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Eversheds Sutherland (US) LLP

Dual registrant regulatory roundup - July 2024

Welcome to the Regulatory Roundup. Each month, Eversheds Sutherland Investment Services attorneys review significant regulatory developments (including notable rulemakings and guidance from securities regulators) from the...more

Seward & Kissel LLP

Home is Where Your Server Is?

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On March 8, 2024, the U.S. Court of Appeals for the Second Circuit reversed and remanded a District Court decision that dismissed all claims by plaintiff crypto investors against Binance, an international electronic exchange...more

Skadden, Arps, Slate, Meagher & Flom LLP

Fifth Circuit Reverses CFTC Penalty Judgment Under ‘Fair Notice’ Doctrine

On January 8, 2024, in a decision that underscores the potential viability of fair-notice defenses to U.S. regulators’ rule interpretations, the U.S. Court of Appeals for the Fifth Circuit reversed a $6.5 million penalty...more

Proskauer - Regulatory & Compliance

The SEC’s New Corporate Buy-Back Rules Have Been Formally Vacated By the U.S. 5th Circuit Court of Appeals: Issuers May Suspend...

On December 19, 2023, the Fifth Circuit formally vacated the SEC’s buy-back disclosure rules. While it is unclear what, if any, action the SEC may take in response to this definitive ruling, the realistic options appear to be...more

Cozen O'Connor

Notice of Appeal - A quarterly newsletter reviewing Third Circuit opinions impacting white collar defense lawyers - Fall 2023

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BACKGROUND- A sugar distributor sought to acquire a sugar producer. The district court determined that the relevant product market included distributors as sources of refined sugar, in addition to sugar producers. The...more

Bracewell LLP

FINRA Facts and Trends: July 2023

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Welcome to the latest issue of Bracewell’s FINRA Facts and Trends, a monthly newsletter devoted to condensing and digesting recent FINRA developments in the areas of enforcement, regulation and dispute resolution. This month,...more

ArentFox Schiff

NYS DFS scores Big Win in New York Court of Appeals

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On October 20, 2022, the New York Court of Appeals ― the highest court in New York ― issued its opinion in In the Matter of Independent Insurance Agents and Brokers of New York Inc., et al. v. New York State Department of...more

Sheppard Mullin Richter & Hampton LLP

Eighth Circuit Holds Rule 23(b)(3)’s Predominance Requirement Not Met in Securities Fraud Action Against Brokerage Firm

In Ford v. TD Ameritrade Holding Corp., 2021 U.S. App. LEXIS 12008 (8th Cir. Apr. 23, 2021), the United States Court of Appeals for the Eighth Circuit reversed a district court’s order certifying a class of customers who had...more

UB Greensfelder LLP

Another Day, Another Complaint About The Unlevel Playing Field In FINRA Arbitrations

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I just read this article... – admittedly authored by lawyers, Ethan Brecher and Ana Montoya, whose website provides that one of their three principal areas of practice is representing investors “who have been defrauded by...more

Goodwin

SEC Finalizes Reforms Under Investment Advisers Act

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In this Issue. The Securities and Exchange Commission (SEC) finalized reforms under the Investment Advisers Act to modernize rules that govern investment adviser advertisements and payments to solicitors, and published a risk...more

ArentFox Schiff

Commission-Only Employees Are Not Exempt from Overtime

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On November 9, 2020, the California Court of Appeal (Fourth Appellate District, Division 3) decided Semprini vs Wedbush Securities, Inc., holding that a certified class of employees paid on a commission-only basis did not...more

UB Greensfelder LLP

Federal Judge Rules That While Zoom Arbitrations Are “Clunkier,” They Are Not Unfair

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Carlos Legaspy is a respondent in a FINRA arbitration that was scheduled to go to hearing in August. As with all other FINRA cases, it was subject to a sweeping administrative decision by FINRA to postpone all in-person...more

Sheppard Mullin Richter & Hampton LLP

California State Court Declines to Expand Standing for Claims Under 1933 Act

In Jensen v. iShares Trust, 2020 Cal. App. LEXIS 61 (Cal. App. Jan. 23, 2020), a rare state court decision addressing claims under the Securities Act of 1933 (“1933 Act”), the California Court of Appeal rejected...more

