News & Analysis as of

Broker-Dealer Disclosure

Paul Hastings LLP

Federal Court Rules that Missouri Anti-ESG Rules Are Preempted by Federal Law and Are Unconstitutional

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On August 14, 2024, the United States District Court for the Western District of Missouri declared unconstitutional two anti-ESG disclosure rules issued by the Missouri Securities Division and applicable to broker-dealers and...more

Alston & Bird

SEC Orders Investment Adviser to Pay for Inadequate Disclosure of Fees from Clearing Broker

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Our Investment Funds Group examines why the Securities and Exchange Commission penalized a registered investment adviser for inadequate disclosure of fees it received....more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (38):The Fiduciary Acknowledgment

The Department of Labor has issued its final regulation defining fiduciary status for investment advice to retirement investors and the related exemptions for prohibited conflicts—PTEs 2020-02 and 84-24. The exemptions...more

Proskauer - Regulatory & Compliance

SEC Sued Over New Short Sales and Securities Lending Disclosure Rules: Second Lawsuit Filed This Year in 5th Circuit Challenging...

The SEC has been sued again in the U.S. Court of Appeals for the Fifth Circuit, on the heels of that Court’s recent invalidation of the SEC’s newly-minted corporate buy-back rules. The new legal action asks the Court to...more

Lowenstein Sandler LLP

SEC’s 2024 Examination Priorities for Investment Advisers

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The U.S. Securities and Exchange Commission (SEC) Division of Examinations (the Division) recently released its annual Examination Priorities for fiscal year 2024 (the Report). The Report underlines the Division’s focus on...more

Lowenstein Sandler LLP

SEC’s 2024 Examination Priorities for Broker-Dealers

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On October 16, 2023, the U.S. Securities and Exchange Commission (“SEC”) Division of Examinations (the “Division”) released its annual Examination Priorities for fiscal year 2024 (the (“Report”), marking the first time the...more

Faegre Drinker Biddle & Reath LLP

The SEC’s 2024 Examination Priorities: Impact on IRAs and Retirement Plans

The SEC Division of Examinations recently released its 2024 Examination Priorities (2024-exam-priorities.pdf (sec.gov)). While the Priorities cover a range issues, this article focuses on the Priorities that could impact...more

Jenner & Block

Client Alert: SEC Adopts Amendments Regarding Rule 10b5-1 Insider Trading Plans and Disclosures for Equity Awards and Gifts

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On December 14, 2022, the US Securities and Exchange Commission (the SEC) unanimously adopted amendments to Rule 10b5-1 under the Securities Exchange Act of 1934 (the Exchange Act) and created new disclosure requirements to...more

Lowenstein Sandler LLP

FINRA Issues Update on Option Account Sweep

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FINRA has provided an update on its targeted exam sweep related to option account opening, supervision, and disclosure (the Update). While the sweep is ongoing, FINRA’s recent release serves as a helpful reminder for...more

Bass, Berry & Sims PLC

The Not So Green-Friendly Practice of Greenwashing

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As investors, advisers, corporations and other stakeholders become increasingly focused on environmental, social and governance (ESG) investments and disclosures, regulators are becoming increasingly concerned with potential...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #64: Compliance with PTE 2020-02: Disclosure of Conflicts of Interest

The DOL “Fiduciary Rule,” FAQ 14: Disclosure of Conflicts of Interest - This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at the Frequently...more

McDermott Will & Emery

Department of Labor Exemption Impacts Investment Advice Fiduciaries

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The US Department of Labor (DOL) recently issued guidance concerning a new exemption under the prohibited transaction provisions of the Employee Retirement Income Security Act of 1974 (ERISA) in connection with the provision...more

Sheppard Mullin Richter & Hampton LLP

Game On: FINRA Hints at Upcoming Gamification Sweep

During a May 19, 2021 webcast at the Financial Industry Regulatory Authority’s (“FINRA”) annual conference, Amy Sochard, FINRA’s Vice President of Advertising Regulation, indicated that the organization will seek public...more

UB Greensfelder LLP

Credit Suisse Runs Into Trouble Trying To Monitor Outside Brokerage Accounts, Despite Its Best Intentions

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Sometimes, the numbers that FINRA cites in its settlements with big broker-dealers are so ridiculously large that it’s nearly impossible to compare these cases with those brought against small firms for similar rule...more

Lowenstein Sandler LLP

2020 and Q1 2021 Developments And Annual Compliance Checklists

Summaries of recent legislative and regulatory developments with respect to: •The SEC’s Examination Priorities for 2021- •The SEC’s Focus on Digital Asset Securities- •The SEC’s New Marketing Rule... ...more

Lowenstein Sandler LLP

SEC Proposes Conditional Broker Exemption For Finders

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What You Need To Know: •The SEC proposes to exempt two types of Finders from broker-dealer registration pursuant if they satisfy certain conditions. •Tier I Finders may provide potential investors’ contact information to...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #32

Regulation Best Interest: Best Interest and Suitability—How They Differ (Part 3) - Regulation Best Interest (Reg BI) imposes a “best interest” standard of care on broker-dealers for their recommendations of securities and...more

Bracewell LLP

Regulation BI Challenged in Second Circuit

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As we reported in a previous alert, the SEC and FINRA recently confirmed that Regulation Best Interest (“Regulation BI”) will go into effect on the scheduled compliance date of June 30, 2020, despite the impact of the...more

Vedder Price

Regulation Best Interest Update OCIE Risk Alert on Initial Examinations

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On April 7, 2020, the Securities and Exchange Commission’s (the “SEC” or the “Staff”) Office of Compliance Inspections and Examinations (“OCIE”) issued a Risk Alert1 to provide broker-dealers and their associated persons...more

Proskauer Rose LLP

Broker-Dealer Beat - June 2015: Foreign Finders

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Foreign Finders - The longstanding rules on foreign finders – when a brokerage firm can pay transaction-based compensation to a non-registered foreign finder – will be incorporated into new FINRA Rule 2040, effective...more

Proskauer - Corporate Defense and Disputes

The Battle Lines Continue to Form Over the DOL’s Fiduciary Proposal

Earlier this month, the Securities Industry and Financial Markets Association (“SIFMA”) released its “Proposed Best Interests of the Customer Standard for Broker-Dealers” – an alternative to the U.S. Department of Labor’s...more

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