Morrison & Foerster LLP - Broker-Dealer Compliance + Regulation

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

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
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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
  • Finance & Banking
  • Litigation
  • Securities Law
Other U.S. Locations
  • California
  • Colorado
  • D.C.
  • New York
  • Virginia
Other Countries
  • Belgium
  • China
  • Hong Kong
  • Japan
  • United Kingdom
Number of Attorneys

1,000+ Attorneys

This profile may constitute attorney advertising. Prior results do not guarantee a similar outcome. Any correspondence with this profile holder does not constitute a client/attorney relationship. Neither the content on this profile nor transmissions between you and the profile holder through this profile are intended to provide legal or other advice or to create an attorney-client relationship.

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