Broker-Dealer

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 implement adequate anti-money laundering programs. ...more

Investment Management Legal + Regulatory Update -- May 2013

by Luke T. Bagley, Jay G. Baris, Thomas M. Devaney, Kelley A. Howes, Robert E. Putney, III, Isabelle Sajous | Morrison & Foerster LLP on 5/17/2013

In This Issue: Regulatory Updates - SEC Allows Limited Use of Social Media for Public Disclosure; Federal Reserve Board Publishes a Final Rule Specifying when Nonbank Firms are “Predominantly Engaged in...more

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

by Bradley Berman, Lloyd S. Harmetz, Charles M. Horn | Morrison Foerster - Structured Products on 5/16/2013

In This Issue: 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;...more

Financial Crimes Enforcement Network Issues Guidance on Virtual Currency

by Elsa Broeker, JiJi Park, Amy L. Pierce, Deborah Thoren-Peden | Pillsbury Winthrop Shaw Pittman LLP on 5/16/2013

FinCEN recently issued interpretive guidance to clarify that it views certain activities involving convertible virtual currencies as money transmission services under the Bank Secrecy Act and FinCEN regulations. If your...more

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

by Elliott Curzon, Thor Imsdahl, Edward Pittman | Dechert LLP on 5/15/2013

Technology has spawned the formation of new internet-based marketplaces for illiquid and restricted securities. In most instances, these markets are operated by entities registered with the U.S. Securities and Exchange...more

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

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

In 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...more

International Bribery Charges Against Broker-Dealer Employees Result From SEC Exam

by BuckleySandler LLP on 5/14/2013

On May 7, the DOJ charged two employees of a U.S. broker-dealer and a senior official in Venezuela’s state economic development bank for their alleged roles in what the DOJ describes as a “massive international bribery...more

Unprecedented FCPA Wake-Up Call for U.S. Broker-Dealers and Foreign Banks: Has the Perfect FCPA Storm Finally Arrived for U.S....

by John Goselin, Mauro Wolfe | Duane Morris LLP on 5/14/2013

On May 7, 2013, the U.S. Attorney's Office for the Southern District of New York (SDNY) unsealed extraordinary criminal charges against two registered representatives of a U.S. broker-dealer and a high-level Venezuelan...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - May 10, 2013

by BuckleySandler LLP on 5/13/2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - MISCELLANY - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - PRIVACY/DATA SECURITY -...more

Ninth Circuit Holds that Federal Securities Laws Preempt California Labor Code's Ban on Forced Patronage at Brokerage Firms

by Bram Hanono, Jennifer Redmond, John Stigi | Sheppard Mullin Richter & Hampton LLP on 5/10/2013

In McDaniel v. Wells Fargo Investments, LLC, Nos. 11-17017, 11-55859, 11-55943, 11-55958, 2013 WL 1405949 (9th Cir. Apr. 9, 2013), the United States Court of Appeals for the Ninth Circuit affirmed the dismissal of four class...more

The SEC Does Not Care about Your FINRA Document Request

by David Smyth | Brooks Pierce on 5/9/2013

If you are a broker-dealer or a registered representative at one, you sign on for some meddling by FINRA. The self-regulatory organization is responsible for overseeing your securities business and even for your outside...more

Insurance Recovery Law -- May 01, 2013

by Manatt, Phelps & Phillips, LLP on 5/2/2013

Insurers Had Duty to Defend Regardless of Whether Allegations in Underlying Cases Are True or False, Says Illinois Court - On April 12, 2013, an Illinois trial court ordered that Travelers Casualty & Surety Company,...more

Bill Seeks to Strip Securities Regulator of Power to Deny New Branch Offices to Broker-Dealers and Investment Advisers

by R. Michael Underwood | Fowler White Boggs P.A. on 5/1/2013

A hallmark of Florida's notoriously strict regulation of investment professions may soon be no more. Florida is one of only eight jurisdictions in the United States that require securities broker-dealers and investment...more

SEC and CFTC Issue Identity Theft Red Flags Rules Applicable to Financial Institutions and Creditors

by Timothy Blank, Nicholas DiLorenzo, Owen C.J. Foster, Christopher Harvey | Dechert LLP on 4/30/2013

The SEC and CFTC recently issued joint Identity Theft Red Flags Rules (the “Rules”), which are rules and guidelines requiring certain financial institutions worldwide to adopt comprehensive data security programs to detect...more

