Morrison & Foerster LLP - Broker-Dealer Compliance + Regulation

FINRA Fine Addresses Broker Compensation and Conflicts of Interest

A recent enforcement action by FINRA underscores the regulator’s continuing concern regarding how financial advisers are paid to sell investment products. In a case announced on November 28, 2016, a member firm settled charges…more
| Business Organizations, Finance & Banking

NYSE Proposes Rules to Effect T+2 Settlement Cycle

U.S. regulators and self-regulatory organizations have been moving towards a T+2 settlement cycle for secondary market transactions. In November 2016, the NYSE took its own expected steps in this direction, with a series of…more
| Business Organizations, Finance & Banking, Securities Law

Inside FINRA’s “Cross-Selling Sweep”

In response to recent highly-publicized scrutiny of bank cross-selling practices, FINRA announced in October 2016 that it is conducting a sweep of broker-dealers to determine the extent to which they are..…more
| Business Organizations, Finance & Banking, Securities Law

DOL Issues First Guidance on Fiduciary Rule

On October 27, 2016, the U.S. Department of Labor (DOL) issued initial guidance on its new fiduciary rules, which are scheduled to become effective on April 10, 2017. The guidance was issued in the form of FAQs and is expected…more
| Commercial Law & Contracts, Finance & Banking, Labor & Employment Law

FINRA Proposes Rules to Protect Seniors from Financial Exploitation

In October 2016, FINRA filed with the SEC proposed rules designed to help brokers protect seniors and other vulnerable adults from financial exploitation. The proposal would amend existing customer account information rules to…more
| Consumer Protection, Finance & Banking, Securities Law

Alphabet Soup?

Several years have now passed since the financial crisis and the onslaught of regulations intended to prevent a future crisis. Regulatory reform has assuredly resulted in significant changes to our financial services sector…more
| Business Organizations, Commercial Law & Contracts, Franchise Law, Securities Law

SEC Approves New Liquidity Risk Management Rules; Swing Pricing Rules

The SEC today unanimously approved “transformational” new rules requiring liquidity risk management programs. The SEC also approved a swing pricing rule by a vote of 2-1, with Commissioner Piwowar voting against…more
| Finance & Banking, Securities Law

SEC Adopts New Reporting Rules for Mutual Funds

A split SEC today approved new rules addressing mutual fund disclosures and liquidity. Chair White and Commissioner Stein voted yes; Commissioner Piwowar voted no. Here are the highlights of the new reporting modernization…more
| Business Organizations, Finance & Banking, Securities Law

Randy “Tandy” Dandy No More

On October 5, 2016, the SEC unceremoniously dropped a long-standing requirement that issuers affirmatively state that they will not raise the SEC review process and acceleration of effectiveness as a defense to legal…more
| Securities Law

Twenty-Three Years Later, One Day Shorter: SEC Proposes T+2 Rule Amendment

Twenty-three years after adopting Rule 15c6-1 under the Securities Exchange Act of 1934 (“Exchange Act”) to establish T+3 as the standard settlement cycle for broker-dealer transactions, on September 28, 2016, the SEC proposed…more
| Business Organizations, Commercial Law & Contracts, Finance & Banking, Securities Law

House Bill Would Ease Regulatory Restrictions to Private Fund Advisers

On September 9, 2016, the U.S. House of Representatives approved a bill that would amend the Investment Advisers Act of 1940 to modernize certain disclosure requirements and lessen regulatory burdens on private fund advisers. …more
| Business Organizations, Commercial Law & Contracts, Finance & Banking, Securities Law

Capital Acquisition Brokers: New Category of Broker-Dealers Provides Limited Relief for Some Investment Banking Boutiques

The SEC recently approved a set of FINRA rules which creates a new category of broker-dealers known as Capital Acquisition Brokers or CABs. The rules were originally proposed in 2014 and will go into effect on the date set…more
| Business Organizations, Finance & Banking, Mergers & Acquisitions, Securities Law

FINRA to Conduct Targeted Exams of Unit Investment Trust Rollovers

FINRA recently announced that it will be conducting an inquiry into unit investment trust (“UIT”) rollovers. UITs generally are unmanaged registered investment companies that are comprised of a fixed portfolio of securities and…more
| Franchise Law, Securities Law

OCIE Announces Adviser Supervision Practices Initiative

On September 12, 2016, OCIE published a National Exam Program Risk Alert announcing an initiative to examine the supervision practices of registered investment advisers (“RIAs”) that employ individuals with a history of…more
| Commercial Law & Contracts, Finance & Banking, Securities Law

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
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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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1,000+ Attorneys

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