Lloyd S. Harmetz

Lloyd S. Harmetz

Morrison & Foerster LLP

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FINRA’s Engagement Initiative

In our capacity as advisers to financial institutions, we carefully monitor FINRA’s rulemaking and enforcement activities with a view to thinking about how these affect market participants and their activities. FINRA’s March...more

3/27/2017 - Examination Priorities Financial Adviser Financial Institutions FINRA

News Round Up - March 2017

Changes Afoot? - President Trump has issued a number of orders that have as their aim reducing regulatory burdens. For example, there is the January 30, 2017 “two for one” order, which contemplates that, for each new rule...more

3/10/2017 - Acquisitions Corporate Governance Disclosure EU FATCA Hyperlink IFRS Intrastate Offerings Non-GAAP Financial Measures Safe Harbors SEC Securities Exchange Act Trump Administration XBRL Filing Requirements

The SEC Issues a Request for Comment on Possible Changes to Industry Guide 3

On March 1st, 2017, the Securities and Exchange Commission (“Commission”) issued a request for comment (“RFC”) seeking comment on Industry Guide 3, “Statistical Disclosure by Bank Holding Companies” (“Guide 3”). Guide 3,...more

3/9/2017 - Bank Holding Company Banking Sector GAAP Registration Statement Regulation S-X SEC

Inline XBRL Proposed Rule and IFRS Taxonomy

On March 1, 2017, the Securities and Exchange Commission (the “Commission”) proposed the use of the Inline XBRL (eXtensible Business Reporting Language) format for the submission of operating company financial statement...more

3/7/2017 - Financial Statements GAAP IFRS Mutual Funds Registration Statement SEC XBRL Filing Requirements

Examination Priorities for 2017 from FINRA and OCIE

In these uncertain times, the predictability and regularity of the annual priorities letters from FINRA and the Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) is...more

2/23/2017 - Anti-Money Laundering Broker-Dealer Cybersecurity ETFs Examination Priorities FINRA Investment Adviser OCIE Retail Investors SEC Securities Transactions

Structured Thoughts: News for the financial services community, Volume 8, Issue 2

Identifying Conflicts of Interest in Structured Products Offerings - With FINRA and other regulators focused on conflicts of interest in the broker-dealer industry, market participants are working diligently to identify...more

2/23/2017 - Advertising Broker-Dealer Conflicts of Interest EFTs FINRA Investment Adviser Marketing Proposed Amendments Rule 2210 SEC Structured Financial Products

One Step Forward, Two Steps Back?

Market participants who are not enamored by the current state of federal securities regulation may have been heartened by the new administration’s January 30, 2017 “two for one” order. The order contemplated that, for each...more

2/21/2017 - SEC Securities Regulation Trump Administration Two For One Rule

Investment Management Legal + Regulatory Update – February 2017

REGULATION - DOL Issues Additional Guidance on Fiduciary Rule - On January 13, 2017, the U.S. Department of Labor (“DOL”) issued a second set of guidance on its new fiduciary rules, which are scheduled to become...more

2/2/2017 - Attorney-Client Privilege Broker-Dealer Brokers Capital Acquisition Broker (CAB) Conflicts of Interest Cross-Selling DOL Examination Priorities Exploitation Fiduciary Rule FINRA Investment Adviser Liquidity Risk Management Rule Mutual Funds OCIE Pay-To-Play Sales Load Variations SEC Section 36(b) Swing Pricing Trustees

News Round Up - January 2017

Looking Ahead... We write this as a new administration looks to make its mark with an agenda that was premised on promoting capital formation by easing regulatory burdens. Once a new chair of the Securities and Exchange...more

1/25/2017 - Annual Reports C&DIs Capital Markets Foreign Issuers ICFR Internal Controls Non-GAAP Financial Measures Rule 144A SEC Securities Act

Structured Thoughts: News for the financial services community, Volume 8, Issue 1

U.S. Court of Appeals Upholds SEC’s Backtesting Finding - In a 2016 case before the U.S. Court of Appeals for the D.C. Circuit, a former investment adviser lost a petition to review and vacate the decision of an SEC...more

1/25/2017 - Broker-Dealer DOL Examination Priorities Fiduciary Rule FINRA OCIE SEC

FINRA Issues 2017 Examination Priorities Letter

Introduction - Consistent with prior practice, with the arrival of the new year, FINRA has published its key examination priorities. As in prior years, the letter covers a broad array of topics. This year’s topics...more

1/9/2017 - Broker-Dealer Examination Priorities FINRA Investors SEC

Structured Thoughts: News for the financial services community - Special Issue

Final TLAC Rules and Structured Products - On December 15, 2016, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) issued its final rules regarding long-term debt and total loss absorbing...more

12/27/2016 - Depository Institutions EU EU Benchmark Regulation Fiduciary Rule FINRA Foreign Banks G-SIB Holding Companies IRS MiFID II Packaged Retail And Insurance-Based Investment Products (PRIIPS) Popular Regulatory Agenda Section 871(m) Structured Financial Products TLAC UK UK Brexit

FINRA Investor Education Foundation Announces Investor Survey Results

On December 13, 2016, the FINRA Investor Education Foundation published Investors in the United States 2016 (the “Report”), which includes the results of its investor survey of 2,000 individuals from across the United States...more

