Morrison & Foerster LLP - Broker-Dealer Compliance + Regulation

1290 Avenue of the Americas  New York, NY 10104-0050, United States

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Cybersecurity: SEC Is Starting to Scrutinize Registrants’ Practices

The SEC plans to examine the cybersecurity practices of over 50 registered broker-dealers and investment advisers. The SEC announced its plan in an April 15, 2014 Risk Alert, which closely follows the March 26 Cybersecurity…more
| Commercial Law & Contracts, Finance & Banking, Privacy, Science, Computers, & Technology, Securities Law

A Blast from the Past: The SEC Fines Investment Adviser/Broker-Dealer for Breakpoint Violations

In a case reminiscent of the “breakpoint” enforcement actions brought 10 years ago by securities regulators, the SEC recently found that a registered investment adviser and broker-dealer overcharged clients because it improperly…more
| Finance & Banking, Securities Law

Ketchum Shares Bon Mots with BD Industry at SIFMA Meeting

At this week’s Annual SIFMA Law and Compliance meeting, FINRA CEO Rick Ketchum provided a number of candid and pointed comments in a wide-ranging and no-holds-barred interview conducted by long-time senior compliance official…more
| Finance & Banking, Securities Law

Division of Investment Management: References by Advisers to Public Commentary on Social Media Sites Don’t Invoke “Testimonial Rule” if They Satisfy “Independence” and “No Material Connection” Tests

Acknowledging the growing demand by consumers for information through social media, the Division of Investment Management set some ground rules on how investment advisers can use social media and publish advertisements that…more
| Communications & Media Law, Finance & Banking, Securities Law

SEC Correction: Reinstating an Exception to an Exception to an Exception

No one could be blamed for having difficulty understanding the intricacies of the rules under Section 17(d) of the Investment Company Act, the statute that prohibits “joint transactions” without an SEC order. At the end of 2013,…more
| Finance & Banking, Securities Law

Division of Investment Management Lists 2013 Accomplishments; Sets 2014 Agenda

The SEC’s Division of Investment Management summarized its activities in 2013, highlighting its intensified rulemaking program, efforts to identify new and emerging risks and its disclosure initiatives. The Division also took…more
| Finance & Banking, Securities Law

SEC Sanctions Non-U.S. Firm for Failing to Register as Broker-Dealer/Adviser

The SEC charged a non-U.S. multi-national financial institution with a large U.S. presence with violating federal securities laws by providing brokerage and investment advisory services to U.S. clients without registering with…more
| Finance & Banking, Business Torts, Securities Law

A New SEC Enforcement Direction for 2014

Each year, the SEC puts on its most informative conference of the year: The SEC Speaks. During the course of the two-day conference, held this year on February 21 and 22, the Chair and each Commissioner, as well as the most…more
| Business Torts, Commercial Law & Contracts, Finance & Banking, Securities Law

Money Market Reform Inches Forward

The staff of the SEC’s Division of Economic and Risk Analysis (DERA) made available its analyses of data and academic literature relevant to pending money market fund reform. DERA said that the analyses could assist the public…more
| Finance & Banking, Securities Law

FINRA Invites Public Comment on a Modified Regulatory Scheme for Broker-Dealers Specializing in M&A and Corporate Finance

FINRA is seeking public comment on a much needed overhaul of the regulatory requirements for broker-dealers who specialize in M&A and corporate finance. The overhaul would be accomplished by creating a new category of…more
| Commercial Law & Contracts, Finance & Banking, Mergers & Acquisitions, Securities Law

FINRA Protects Seniors by Disciplining Inadequate Supervision of VA Sales

As baby boomers continue to age, securities regulators focus on protecting the growing population of seniors and retirees. For example, the regulators are seeking to ensure that broker-dealers’ systems and procedures for…more
| Commercial Law & Contracts, Finance & Banking, Securities Law

NEP Announces Never-Before-Examined Initiative

The SEC’s Office of Compliance Inspections and Examinations (OCIE) announced this week that its National Exam Program (NEP) launched an initiative to “engage with” investment advisers that have never been examined by the SEC. …more
| Finance & Banking, Securities Law

Toke on This: FinCEN Issues Guidelines for Marijuana-Related Businesses

The Financial Crimes Enforcement Network (FinCEN) got a whiff of the fact that financial institutions provide services to burgeoning marijuana-related businesses and published guidance to clarify customer due diligence…more
| Criminal Law, Finance & Banking

Second Circuit Maintains Expansive View of Civil Liability for Insider Trading

On February 18, 2014, in SEC v. Contorinis, the Court of Appeals for the Second Circuit affirmed an order requiring Joseph Contorinis to personally disgorge more than $7 million in insider trading profits realized by a fund he…more
| Securities Law

NFA Requests Comments on Need for CPO/CTA Capital Requirements

Should the National Futures Association (NFA) impose capital requirements on commodity pool operators (CPOs) and commodity trading advisors (CTAs)? On January 23, 2014, the NFA published a Notice to members seeking public…more
| Finance & Banking, Securities Law
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