News & Analysis as of

Broker-Dealer

Capital Markets & Public Companies Quarterly: New Developments in 2017

by McDermott Will & Emery on

The first quarter of 2017 saw quite a few new developments in the Capital Markets & Public Companies regulatory landscape. President Trump’s nominee to be the new Chair of the Securities and Exchange Commission (SEC), Jay...more

SEC Approves T+2 Settlement

by Dechert LLP on

The U.S. Securities and Exchange Commission (SEC) on March 22, 2017 adopted amendments to Rule 15c6- 1(a) under the Securities Exchange Act of 1934 (Exchange Act), to shorten the standard settlement cycle for securities...more

FINRA Revises Its Sanction Guidelines

In April 2017, FINRA announced that it had revised its sanction guidelines for violations of its rules. The new revisions, among other things...more

SEC Approves New Rules Enabling Financial Advisors to Defend Vulnerable Clients from Exploitation

by Stinson Leonard Street on

Financial exploitation of aging and mentally diminished investors by family members and third parties is on the rise. With America's senior population growing rapidly, this problem may only get worse. More than half of all...more

SEC Staff Relaxes Limitations under 1940 Act to Permit Certain Global “Master-Feeder” Arrangements, Although Obstacles Remain

by Dechert LLP on

The Staff of the U.S. Securities and Exchange Commission (SEC) on March 8, 2017 issued a no-action letter (Staff Letter) in response to a request from Dechert LLP for assurance under Section 12(d)(1) of the Investment Company...more

Colorado Regulator Proposes New Cybersecurity Rules for Financial Institutions

Increasingly, states are enacting cybersecurity regulations for financial institutions and investment advisors. Following New York’s groundbreaking regulation, Colorado recently proposed changes to its state...more

Regulatory Update and Recent SEC Enforcement Actions

by Blank Rome LLP on

REGULATORY UPDATE - Ten Investment Advisory Firms Subject to Steep Penalties after Violating Pay-to-Play Rules - In January 2017, 10 investment advisory firms agreed to settle with the U.S. Securities and Exchange...more

Securities Legislative Update – Elderly Investors 2017

The SEC recently approved FINRA’s proposed rule aimed at preventing fraud and abuse of senior investors. On March 30, FINRA issued Regulatory Notice 17-11, setting the effective date for the new rule as February 5, 2018. The...more

State of Colorado Proposes Financial Services Cybersecurity Requirements

Following in the footsteps of the State of New York, the Colorado Department of Regulatory Agencies has proposed amendments to the Colorado Securities Act to require investment advisers and broker-dealers to implement new...more

It’s OK, Capital Markets Associates, You (Probably) Haven’t Lost a Day to Get to Closing

As we noted in a previous blog, the SEC recently adopted an amendment to Rule 15c6-1(a) to shorten the standard settlement cycle for most broker-dealer transactions from three business days after the trade date (T+3) to two...more

FINRA Fines Firms for WORM Problems

by Carlton Fields on

Broker-dealers, including principal underwriters of insurance products, may retain required records in electronic format, subject to satisfaction of longstanding conditions. One such condition is that the records must be...more

FINRA Is Sanctioning What

by Fox Rothschild LLP on

In Notice to Members 17-13, FINRA announced changes to its sanction guidelines. In other words, FINRA has listed its new top hits that it is pursuing. Two items bear particular attention....more

SEC Approves FINRA Efforts to Protect Seniors and Other Vulnerable Persons

by Carlton Fields on

The SEC recently approved an amendment to FINRA Rule 4512 that requires FINRA members to make reasonable efforts to obtain, from each customer for whom they maintain an account, specified information about a “trusted contact...more

"DOL Finalizes Delay of Conflict of Interest Rule"

On April 4, 2017, the Department of Labor (DOL) released its final rule providing a 60-day delay of the April 10, 2017, applicability date of its conflict of interest regulation (the so-called fiduciary rule) and related...more

Colorado Proposes Cybersecurity Requirements for Investment Advisers and Broker-Dealers

by BakerHostetler on

On March 27, 2017, the Colorado Department of Regulatory Agencies proposed changes to the Colorado Securities Act that would impose new cybersecurity requirements on investment advisers and broker-dealers (the “Proposed...more

The problem with Morgan Stanley’s payment decision

by Ary Rosenbaum on

As you probably heard, Morgan Stanley will be moving to a level compensation approach for its 401(k) advisors. So this means it will do away with commission payments and finder’s fees (for recommending record-keeping...more

SEC Sanctions Muni Underwriter For Repeated Fraudulent Offerings

by Dorsey & Whitney LLP on

Municipal bond offerings have, in recent years, become a staple of SEC enforcement. While the Commission has limited authority in the area, a series of actions have been brought under the fraud provisions. Likewise, the...more

SEC Shortens Settlement Cycle to T+2

by Pepper Hamilton LLP on

On March 22, the Securities and Exchange Commission (SEC) adopted a rule amendment that will shorten the standard settlement cycle by one business day for most broker-dealer securities transactions. The standard settlement...more

The SEC Shortens the Settlement Cycle for Most Securities Transactions From Three Business Days to Two Business Days

by BakerHostetler on

The Securities and Exchange Commission has amended Rule 15c6-1 under the Securities Exchange Act of 1934 in order to shorten the standard settlement cycle for most broker-dealer securities transactions from three business...more

SEC Charges Credit Suisse With Overcharging Advisory Clients

by Dorsey & Whitney LLP on

The Commission has brought a series of settled cases in recent months centered on charges that advisory clients in wrap fee programs were not told the amount of “trading away” fees – additional fees incurred when a...more

Corporate Finance Alert: SEC Adopts T+2 Settlement Cycle for Securities Transactions

On March 22, 2017, the Securities and Exchange Commission (SEC) adopted an amendment to Securities Exchange Act Rule 15c6-1(a) to shorten the standard settlement cycle for most broker-dealer securities transactions from three...more

EU's New Regime on Payments for Research, Use of Dealing Commissions

by Morgan Lewis on

The MiFID II regime will have ramifications for buy-side global asset managers and sell-side research providers relating to use of dealing commissions and cost allocation for research expenditures....more

SEC Charges Trading Firm's Education Program Violates Broker Registration Section

by Dorsey & Whitney LLP on

Commission enforcement actions have focused on Exchange Act Section 15(a) and its prohibition on acting as a broker without registering with the agency in recent months. The Exchange Act defines a broker as any person...more

Funds Talk: April 2017

SEC Offers Guidance on ‘Fast-Growing Trend’ of Robo-Advisers - As technology and robo-advisers become increasingly common options for asset managers and investors alike, the SEC is taking a closer look at some of the...more

FINRA Seeks Comments on its Engagement Programs

by Dechert LLP on

The Financial Industry Regulatory Authority (FINRA), on March 21, 2017, published a Special Notice soliciting comments on various existing FINRA engagement programs (Notice). This request for comment is one component of...more

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Cybersecurity

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