Sheppard Mullin Richter & Hampton LLP

Third Circuit Reversal a Pyrrhic Win for SEC in Ongoing Statute of Limitations Saga

In Securities & Exchange Comm. v. Gentile, No. 18-1242, 2019 WL 4686251 (3d Cir. Sept. 26, 2019), the United States Court of Appeals for the Third Circuit took up the question of whether Securities and Exchange Commission...more

Dorsey & Whitney LLP

SEC Injunctions: A New Standard?

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The remedy of choice for the SEC Enforcement Division has always been the statutory injunction. For many years  the only remedy available to the Division was the obey-the-law statutory injunction....more

UB Greensfelder LLP

FINRA Touts The Fact That Its Examinations Need Not Be “Fair”

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While I feel I have enjoyed as much success defending respondents in FINRA Enforcement matters as anyone, I am still careful to caution clients who are unwilling to consider any settlement that going toe-to-toe with FINRA at...more

Sheppard Mullin Richter & Hampton LLP

Where is the Love? Exchanges Sue SEC Over Market Access Fee Pilot Program

Three prominent trading exchanges did not exactly show their government overseer the love this Valentine’s week. On February 14, 2019, the New York Stock Exchange (“NYSE”) filed a petition for review to the U.S. Court of...more

A&O Shearman

Third Circuit Upholds Customer's Right To FINRA Arbitration Despite Brokerage Agreements' Forum-Selection Clause Providing Right...

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On August 7, 2018, the U.S. Court of Appeals for the Third Circuit affirmed a district court order compelling defendant, a broker-dealer and member of the Financial Industry Regulatory Authority (FINRA), to submit to FINRA...more

Bradley Arant Boult Cummings LLP

The End of the DOL’s Fiduciary Rule - Employee Benefits Alert

On June 21, 2018, the Fifth Circuit Court of Appeals issued a mandate vacating the controversial fiduciary rule issued by the U.S. Department of Labor (DOL) in 2016. The mandate follows the court’s opinion issued on March 15,...more

Dechert LLP

Fifth Circuit Opinion Vacates DOL Fiduciary Rule

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The U.S. Court of Appeals for the Fifth Circuit on March 15, 2018 issued an opinion (Opinion) vacating the Department of Labor (DOL) fiduciary rule and related applicable exemptions. The DOL had promulgated the rule and...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Fiduciary Rule is not dead, but extremely sleepy

So many are celebrating the ruling against the Department of Labor’s (DOL’s) fiduciary rule in the Fifth Circuit without realizing what that really means. A Federal appeals court in New Orleans doesn’t have an impact outside...more

Dechert LLP

ERISA's Fiduciary Rule - Dead Yet? Game Over? Maybe, Maybe Not . . .

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It has been a long and winding road for the amended fiduciary regulation (the "Regulation") and the related new and amended exemptions (collectively, the "Rule") of the U.S. Department of Labor (the "DOL") under the Employee...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Fifth Circuit decision doesn’t bury Fiduciary Rule

The Fifth Circuit Court of Appeals vacated the Labor Department’s fiduciary rule, overturning a Dallas district court decision that originally upheld it. By a 2-1 vote, the Circuit Court held that the Department of Labor...more

Bass, Berry & Sims PLC

Chris Lazarini Analyzes Mandatory Arbitration Rule under FINRA Rule 12200

Bass, Berry & Sims attorney Chris Lazarini analyzed a case in which defendant Wilson-Davis, a securities firm, sought to enjoin an arbitration brought against it alleging that the firm's failure to supervise its agent caused...more

Bass, Berry & Sims PLC

Chris Lazarini Examines Dismissal of Claims Applying Res Judicata Standard

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Bass, Berry & Sims attorney Chris Lazarini examined a case filed by Morgan Stanley against Defendant in a FINRA arbitration over an un-paid promissory note. The Defendant answered without asserting counterclaims, but later...more

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