News & Analysis as of

Associated Persons

"'Failure to Prevent': The Implications for Global Financial Institutions"

The U.K. government is set to introduce a new corporate criminal offence, based on the strict liability of the entity in question. It almost certainly will come into force in 2017, once the Criminal Finances Bill (Bill) is...more

Can a futures brokerage firm pay trailing commissions to an inactive AP or his estate?

by Thompson Coburn LLP on

Can a futures commission merchant (FCM) or other commodity futures industry registrant pay trailing commissions to a former associated person (AP) whose registration has been revoked? Or who has retired and is no longer...more

Non-UK companies to be prosecuted for failing to prevent "economic crime" anywhere in the world

by DLA Piper on

If a controversial new law is introduced in the UK, all companies with a connection to the UK will potentially be made liable for acts of "economic crime" committed anywhere in the world by their "associated persons" The...more

Broker-Lite: FINRA Built It, But Will They Come?

by Morgan Lewis on

On August 18, 2016, the US Securities and Exchange Commission (SEC) approved a new Financial Industry Regulatory Authority (FINRA) rule series intended as a “lite” framework for the registration and regulation of brokers that...more

Corporate and Financial Weekly Digest - Volume XI, Issue 26

SEC/CORPORATE – SEC Division of Corporation Finance Issues C&DIs on Application of Rule 701 – On June 23, the Staff of the Division of Corporation Finance (Staff) of the Securities and Exchange Commission...more

Tackling Tax Evasion: New UK Strict Liability Corporate Criminal Offences

by Ropes & Gray LLP on

To engage businesses in the fight against tax evasion and dovetail with ongoing efforts to tackle corruption both nationally and internationally, the UK Government has committed to introduce a corporate offence of failing to...more

Anti-Corruption Summit: Extending Corporate Liability for Economic Crimes?

In a keynote address at the London Anti-Corruption Summit, Prime Minister David Cameron raised the possibility of new U.K. legislation to make corporations liable for “failure to prevent” fraud or money-laundering offenses...more

Registration of Associated Persons with Algorithmic Trading Responsibilities

by WilmerHale on

On April 7, 2016, the Securities and Exchange Commission (“SEC”) approved the Financial Industry Regulatory Authority's (“FINRA”) proposal to amend NASD Rule 1032 (Categories of Representative Registration) to require...more

The SEC Approves a FINRA Rule Amendment Requiring Registration of Associated Persons Who Design or Develop Algorithmic Trading...

On April 7, the Securities and Exchange Commission (SEC) approved amendments to NASD Rule 1032(f) which will require registration as Securities Traders of associated persons who are primarily responsible for the design,...more

Failure to prevent bribery: The first s7 sentence - This article looks at the first court sentence for failure to prevent bribery...

by Dentons on

The Bribery Act 2010 has been in force for over four years. For much of that time, businesses have waited for clarification of the s7 offence of failure to prevent bribery. Finally, near the end of 2015, the first DPA was...more

Sweett Group Convicted for Failing to Prevent Bribery

by Shearman & Sterling LLP on

The Serious Fraud Office announced that Sweett Group Plc had been convicted and sentenced for failing to prevent bribery by an associated person under section 7 of the Bribery Act 2010. It is the first conviction of the...more

FINRA’s Projected 2015 Fines: Not Keeping Pace With 2014’s Total, But Still a Blockbuster Year

Despite a slowdown in the fines reported in 2015, the Financial Industry Regulatory Authority (FINRA) has continued to flex its enforcement muscle so far this year. During the first half of 2015, FINRA reported $37.5 million...more

SEC Adopts Registration Rules for Security-Based Swap Dealers and Major Security-Based Swap Participants

On August 5, the Securities and Exchange Commission adopted new registration rules for security-based swap dealers and major security-based swap participants (SBS entities). In general, an SBS entity would register by filing...more

FINRA Proposes Rule Governing Personal Securities Transactions of Associated Persons

On July 31, the Financial Industry Regulatory Authority filed a proposed rule change with the Securities and Exchange Commission to adopt FINRA Rule 3210 (Accounts At Other Broker-Dealers and Financial Institutions) in the...more

FINRA Seeks Comment on Proposal Requiring Registration of Associated Persons Who Develop Algorithmic Trading Strategies

Introduction - As part of its ongoing market structure initiatives related to, among other things, automated trading activities, the Financial Industry Regulatory Authority (FINRA) has issued a proposal that would...more

SEC Approves FINRA Rule Regarding Investigation and Verification of Registration Applicants

by Burr & Forman on

After seeking comments last fall, the Securities and Exchange Commission (“SEC”) recently approved the Financial Industry Regulatory Authority’s (“FINRA”) proposed rule governing member firms’ verification and investigation...more

"Smoking Gun" Comments Serve as an Important Reminder of the ADA’s Protection Against Associational Discrimination

by Foley & Lardner LLP on

Most employers are well aware that the Americans with Disabilities Act (ADA) protects qualified individuals with disabilities against discrimination on the basis of disability and requires employers to provide reasonable...more

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Cybersecurity

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