Steven Stone

Steven Stone

Morgan Lewis

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Challenges in Requiring High-Frequency Traders to Register as Dealers

SEC Chair Mary Jo White outlined a broad market structure proposal that would require high-frequency traders to register with the SEC as dealers and that could signal the end of the dealer-trader distinction....more

6/11/2014 - Broker-Dealer Compliance Enforcement High Frequency Trading Registration SEC

SEC Issues FAQs on Financial Responsibility Rules

The guidance addresses expense arrangements, buy-in procedures, free credit balances, sweep programs, and bulk transfers, among other things. On March 6, the staff of the Securities and Exchange Commission (SEC) issued...more

3/12/2014 - Broker-Dealer Customer Protection Rule FINRA Net Capital Rule SEC

SEC Issues Relief from Certain Financial Responsibility Rule Requirements

In two separate letters, the SEC staff addresses operational concerns raised by broker-dealers in connection with sweep program authorizations and the use of certain nonaffiliated U.S. branches of foreign banks....more

3/3/2014 - Banks Broker-Dealer Foreign Banks SEC Securities Exchange Act

SEC Provides No-Action Relief for M&A Brokers

SEC staff action may head off congressional action to exempt M&A Brokers from registration. On February 3, the staff of the Securities and Exchange Commission (SEC) issued a no-action letter that permits an M&A broker...more

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

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