FINRA - JD Supra Law News

FINRA Levies $9 Million Fine Against Financial Service Company Over Email Failures

by Pillsbury Social Media, Entertainment & Technology Team on 5/22/2013

...The Financial Industry Regulatory Authority (FINRA) has levied a $7.5 million fine against LPL Financial LLC (LPL) for a series of email system failures which prevented LPL fr... more

Florida Complex Litigation Update: Raymond James Financial Services, Inc. v. Phillips: Florida Supreme Court rules that statute of limitations applies to arbitration

by Fuerst Ittleman David & Joseph, PL on 5/21/2013

...Resolving a matter of first impression in Florida, the Florida Supreme Court recently issued its decision in Raymond James Financial Services, Inc. v. Phillips, Case No. SC11-2513 (Fla. May 16, 2013), concluding that Florida’s statute of limitations applies to arbitration.... more

FINRA Issues Interpretive Guidance on Use of Back Tested Index Data by ETPs

by Katten Muchin Rosenman LLP on 5/21/2013

...2, the Financial Industry Regulatory Authority, Inc. issued to ALPS Distributors, Inc. interpretive guidance with respect to FINRA Rule 2210(d) and the use of hypothetical back tested index performance information, which FINRA refers to as pre-inception i... more

Financial Services Legislative and Regulatory Update -- May 20‚ 2013

by Mintz Levin - Public Finance on 5/20/2013

... This Issue: Leading the Past Week; Legislative Branch; Executive Branch; and Upcoming Hearings. Excerpt from Leading the Past Week - The conflation of three scandals clearly tainted President Obama with the Washington Post’s “Worst Week in Washington” award last week, and in fact the only question last week... more

FINRA Fines Three Broker-Dealers Over AML Compliance Failures, Suspends Executives

by BuckleySandler LLP on 5/20/2013

...On May 8, FINRA announced that it fined three firms a combined $900,000 and suspended four executives for allegedly failing to establish and... more

Corporate and Financial Weekly Digest - May 17, 2013

by Katten Muchin Rosenman LLP on 5/20/2013

...- FINRA Issues Interpretive Guidance on Use of Back Tested Index Data by ETPs ... more

FINRA Focuses on Anti-Money Laundering Procedures and Red Flags

by Morrison & Foerster LLP on 5/17/2013

...Last week, the Financial Industry Regulatory Authority (FINRA) publicized penalties against three companies – as well as four associated individuals – that it found had faile... more

Investment Management Legal + Regulatory Update -- May 2013

by Morrison & Foerster LLP on 5/17/2013

...or Misleading Valuation and Performance Information; SEC Charges Private Equity Firm with Improperly Soliciting Investments; FINRA Panel Orders Schwab to Correct Language in Account-Opening Documents; SEC Seeks New Trial in Reserve Primary Case; Pension F... more

Structured Thoughts -- Volume 4, Issue 8 -- May 15, 2013

by Morrison Foerster - Structured Products on 5/16/2013

...Due Diligence Procedures for Structured Note Distributors; Key Issues for Yankee CDs; The SEC and FINRA: Protect Your Elders; The FSOC’s 2013 Annual Report: Increasing Exchange-Traded Product Activity; and SEC Discusses Es... more

FINRA Provides Guidance on Communications with the Public Concerning Unlisted Real Estate Investment Programs

by Katten Muchin Rosenman LLP on 5/15/2013

...The Financial Industry Regulatory Authority (FINRA) has issued Regulatory Notice 13-18 (Regulatory Notice) to provide guidance to member firms on communications with the publi... more

Is Crowdfunding Dead On Arrival? A Legal Perspective...

by JD Supra Law News on 5/15/2013

...imate crowdfunding expenses would surpass 15% or 20% on many transactions, compared to the maximum IPO commission allowed by FINRA of about 8%. The JOBS Act produces a number of procedural hurdles that are not economically consistent with small capital ra... more

Lawmakers Seeking to Ban “Unfair” Arbitration Agreements

by Bettina Eckerle on 5/15/2013

...The letter also cited FINRA’s recent enforcement action against Charles Schwab as an example for why such action is urgently needed. As we discuss... more

Weekly eDiscovery Top Story Digest - May 15, 2013

by Rob Robinson on 5/15/2013

... by @ComplexD from online public domain resources, provided for your review/use is this week’s update of key industry news, views, and events highlighting key electronic discovery related stories, developments, and announcements. Available as an information source for eDiscovery and information management professionals since 2010, the Top... more

Investment Portals Addressed in SEC Staff Guidance Under JOBS Act; No-Action Letters Also Issued

by Dechert LLP on 5/15/2013

...er to become registered with the SEC and also to become members of the Financial Industry Regulatory Authority, Inc. (“FINRA”). The formation and ongoing compliance costs associated with operating as a registered broker-dealer can be significa... more

SEC Focus on Unregistered Broker-Dealers – Implications for Regulated Entities

by Baker, Donelson, Bearman, Caldwell & Berkowitz, PC on 5/14/2013

... March, the Securities and Exchange Commission (SEC) announced administrative sanctions against Ranieri Partners LLC, which controls two private equity funds, as well as a former executive of Ranieri and a third-party "finder" for Ranieri in connection with the "finder" acting as a broker-dealer without being registered as such... more

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Legal updates for: FINRA