Morrison & Foerster LLP - Broker-Dealer Compliance + Regulation

Double-Check the Math: Advisers Should Not Provide Clients With Performance Data Created by Other Investment Managers Without Verifying the Information

In a series of enforcement actions this week, the SEC made it clear that investment advisers need to substantiate the performance records of investment management firms they recommend to their clients. In these cases, failure…more
| Administrative Law, Business Torts, Finance & Banking, Securities Law

CFTC Proposal to Amend CPO Reporting Rules

The Commodity Futures Trading Commission (“CFTC”) on August 5, 2016, issued a proposal to amend its rules governing commodity pool annual reports, which, if adopted, would permit commodity pool operators (“CPOs”) of a pool…more
| Commercial Law & Contracts, Finance & Banking, Securities Law

FINRA Announces Sweep of Broker-Dealers that Sell Non-Traded BDCs

In a notice published on its website on August 4, 2016, FINRA announced that it is conducting an inquiry with respect to non-traded business development companies (BDCs). FINRA asked that the member broker-dealers send the…more
| Business Organizations, Commercial Law & Contracts, Finance & Banking, Securities Law

CFTC Proposed Registration Relief for Non-U.S. Futures Commission Merchants, Commodity Pool Operators, Commodity Trading Advisors and Introducing Brokers

On July 27, 2016, the U.S. Commodity Futures Trading Commission (“CFTC”) proposed amendments to its rules (“Proposed Rules”) that loosen the conditions for exemption from registration as a futures commission merchant (“FCM”),…more
| Business Organizations, Commercial Law & Contracts, Finance & Banking, Securities Law

SEC Eases Regulatory Burden for Listing Actively Managed ETFs

The Securities and Exchange Commission took a step toward streamlining the approval process for actively managed ETFs last week by approving rule proposals from two securities exchanges…more
| Business Organizations, Finance & Banking, Securities Law

OCIE Gives Advisers a Heads-Up About Its Latest Sweep Examination Initiative

Last week, OCIE published a National Exam Program Risk Alert highlighting the staff’s focus on advisers’ responsibility to act consistently with their clients’ best interests. According to OCIE, its latest sweep examination, the…more
| Business Organizations, Finance & Banking, Securities Law

FINRA Study of Financial Literacy: Many Investors May Not Have It

In July 2016, FINRA’s Investor Education Foundation released the findings from its National Financial Capability Study. The study suggests that, while in some ways Americans have increased their financial literacy, too…more
| Finance & Banking

Proposed Financial Disclosure Changes Could Impact Funds and BDCs

At an open meeting this week, the SEC voted to propose changes to certain disclosure rules affecting public issuers including, among others, investment companies and business development companies (BDCs)…more
| Business Organizations, Finance & Banking, Securities Law

SEC Proposes Business Continuity and Transition Rules for Advisers While Staff Publishes Similar Guidance for Funds

The SEC’s Division of Investment Management published regulatory guidance on June 28, 2016, highlighting the need for registered investment company complexes to review their business continuity plans to ensure they are…more
| Business Organizations, Commercial Law & Contracts, Finance & Banking, Securities Law

SEC Charges Private Fund Administrator with “Gatekeeper Failures”

Add fund administrators to the list of service providers the SEC expects to act as “gatekeepers.” In two separate settled actions last week, the SEC found that a private fund administrator “caused” the managers’ unregistered…more
| Business Organizations, Commercial Law & Contracts, Finance & Banking, Securities Law

SEC Staff Throws Funds a Lifeline on Auditor Independence (For Now)

The SEC’s Division of Investment Management provided temporary relief from the headache created for funds when the failure to meet the provisions of the so-called “loan rule” may disqualify fund auditors from being independent…more
| Business Organizations, Finance & Banking, Securities Law

FINRA Sanctions Investment Firm Following Unsuitable Sales of Nontraditional ETFs

On June 7, 2016, FINRA settled proceedings against a New York-based investment firm for alleged violations of its suitability and related rules, namely NASD Rule 2310 and FINRA Rules 2111 and 2010. According to FINRA, the…more
| Business Torts, Commercial Law & Contracts, Finance & Banking, Securities Law

Massachusetts Securities Division Searches for Rogue Brokers

According to news reports, the Massachusetts Securities Division (the “Division”) recently sent a “sweep letter” to firms asking broker-dealers to report information about their hiring policies and procedures. The Division, led…more
| Finance & Banking, Labor & Employment Law, Securities Law

MJW to FSOC:  We’re On It

In a keynote address before the Investment Company Institute on May 20, 2016, SEC Chair Mary Jo White signaled to the Financial Stability Oversight Counsel (FSOC) that the SEC is “working hard” to finalize rules that address…more
| Business Organizations, Commercial Law & Contracts, Finance & Banking, Securities Law

FINRA Proposes Amendments to its New Debt Research Rule

On May 24, 2016, FINRA proposed amendments to its new debt research rule (Rule 2422). The amendments are intended to clarify Rule 2422 in four respects: (1) the consent requirement for institutional debt research reports…more
| Business Organizations, Finance & Banking, International Law & Trade, Securities Law
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Contact

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

  • (212) 468-8000
  • (212) 468-7900

Areas of Practice
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