New FINRA Rule 2241 consolidates and expands upon legacy NASD and NYSE rules to address equity research analyst activities, equity research reports, and conflicts of interest relating to equity research analysts. New FINRA...more
The Office of the Comptroller of the Currency (OCC) recently released an updated and substantially revised section of its Comptroller’s Handbook titled “Retail Nondeposit Investment Products” (the Booklet). The Booklet...more
The Overview addresses, among other things, categories of information and other factors that firms should consider when assessing materiality of prospective business initiatives....more
Twin reports provide a roadmap to best practices.
U.S. financial markets and participants, much like other segments of the U.S. economy, are prime targets for technological hacks, intrusions, and breaches that can occur...more
SEC Chair Mary Jo White outlined a broad market structure proposal that would require high-frequency traders to register with the SEC as dealers and that could signal the end of the dealer-trader distinction....more
The proposal is consistent with international recommendations and Basel III criteria.
On March 12, the Securities and Exchange Commission (SEC) proposed new rules and rule amendments (the Proposal) that would enhance...more
The guidance addresses expense arrangements, buy-in procedures, free credit balances, sweep programs, and bulk transfers, among other things.
On March 6, the staff of the Securities and Exchange Commission (SEC) issued...more
In two separate letters, the SEC staff addresses operational concerns raised by broker-dealers in connection with sweep program authorizations and the use of certain nonaffiliated U.S. branches of foreign banks....more
Financial institutions should prepare for increased regulatory scrutiny.
The Financial Industry Regulatory Authority (FINRA) and the U.S. Securities and Exchange Commission (SEC) released their examination priorities...more
SEC staff action may head off congressional action to exempt M&A Brokers from registration.
On February 3, the staff of the Securities and Exchange Commission (SEC) issued a no-action letter that permits an M&A broker...more
The limited exemption will provide broker-dealers with more time to make necessary operational or systems changes.
On October 17, the Securities and Exchange Commission (SEC) issued an order providing a temporary...more
Amendments impact many aspects of broker-dealers' back-office operations and will require changes to a number of existing practices.
On July 30, the Securities and Exchange Commission (SEC) adopted amendments to the...more
The no-action relief provided by the staff of the Division of Trading and Markets is generally consistent with the relief previously provided to foreign options markets.
On July 1, the staff of the Securities and...more