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Florida Legislature Relaxes Agency Licensing Requirements for Broker-Dealer Branch Offices Selling Insurance Products but Creates...

Under current Florida insurance laws, branch offices of broker-dealers selling insurance products in Florida are required to either “license” or “register” as agency branches (in addition to satisfying insurance producer...more

8/26/2014 - Broker-Dealer Disclosure Requirements Insurance Brokers Insurers Licensing Rules New Regulations

FinCEN Customer Due Diligence Rule Proposal

On July 30, 2014, the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) issued proposed rules (the “Proposed Rules”) to clarify and strengthen customer due diligence requirements for banks, securities...more

8/20/2014 - Banks Broker-Dealer Commodity Pool Due Diligence FCMs Financial Regulatory Reform FinCEN Mutual Funds

SEC Approves Rule Preventing Barters for Expungement Cooperation – What You Can Do to Ensure Compliance

On July 22, the U.S. Securities and Exchange Commission (SEC) approved the Financial Industry Regulatory Authority’s (FINRA) proposed Rule 2081, which prevents firms or associated persons from conditioning settlement or...more

7/28/2014 - Consideration Expungement FINRA Proposed Regulation SEC Settlement

SEC Issues $875,000 Whistleblower Award

On June 3, 2014, the Securities and Exchange Commission (SEC or Commission) issued a whistleblower award to two individuals who had provided information leading to a successful SEC enforcement action. The whistleblower...more

6/10/2014 - Dodd-Frank Enforcement Enforcement Actions SEC Whistleblower Awards Whistleblowers

Cybersecurity Issues in the Financial Services Industry: Fasten your cyber belts, it's going to be a bumpy night

Few topics are as hot as cybersecurity. Recent high-profile data breaches at national retailers have made cybersecurity a frequent topic on Capitol Hill and an issue of growing concern to average Americans. Not surprisingly,...more

4/23/2014 - Broker-Dealer Cybersecurity Data Breach Data Security Act Enforcement Actions FINRA Governance Standards Investment Adviser Regulation S-P SEC U.S. Treasury

M&A Brokers Exempt from SEC Broker-Dealer Registration Requirements

On January 31, 2014, the U.S. Securities and Exchange Commission’s (SEC) Division of Trading and Markets issued a No-Action Letter (Letter)1 that allows a private business broker (M&A Broker) to receive transaction-based...more

2/10/2014 - Broker-Dealer No-Action Letters Registration SEC Securities Exchange Act

SEC’s Examination Program Issues a Risk Alert on Investment Adviser Due Diligence Processes

On January 28, 2014, the U.S. Securities and Exchange Commission (SEC) Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert entitled: Investment Adviser Due Diligence Processes for Selecting...more

2/3/2014 - Compliance Due Diligence Enforcement Investigations OCIE SEC

SEC and FINRA Publish 2014 Examination Priorities for Broker-Dealers

On January 9, 2014, the U.S. Securities and Exchange Commission (SEC) published its 2014 examination priorities (SEC Letter), just one week after the Financial Industry Regulatory Authority (FINRA) published its 2014...more

1/20/2014 - Broker-Dealer FINRA SEC

SEC Publishes 2014 Examination Priorities for Investment Advisers

On January 9, 2014, the U.S. Securities and Exchange Commission (SEC) published its 2014 examination priorities letter (“SEC Letter”) for its National Examination Program (NEP). The NEP covers all markets and entities...more

1/20/2014 - Compliance Enforcement Fraud Investigations Investment Adviser NEP SEC

Legal Alert: Final Volcker Rule: Update and Key Takeaways for Private Funds

On December 10, 2013, the Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Securities and Exchange Commission, and the Commodity Futures...more

1/15/2014 - Antitrust Provisions Bank Holding Company Act Banks CFTC Collateralized Debt Obligations Dodd-Frank FDIC Federal Reserve OCC Private Funds Proprietary Trading SEC Volcker Rule

Legal Alert: Private Offerings: The SEC Lifts Ban on General Solicitation But Proposes a Hefty Regulatory Burden in Return

During an open meeting of the U.S. Securities and Exchange Commission (the SEC) on July 10, 2013, the SEC adopted a rule that lifts the ban on general solicitation of unregistered securities offerings and paves the way for...more

7/17/2013 - Advertising Bad Actors General Solicitation JOBS Act Regulation D Rule 144A Rule 506 Offerings SEC U.S. Treasury

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