News & Analysis as of

Best Execution

Stark & Stark

Ensuring Compliance: The 2023 DOL Retrospective Review

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The Department of Labor (“DOL”) continues to require the completion of a Retrospective Review. The Retrospective Review (the “Review”) requirement of Prohibited Transaction Exemption 2020-02 (the “PTE”) is designed to assist...more

WilmerHale

Potential Impact of the SEC’s Rulemaking Agenda on Crypto

WilmerHale on

The current SEC administration has expressed the view that most crypto assets are offered and sold as securities and has proposed several rules that address “digital asset securities” or “crypto asset securities.” In this...more

Goodwin

SEC to Ban Exchange Volume-Based Pricing Tiers

Goodwin on

While the SEC meddling in industry pricing and other commercial matters is not a new phenomenon, a recent SEC proposal reflects an enhanced willingness by the agency to tightly grip the industry’s purse strings (and a slow...more

WilmerHale

FINRA’s 2024 Annual Regulatory Oversight Report: What Broker-Dealers Need to Know

WilmerHale on

On January 9, 2024, the Financial Industry Regulatory Authority published its 2024 FINRA Annual Regulatory Oversight Report. Previously titled Report on FINRA’s Examination and Risk Monitoring Program, the Report is released...more

WilmerHale

Crypto Currently: California Enacts Landmark Crypto Licensing Law

WilmerHale on

On October 13, Governor Gavin Newsom signed into law a comprehensive licensing regime for digital asset companies operating in California. Until this point, California had refrained from taking a definitive position on...more

Latham & Watkins LLP

California Adopts Digital Financial Assets Law

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Licensees, exchanges, and other market participants should prepare to comply with the listing, disclosure, capital, and other requirements that the new law imposes. On October 13, 2023, California Governor Gavin Newsom...more

Goodwin

SEC Proposes New Regulation Best Execution - Brokers Must Achieve “Most Favorable Price” for Customers; Heightened Obligations for...

Goodwin on

The proposal would codify for the first time the federal-level best execution standard for brokers and related obligations. New Regulation Best Execution would result in a pivot from what has been a principles-based approach...more

WilmerHale

The SEC Proposes Regulation Best Execution

WilmerHale on

On December 14, 2022, the Securities and Exchange Commission (the SEC or Commission) proposed Regulation Best Execution (Proposed Reg Best Ex), which would establish through Commission rules a federal best execution...more

Morgan Lewis

Proposed Regulation Best Execution: SEC Considers Market Structure Shakeup

Morgan Lewis on

The US Securities and Exchange Commission (SEC) proposed Regulation Best Execution (Proposal or Proposed Regulation Best Execution) under the Securities and Exchange Act of 1934 (Exchange Act) to enhance the existing...more

Burr & Forman

FINRA 2023 Exam Priorities

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Every year the Financial Institution Regulatory Authority (FINRA) issues its “Report on FINRA’s Examination and Risk Monitoring Program.” The Report covers issues noted during the prior year’s exams and topics that examiners...more

Passle

Jeanne Hammerstrom of Benesch on Longevity, Growth, Execution & Retention as a legal CMO - Passle CMO Series Podcast

Passle on

Longevity, growth, execution and retention. These are just some of the facets a legal CMO has to manage. In this episode of the CMO Series, we explore the various dimensions of the job of a CMO. Eugene McCormick is lucky to...more

WilmerHale

SEC Holiday Reading List: Four Rule Proposals That Would Overhaul Market Structure and How Retail Orders Are Executed

WilmerHale on

On December 14, 2022, the Securities and Exchange Commission (“SEC” or “Commission”) released four sweeping rulemaking proposals that would change market structure as we currently know it and introduce a new federal standard...more

Holland & Knight LLP

Winter Brings Latest Flurry of SEC Rulemaking

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We here at SECond Opinions pride ourselves on staying current on all things SEC. But how about when in a single day, the SEC finalizes one rule and proposes four others (totaling 1,656 pages!) that could drastically change...more

Goodwin

SEC "Gift" to the Industry: Four Market Structure Proposals, 3-2 Votes (In Part), but No Partridge in a Pear Tree

Goodwin on

On December 14, 2022, the SEC proposed four separate equity market structure rulemakings, each of which, if adopted, will have significant effects on the markets and various industry participants. While designed to address...more

Goodwin

SEC Staff Risk Alert Criticizes Broker-Dealer Reports on Best Execution and Payment for Order Flow

Goodwin on

The SEC Division of Examinations recently published a Risk Alert on quarterly reports required under Exchange Act Rule 606, which are published by broker-dealers to provide customers with insight into factors influencing...more

Goodwin

FINRA Provides Update on Options Account Opening and Trading Sweep Exam Findings

Goodwin on

FINRA recently provided an update on the August 2021 review of its members’ practices and controls related to the opening of options accounts and related areas, including account supervision, communications, and diligence. ...more

Morgan Lewis - All Things FinReg

SEC to Propose Major Market Structure Overhaul

At its next open meeting on December 14, 2022, the US Securities and Exchange Commission is expected to propose a series of rules and rule amendments that have the potential to fundamentally reshape the structure of the US...more

Dorsey & Whitney LLP

Injecting Transparency & Competition into Equity Markets

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The Commission’s rule writing calendar may be about to have a meltdown. The agency is considering a number of significant rule writing-proposals covering important areas. A number of those proposals are controversial,...more

Goodwin

FINRA Reminds Firms of Evolving Definition of “Prompt” Order Execution

Goodwin on

FINRA recently reminded firms of their obligation to execute marketable customer orders fully and promptly. While this seems fairly routine, what’s notable about the reminder is that “prompt” doesn’t necessarily mean what it...more

Carlton Fields

Payment for Order Flow (PFOF) and Gamification: Your Questions Answered

Carlton Fields on

This podcast details why payment for order flow and gamification are in the news, and how regulators and the industry in general are addressing related issues and concerns. The episode features Brattle Senior Consultant...more

BCLP

FCA consults on changes to Investment Research and Best Execution reporting

BCLP on

On 28 April 2021 the Financial Conduct Authority (FCA) published a consultation paper (CP 21/9) on proposed changes to its investment research rules and best execution reporting requirements. We discuss these proposed...more

Goodwin

Eighth Circuit Overturns Class Certification in Suit Against TD Ameritrade Holding Corp., Holding Individualized Evidence Is...

Goodwin on

Eighth Circuit Overturns Class Certification in Suit Against TD Ameritrade Holding Corp., Holding Individualized Evidence is Required for Each Putative Class Member; District Judge Approves Magistrate’s Recommendation to Deny...more

Hogan Lovells

UK FCA consults on changes to MiFID II research and best execution reporting requirements

Hogan Lovells on

The Financial Conduct Authority (FCA) has published a consultation paper, CP21/9, on some initial changes to its conduct and organisational requirements implementing the EU Markets in Financial Instruments Directive (MiFID...more

Cadwalader, Wickersham & Taft LLP

Securities Litigation Update: Eighth Circuit Closes the Door on Securities Class Action Alleging Violation of Broker’s Duty of...

On April 23, 2021, in Ford v. TD Ameritrade Holding Corp., a panel of the U.S. Court of Appeals for the Eighth Circuit reversed a district court order certifying a class action alleging that TD Ameritrade committed securities...more

Latham & Watkins LLP

FCA Consults on Changes to UK MiFID Conduct and Organisational Requirements

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The consultation proposes changes to rules on research and best execution reporting. On 28 April 2021, the FCA published a Consultation Paper (CP21/9) on proposed changes to UK MiFID relating to research unbundling and...more

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