Morrison & Foerster LLP - Broker-Dealer Compliance + Regulation

SEC Sanctions Adviser, Executives and CCO for Custody Rule Violation – Again

On November 19, 2015, the SEC sanctioned a registered investment adviser, its two owners, and a former chief compliance officer for violating the Advisers Act “custody rule” after previously settling similar charges and agreeing…more
| Business Organizations, Finance & Banking, Securities Law

SEC Agenda for 2016: Tighten Rules on Leverage for Funds; Stress Testing and Third-Party Compliance Reviews for Advisers

In testimony before the House Committee on Financial Services on November 18, 2015, SEC Chair Mary Jo White described what the SEC has in store for the investment management industry…more
| Finance & Banking, Securities Law

ICI Survey: Mutual Fund Independent Directors Are Getting Older and Wiser

Mutual fund directors are getting older and wiser as they oversee a growing amount of assets and number of funds, according to a governance study published by the Investment Company Institute on October 27, 2015…more
| Business Organizations, Finance & Banking, Securities Law

SEC Sanctions Adviser for Misstatements in Advertisements, Client Presentations and Regulatory Filings

The SEC found that a registered investment adviser that operates as a “manager of managers” misstated a sub-adviser’s investment performance in communications with its clients, potential clients and the SEC. According to the…more
| Communications & Media Law, Finance & Banking, Securities Law

OCIE Cautions Advisers About Outsourcing Compliance Activities

In a Risk Alert dated November 9, 2015, the SEC’s Office of Compliance Inspections and Examinations (OCIE) said it found that outsourced compliance programs are generally effective, but some of these arrangements leave room for…more
| Commercial Law & Contracts, Finance & Banking, Securities Law

FINRA Proposes Rules to Help Avoid Financial Exploitation of Seniors

Avoiding financial exploitation of older investors has been on our regulators’ radar screens for several years. With new rules proposed in October 2015, FINRA seeks to make investing safer for seniors and other vulnerable…more
| Finance & Banking, Securities Law

Sign of Things to Come?

FINRA recently filed a proposed rule change with the Securities and Exchange Commission in order to adopt the final rules relating to Title III crowdfunding “funding portals.” This may signal that indeed the final crowdfunding…more
| Finance & Banking, Securities Law

SEC Sanctions Broker-Dealer and Affiliated Asset Manager for Breaching Information Barriers for Exchange-Traded Products

On October 8, 2015, the Securities and Exchange Commission charged an investment adviser and a broker dealer for failing to maintain and enforce polices to prevent misuse of material non-public information. Without admitting or…more
| Civil Procedure, Commercial Law & Contracts, Finance & Banking, Securities Law

CFTC Requires Introducing Brokers, Commodity Pool Operators, and Most Commodity Trading Advisors That Use Swaps to Become Members of NFA

On September 14, 2015, the Commodity Futures Trading Commission (CFTC) published a final rule requiring introducing brokers (IBs), commodity pool operators (CPOs), and most commodity trading advisors (CTAs) to become members of…more
| Finance & Banking, Securities Law

SEC Charges Investment Adviser With Failure to Adopt Proper Cybersecurity Policies and Procedures

A registered investment adviser agreed to settle SEC charges that it failed to adopt adequate cybersecurity policies and procedures reasonably designed to protect customer records and information as required by Rule 30(a) of…more
| Consumer Protection, Finance & Banking, Privacy, Science, Computers, & Technology, Securities Law

FINRA to Propose Action on Exploitation of Elderly Investors

On September 17, 2015, FINRA announced that it would propose rules to help member firms protect seniors and other vulnerable adults from financial exploitation. The proposal would create a safe harbor enabling broker-dealer…more
| Consumer Protection, Finance & Banking, Securities Law

Cybersecurity, Round 2: OCIE Announces Areas of Focus for Cybersecurity Examinations

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 focus…more
| Consumer Protection, Finance & Banking, Privacy, Science, Computers, & Technology, Securities Law

SEC Expected to Propose Liquidity Risk Management Programs for Funds

The Securities and Exchange Commission announced that it will consider proposals for liquidity risk management programs and related disclosures for open-end management investment companies. The Commission will consider the new…more
| Finance & Banking, Securities Law

SEC Sanctions Investment Adviser For Materially False Advertisements

The SEC recently instituted proceedings against a registered investment adviser and its founder, CEO and majority shareholder for allegedly making material misstatements and omissions regarding the amount of assets purportedly…more
| Communications & Media Law, Finance & Banking, Securities Law

FINRA Sets Effective Dates for Research Report Conflicts Rules

FINRA rules addressing conflicts of interest relating to the publication of equity research reports become effective on September 25, 2015, or December 24, 2015. Corresponding rules for debt research reports become effective on…more
| Finance & Banking, Securities Law
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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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