014 - Compliance Cyber Attacks Cybersecurity Data Protection NEP SEC

New FINRA Supervision Rules Impact Broker-Dealers’ Insider Trading Procedures and Supervisory Controls

Financial Industry Regulatory Authority (FINRA) rules require member firms to establish and maintain a system of written procedures to supervise the activities of its members. On December 23, 2013, the SEC approved new FINRA...more

1/30/2014 - Broker-Dealer Compliance FINRA Insider Trading SEC Stocks

A Must Read: FINRA’s 2014 Exam Priorities

FINRA did not wait for any dust (or snow) to settle on the New Year before alerting the brokerage industry and the public about its regulatory and examination priorities for 2014. This year’s letter, issued earlier than ever...more

1/6/2014 - Algorithmic Trading Anti-Money Laundering Broker-Dealer Compliance Conflicts of Interest Crowdfunding Employer Liability Issues Enforcement FINRA High Frequency Trading Qualified Benefit Plans Recidivism

SEC Intensifies Scrutiny of Fee-Based Accounts and Reverse Churning

The SEC is crunching a lot of data these days, and it apparently intends to use some of that data to identify “reverse churning.” Reverse churning is the practice of placing a client who trades infrequently in a fee-based,...more

12/23/2013 - Broker-Dealer Brokers Chief Compliance Officers Churning Compliance FINRA SEC

FINRA Continues its Crackdown on Companies that Fail to Respond to Red Flags

FINRA continues to discipline broker-dealers that fail to detect and investigate so-called “red flags” of suspicious account activity. Yesterday, FINRA announced a $1 million fine against COR Clearing LLC (the “Firm”) –...more

12/19/2013 - Anti-Money Laundering Compliance Enforcement Actions FINRA

Is Exercising Employee Stock Options Illegal Insider Trading? Maybe

Amidst the flurry of Securities and Exchange Commission (SEC) cases involving improper employee stock option backdating several years ago, many commentators opined on the potential insider trading implications of companies'...more

12/9/2013 - Compliance Insider Trading SEC Stock Options

A View of EB-5 Program Issues from a Top SEC Enforcement Official

As participation in the U.S. Citizen and Immigration Services (USCIS) Immigrant Investor Program or “EB-5 program” grows, regulatory interest is showing a commensurate uptick. On November 20, 2013, Associate Director Stephen...more

12/3/2013 - Compliance EB-5 Enforcement Enforcement Actions Immigrants SEC USCIS Visas

CFTC Proposes Speculative Position Limits – Again

On November 5, 2013, the Commodity Futures Trading Commission (“CFTC” or “Commission”) proposed new speculative position limits. The proposal (“New Proposal”) would establish spot-month and non-spot-month limits for 28 core...more

11/20/2013 - CFTC Compliance Dodd-Frank Futures Position Limits

Broker-Dealer Registration Issues Associated with Development Projects under the EB-5 Program

The EB-5 Immigrant Investor Program (the “EB-5 Program”) administered by the U.S. Citizenship and Immigration Service (USCIS) has been a significant source of capital for various real estate and other development projects...more

11/7/2013 - Broker-Dealer Compliance EB-5 Enforcement Limited Partnerships SEC USCIS

Halloween Shivers: Frightening Times Ahead for RIAs?

Two Halloween announcements by securities regulators may frighten investment advisers. The October 31 statements from the SEC and the North American Securities Administrators Association (NASAA) suggest that federal and...more

11/5/2013 - Compliance Dodd-Frank NASAA OCIE SEC

Financial Fraud Law Report: October 2013 - Insider Trading in Mutual Funds: Do Traditional Theories Apply?

A federal court of appeals recently held out the possibility that insider trading prohibitions — at least under the classic theory — do not apply to mutual fund redemptions. The U.S. Court of Appeals for the Seventh...more

10/25/2013 - Chief Compliance Officers Compliance Fraud Insider Trading Mutual Funds Rule 10b-5 SEC Securities Exchange Act White Collar Crimes

When Legal or Compliance Personnel May Be Subject to Failure to Supervise Liability Under the Securities Laws

The SEC has provided some much-needed clarity on the issue of when broker-dealer compliance or legal personnel may be considered to be supervisors. On September 30, 2013, the Division of Trading and Markets (the “Division”)...more

10/11/2013 - Broker-Dealer Chief Compliance Officers Compliance Corporate Counsel SEC Securities Exchange Act Supervisors

Renewed Focus on an Old Rule: SEC Steps Up Rule 105 Enforcement Efforts

On September 17, 2013, the Securities and Exchange Commission (SEC or “Commission”) announced settled enforcement actions against 23 firms for short selling in violation of Rule 105 of Regulation M, which limits the ability...more

9/19/2013 - Compliance Enforcement Actions NEP Policy Violations Regulation M SEC

PCAOB’s Report on Broker-Dealer Audit Deficiencies Points the Way for BDs to Improve Their Financial Reporting and Compliance

PCAOB’S MISSION - For two years, the Public Company Accounting Oversight Board (PCAOB) has been reviewing the work of auditors of broker-dealers, with a view to assessing their work and enabling the PCAOB to develop a...more

8/27/2013 - Audits Broker-Dealer Compliance GAAP PCAOB Reporting Requirements

SEC Delays Effectiveness of Large Trader Reporting for Some Broker-Dealers

The SEC’s “large trader” rules that apply to clearing firms and certain other firms will kick in this November. Thanks to a recent SEC release, some firms are getting a two-year compliance reprieve, but they must develop the...more

8/16/2013 - Broker-Dealer Compliance Delays Enforcement Filing Requirements Larger Participant New Regulations NMS Plan Reporting Requirements SEC

FINRA Provides Early Guidance About Its Exam Priorities; Firms Should Take Notice

In its annual summary of regulatory and examination priorities, the Financial Industry Regulatory Authority (FINRA) signaled that it will aggressively pursue market misconduct. The January 11, 2013 report follows closely on...more

1/16/2013 - Broker-Dealer Compliance Cybersecurity FINRA Investment Adviser Investors

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