The SEC and CFTC Adopt Identity Theft Red Flag Rules

by Charley Lozada | Proskauer - Privacy & Data Security on 4/24/2013

The Securities and Exchange Commission (the “SEC”) and Commodity Futures Trading Commission (the “CFTC”) recently adopted rules requiring entities subject to their respective enforcement authorities to adopt and implement...more

"SEC Staff Warns That Advisers May Be Required to Register as Broker-Dealers"

by Lauren Heller, Anastasia T. Rockas | Skadden, Arps, Slate, Meagher & Flom LLP on 4/23/2013

On April 5, 2013, David W. Blass, Chief Counsel of the Securities and Exchange Commission’s Division of Trading and Markets, addressed the American Bar Association’s Trading and Markets Subcommittee.1 Mr. Blass’ remarks...more

SEC Approves Final Investor Privacy Rule

by BuckleySandler LLP on 4/22/2013

On April 10, the SEC voted unanimously to adopt a final rule requiring broker-dealers, mutual funds, investment advisers, and other regulated entities to implement programs designed to detect and prevent identity theft. The...more

Financial Services Legislative and Regulatory Update -- April 22, 2013

by Abby Matousek, Jason M. Rosenstock | Mintz Levin - Public Finance on 4/22/2013

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; and Upcoming Hearings. Excerpt from Leading the Past Week - It was another incredibly busy week, but obviously our thoughts and...more

Recent SEC Actions Focus on Broker-Dealer Activity of Private Funds, Highlight Perils, and Generate Controversy

by Elliott Curzon, Carl de Brito, Edward Pittman, Kevin Scanlan, David A. Vaughan, Kenneth E. Young | Dechert LLP on 4/22/2013

A recent public statement by a member of the senior staff (“Staff”) of the Securities and Exchange Commission (“SEC”) and recent SEC enforcement actions have reminded private equity and other private fund managers (such as...more

Corporate and Financial Weekly Digest - April 19, 2013

by Katten Muchin Rosenman LLP on 4/22/2013

In this issue: - FINRA and ISG Extend Effective Date for Certain Electronic Blue Sheet Data Elements - NFA Amends FCM Capital Requirements for Forex Transactions with ECPs - Delaware Supreme Court Upholds...more

If You Did This, It Would Be Fraud!

by Keith Paul Bishop | Allen Matkins Leck Gamble Mallory & Natsis... on 4/19/2013

All fees, reimbursements, assessments, and other money or amounts charged and collected by the Department are required to be deposited into the the State Corporations Fund. Cal. Gov’t Code § 13978.6(b). The legislature...more

ICE Clear Europe Authorized to Portfolio Margin Swaps and Security-Based Swaps

by Kevin M. Foley, Adam J. Spector | Katten Muchin Rosenman LLP on 4/17/2013

The Commodity Futures Trading Commission issued an order (Order) permitting ICE Clear Europe Limited (ICE Clear Europe) and its clearing members that are registered both as broker-dealers under the Securities Exchange Act of...more

SEC's Division of Trading and Markets Grants Relief from Broker-Dealer Registration for Online Platform that Permits Investment in...

by Delcy Sweet | Holland & Knight LLP on 4/17/2013

On March 26, 2013, the SEC's Division of Trading and Markets issued a no-action letter indicating that it would not recommend enforcement action under Section 15(a)(1) of the Exchange Act if a venture capital fund adviser and...more

Broker-Dealer Due Diligence And FINRA Exam Priorities

by David Jenson | Leonard, Street and Deinard - Dodd-Frank and... on 4/16/2013

FINRA Chairman and CEO Richard G. Ketchum gave a speech on April 9, 2013 as part of the National Compliance Outreach Program for Broker-Dealers....more

SEC and CFTC Adopt Joint Rules to Help Protect Investors from Identity Theft

by Avi Badash, Ross Pazzol | Katten Muchin Rosenman LLP on 4/16/2013

The Securities and Exchange Commission, jointly with the Commodity Futures Trading Commission, adopted rules and guidelines to require certain entities regulated by the SEC and CFTC, such as broker-dealers, mutual funds and...more

Home

Legal News

Find a Lawyer

Browse Subjects

Subscribe

Pro Services

For Reporters