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Looking For The List Of OTC Margin Stocks? You’ll Find It In California’s New LLC Act

When originally enacted, the Securities Exchange Act of 1934 banned brokers and dealers from extending margin credit on over-the-counter (OTC) securities. This changed in 1969 when the Exchange Act was amended. The Federal...more

5/22/2014 - Brokers Federal Reserve Margin Requirements Nasdaq New Amendments OTC Regulation T Securities Dealers Securities Exchange Act

SEC No-Action Letter Addresses “M&A Brokers”

Martin A. Hewitt alerted me to this no-action letter issued on January 31, 2014 by the SEC’s Division of Trading and Markets. The letter was issued in response to a request by six lawyers, including Mr. Hewitt. ...more

2/6/2014 - Broker-Dealer Brokers No-Action Letters SEC Securities Exchange Act

Absence Of Stock Legend Does Not Relieve Broker Of Duty Of Inquiry

Section 5(c) of the Securities Act of 1933 generally declares it unlawful to offer a security unless a registration statement has been filed. Section 5(a) of the same act generally makes it unlawful to sell a security unless...more

1/17/2014 - Brokers Duty of Inquiry Securities Act of 1933 Stocks

NASAA Supports Regulatory Relief For M&A Brokers

Last June, Congressman Bill Huizenga introduced H.R. 2274 which would amend the Securities Exchange Act of 1934 to provide for a notice-filing registration procedure for brokers performing services in connection with the...more

10/29/2013 - Brokers JOBS Act NASAA Securities Exchange Act

Subcommitee Recommends SEC Rules Imposing Fiduciary And Disclosure Duties On Brokers

Recently, the Securities and Exchange Commission posted two recommendations by the Investor as Purchaser Subcommittee of the Investor Advisory Committee. In general, the Subcommittee recommended...more

10/8/2013 - Brokers Disclosure Requirements Fiduciary Duty SEC

Ninth Circuit Holds Private Company Rules Preempt California Law

California Labor Code Section 450(a) forbids employers from coercing the patronage of their employees: It provides...more

4/10/2013 - Brokers Class Action Coerced Patronage FINRA NYSE Preemption Securities Exchange Act

Court Rules Law Firm That Drafted Documents Was Not A Seller Of Securities

Section 25400(d) of the California Corporations Code declares it unlawful for any broker-dealer or “other person selling or offering for sale” to make a false or misleading statement for the purpose of inducing the purchase...more

12/17/2012 - Brokers Business Formation Securities

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