12/22/2016 - Brokers FINRA Investment Adviser Investors Surveys

TLAC’s Back! Sifting Through the Federal Reserve’s Final TLAC Rule

On December 15, 2016, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) issued its final rules regarding total loss absorbing capacity (the “Final TLAC Rule”) requirements for global systemically...more

12/17/2016 - Bank Holding Company Capital Requirements Federal Reserve G-SIB Grace Period Grandfathered Status Holding Companies TLAC

Structured Thoughts: News for the financial services community, Volume 7, Issue 12

FDIC Adopts New Recordkeeping Requirements for Large Banks – Modifies Original Proposal as to Brokered CDs - In November 2016, the FDIC approved a final rule establishing recordkeeping requirements for insured...more

12/13/2016 - Banks Big Data DOL EU FDIC Fiduciary Rule FINRA Fixed Income Investments IRS MREL Recordkeeping Requirements SEC

FINRA Fine Addresses Broker Compensation and Conflicts of Interest

A recent enforcement action by FINRA underscores the regulator’s continuing concern regarding how financial advisers are paid to sell investment products. In a case announced on November 28, 2016, a member firm settled...more

11/30/2016 - Broker-Dealer Brokers Conflicts of Interest Financial Adviser Financial Products FINRA Investors

Structured Thoughts: News for the financial services community, Volume 7, Issue 11

Structured Products Legal and Regulatory Conference: November 2016 - In November 2016, Morrison & Foerster LLP sponsored Risk magazine’s annual structured products legal and regulatory conference in Washington, D.C. ...more

11/18/2016 - Cross-Selling DOL ETNs Fiduciary Rule FINRA International Regulatory Standards Nasdaq Packaged Retail And Insurance-Based Investment Products (PRIIPS) SEC Structured Financial Products

NYSE Proposes Rules to Effect T+2 Settlement Cycle

U.S. regulators and self-regulatory organizations have been moving towards a T+2 settlement cycle for secondary market transactions. In November 2016, the NYSE took its own expected steps in this direction, with a series of...more

11/15/2016 - NYSE Secondary Markets Self-Regulatory Organizations State Regulators

Inside FINRA’s “Cross-Selling Sweep”

In response to recent highly-publicized scrutiny of bank cross-selling practices, FINRA announced in October 2016 that it is conducting a sweep of broker-dealers to determine the extent to which they are...more

11/3/2016 - Banks Broker-Dealer Cross-Selling FINRA

FINRA Proposes Rules to Protect Seniors from Financial Exploitation

In October 2016, FINRA filed with the SEC proposed rules designed to help brokers protect seniors and other vulnerable adults from financial exploitation. The proposal would amend existing customer account information rules...more

10/26/2016 - Broker-Dealer Brokers Exploitation FINRA Proposed Rules Safe Harbors SEC

MoFo Tax Talk - Volume 9, No. 3

IRS Issues Proposed Regs on RIC Commodity Investments - On September 27, 2016, the IRS issued proposed regulations (the “Proposed Regulations”) providing guidance relating to the income test and asset diversification...more

10/13/2016 - Capital Gains CFCs Corporate Taxes Estate Tax Hillary Clinton Income Taxes IRS Marital Status PFIC Political Candidates Presidential Elections Proposed Regulation Registered Investment Companies (RICs) REIT TEFRA Trump Administration

Structured Thoughts: News for the financial services community, Volume 7, Issue 10

FINRA Revises its Proposed Amendments to Rule 2210 - In our recent Client Alert, we wrote about the Financial Industry Regulatory Authority, Inc.’s proposed changes to Rule 2210, Communications with the Public. One of...more

10/6/2016 - Administrative Proceedings Broker-Dealer Enforcement Actions Exchange-Traded Products FINRA Mortgage REITS NASAA Proposed Amendments Rule 2210 SEC

Structured Thoughts: News for the financial services community, Volume 7, Issue 9

Updating Unregistered Structured Note Programs: How Frequently? - For some types of securities offering programs, we have “black letter law” that instructs issuers how frequently the program documentation should be...more

9/15/2016 - BaFin Bank Holding Company Brokerage Accounts Cease and Desist Orders Duty to Update Federal Reserve Financial Sector FINRA Fixed Income Investments Germany Income Tax Act Private Funds SEC Subsidiaries TLAC TRACE

Investment Management Legal + Regulatory Update - August 2016

Regulation - Next on the SEC’s Regulatory Agenda: A Chief Valuation Officer? - First, the SEC required funds to designate a chief compliance officer. Then, the SEC proposed that funds designate a liquidity...more

8/16/2016 - Advisors Act Auditors BDC Broker-Dealer Business Continuity Plans Business Development Companies CFTC Commodity Futures Contracts Commodity Pool Customer Due Diligence (CDD) ETFs FinCEN FSOC OCIE Private Equity Qualified Client Risk Management SEC

Structured Thoughts: News for the financial services community, Volume 7, Issue 8

Brexit and Structured Products: A Framework for Considering Disclosures - The U.K.’s recent referendum to withdraw from the European Union has affected virtually all segments of the financial industry. The structured...more

8/13/2016 - Administrative Proceedings Broker-Dealer Disclosure Requirements Distributors DOL ERISA ETFs EU Fiduciary Duty Financial Markets FINRA Fraud Manufacturers Negligence Standard Referendums Required Communications SEC Structured Financial Products UK UK Brexit

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