SEC FINES BROKER-DEALER FOR EARLY RESALES OF STRUCTURED NOTES -
On June 25, 2018, the SEC announced that a broker-dealer settled charges relating to inappropriate resales of structured notes. The SEC determined that the...more
In the third release comprising part of the package of proposed rules and forms related to broker-dealers’ and investment advisers’ standards of conduct, the Securities and Exchange Commission (the SEC or the “Commission”)...more
According to the Securities and Exchange Commission (SEC or “Commission”), its April 18, 2018 release proposing an interpretation of the standard of conduct for investment advisers (“Adviser Conduct Release”) is intended to...more
Background -
For many years, the distinction between investment advisers and broker-dealers was clear: investment advisers were counselors who were expected to provide advice that was in the best interest of their clients,...more
Until recently, broker-dealers operating in the United States weren’t subject to a fiduciary standard when dealing with their retail clients.
The passage of the Dodd-Frank Act in 2010 included a provision enabling the...more
On September 26, 2017, SEC Chairman Jay Clayton delivered to the U.S. Senate Committee on Banking, Housing and Urban Affairs his first testimony as Chairman. ...more
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 ,
Financial Industry Regulatory Authority (FINRA) ,
Investment Adviser ,
OCIE ,
Retail Investors ,
Securities and Exchange Commission (SEC) ,
Securities Transactions
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 ,
Financial Industry Regulatory Authority (FINRA) ,
Investment Adviser ,
Marketing ,
Proposed Amendments ,
Rule 2210 ,
Securities and Exchange Commission (SEC) ,
Structured Financial Products
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 ,
Department of Labor (DOL) ,
Examination Priorities ,
Exploitation ,
Fiduciary Rule ,
Financial Industry Regulatory Authority (FINRA) ,
Investment Adviser ,
Liquidity Risk Management Rule ,
Mutual Funds ,
OCIE ,
Pay-To-Play ,
Sales Load Variations ,
Section 36(b) ,
Securities and Exchange Commission (SEC) ,
Swing Pricing ,
Trustees
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
On May 23, 2016, at FINRA’s annual conference in Washington, D.C., Richard Ketchum, FINRA’s chairman and CEO, delivered a speech that shed a little light on FINRA’s recent sweep letter relating to firm culture....more
On April 6, 2016, the Department of Labor (“DOL”) issued its final conflict of interest regulations, which significantly expand who is considered a fiduciary when dealing with a retirement account. The new regulations,...more
On September 15, 2015, OCIE issued a risk alert relating to its new cybersecurity examination initiative. This is the second round of these examinations, and the alert provides a detailed look at OCIE’s current areas of...more
9/17/2015
/ Broker-Dealer ,
Cyber Incident Reporting ,
Cyber Threats ,
Cybersecurity ,
Data Privacy ,
Data Protection ,
Data Security ,
Financial Industry Regulatory Authority (FINRA) ,
Hackers ,
Investment Adviser ,
OCIE ,
Risk Alert ,
Risk Management ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC) ,
Third-Party ,
Training
In This Issue:
- What to Expect in 2015
- EU Regulatory Agenda: Into 2015
- FINRA Issues Report Relating to its Communication Rules
- Structured Product Offerings and RIAs
- The SEC, Investment Funds and...more
12/24/2014
/ Banking Sector ,
Banks ,
Derivatives ,
EU ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Investment Adviser ,
Investment Funds ,
Securities and Exchange Commission (SEC) ,
Structured Financial Products