Stephen M. Quinlivan

Stephen M. Quinlivan

Stinson Leonard Street

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Latest Posts › Broker-Dealer


SEC Cannot Use Dodd-Frank Bans Retroactively

Section 925(a) of the Dodd-Frank Act expanded a remedy for certain violations of securities laws form barring association with broker-dealers to a bar that includes municipal advisors, rating organizations and other regulated...more

7/15/2015 - Broker-Dealer Dodd-Frank Municipal Advisers Retroactive Application SEC

SEC Exams to Focus on Sales of Retirement Products

The SEC Office of Compliance Inspections and Examinations, or OCIE, has launched a multi-year Retirement-Targeted Industry Reviews and Examinations (ReTIRE) Initiative. OCIE is focusing on retirement-based savings in...more

6/23/2015 - Broker-Dealer Conflicts of Interest Disclosure Requirements Examination Priorities Investment Adviser Investors Marketing Material Disclosures OCIE Retirement Plan SEC

PCAOB Alerts on Deficiencies in Broker-Deal Audits

The first five inspections of broker-dealer audit and new attestation engagements subject to PCAOB standards show deficiencies in the auditors’ application of these standards according to the PCAOB. The requirement to...more

1/29/2015 - Annual Reports Auditors Audits Broker-Dealer PCAOB SEC

SEC and PCAOB Collar 15 For Independence Violations in Audits of Broker-Dealers

The SEC and PCAOB collectively charged 15 audit firms for violating independence requirements in connection with audits of broker dealers. Under SEC independence rules, which apply to audits of broker-dealers whether or not...more

12/9/2014 - Auditors Broker-Dealer Financial Statements Independence Rules PCAOB SEC

SEC Finds Crowdfunding Website a General Solicitation and Violated Broker-Dealer Rules

In a settled enforcement action, the SEC alleged the defendant failed to implement procedures reasonably designed to prevent U.S. persons from accessing and investing in securities through its crowdfunding website. The...more

11/11/2014 - Broker-Dealer Compliance Crowdfunding Dodd-Frank General Solicitation Popular SEC

It’s Going to be Harder to Sell Unregistered Securities

The SEC has issued a Risk Alert and FAQs to remind broker-dealers of their obligations when they sell unregistered securities on behalf of clients. This occurs when founders and employees sell their initial stakes in...more

10/10/2014 - Broker-Dealer Compliance Dodd-Frank Private Placements SEC

Pending Legislation Offers M&A Advisers Relief From Broker-Dealer Rules

A bill pending in the House of Representatives (H.R. 2274) would provide some relief for M&A advisers from the broker-dealer registration rules....more

8/13/2013 - Acquisitions Broker-Dealer Mergers Proposed Legislation Registration SEC

SEC Issues Final Rules On Audits Of Broker-Dealers

The SEC has amended certain broker-dealer annual reporting, audit, and notification requirements. ...more

8/1/2013 - Annual Reports Audits Broker-Dealer Filing Requirements Notice Requirements SEC

SEC Exempts Another Crowd Funding Site From Broker-Dealer Rules

The SEC has granted AngelList relief on accepting transaction based compensation for crowd funding, exempting it from the broker-dealer rules. A couple days ago, the SEC granted relief to Makes you kind...more

4/1/2013 - Broker-Dealer Crowdfunding Dodd-Frank FINRA General Solicitation Investment Adviser SEC

SEC Says Crowdfunding VC Site Not A Broker-Dealer operates a really cool website. The publicly available page advertises “The best way to invest in startups. Insider access to pre-vetted startups. Low minimum investment sizes. Free membership. Join...more

3/28/2013 - Accredited Investors Broker-Dealer Crowdfunding General Solicitation SEC Startups

SEC Charges Private Equity Fund Advisers With Misleading Investors About Valuation And Performance

The SEC has charged two investment advisers at Oppenheimer & Co. with misleading investors about the valuation policies and performance of a private equity fund they manage. The SEC recently hinted at potential increased...more

3/12/2013 - Broker-Dealer Investment Adviser Private Equity Funds SEC Valuation

SEC Charges Private Equity Group For Using Unregistered Broker

The SEC has announced charges against New York-based private equity firm Ranieri Partners, a former senior executive, and an unregistered broker who violated securities laws when soliciting more than $500 million in capital...more

3/12/2013 - Broker-Dealer Finders General Solicitation Ranieri Partners SEC

Securities Law Essentials For Growing Companies

We recently gave a presentation at a CLE titled Securities Law Essentials for Growing Companies. The presentation included an overview of what constitutes a public offering, what is a security, classical private placements,...more

1/16/2013 - Broker-Dealer Dodd-Frank JOBS Act Private Placements Safe Harbors Securities

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