News & Analysis as of

Brokerage Accounts

Carlton Fields

What the NAR Settlement and Real Estate Consumer Protection Enhancement Act Means for You

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In October 2023, the National Association of Realtors (NAR) was found liable by a federal jury of making home sellers pay excessive commission fees. Following a settlement between the NAR and the federal government, many new...more

Goodwin

Anti–Money Laundering (AML): Failure by the Client to Update Relevant Personal Information May Lead to the Closure of their...

Goodwin on

On September 9, 2024, a mediator from the French Financial Markets Authority (AMF) issued conclusions regarding the dispute over the closure of a client’s securities account. The account was closed because the client had...more

Orrick, Herrington & Sutcliffe LLP

FINRA fines broker $165K for lack of supervisory controls and market access rule violations

Recently, FINRA accepted a Letter of Acceptance, Waiver, and Consent (AWC) against a broker providing self-directed, online brokerage services to institutional and retail customers. The broker previously received a $595,000...more

Fox Rothschild LLP

The 529 Plan Conundrum

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We are entering a strange new world where there are evolving questions about whether assets and rights are federally regulated or state managed. Some of this is traceable to Dobbs v. Jackson Women’s Health, the case that...more

Barnea Jaffa Lande & Co.

Supreme Court: Service to Foreigners May Be Subject to Full VAT

The Supreme Court’s ruling in the GFI Securities Limited (GFI) case, published in February 2024, determines not to regard a financial intermediary services transaction (brokerage services) involving both Israeli residents and...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

SDBA Account Balances are down

Schwab’s Q3 2023 SDBA Indicators Report, a report on self directed brokerage accounts (SDBAs) shows that average account balances finished at $287,769 for the third quarter of 2023, with an increase of 5.3% year-over-year but...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

United sues advisory firm for SBDA loan scheme

United Airlines has filed a lawsuit over an alleged scheme with an advisory firm and a scheme to get loans through pilots’ self-directed brokerage window....more

Harris Beach PLLC

Estate Planning: Eight Steps to Take Now

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Many think estate planning is only a concern for those who are later in their stage of life or wealthy. They put it off for years, or entirely. Estate planning is for everyone and essential to maintain financial security...more

Akin Gump Strauss Hauer & Feld LLP

SEC Releases Risk Alert on EXAMS Process

Investment Advisers: Assessing Risks, Scoping Examinations, and Requesting Documents* I. Introduction - The SEC-registered investment adviser (“adviser”) population is large and diverse, ranging from global asset managers...more

Cadwalader, Wickersham & Taft LLP

CFTC Issues Advisory on Prime Brokerage Arrangements on SEFs and DCO Registration Requirements

On May 17, the staff of Commodity Futures Trading Commission (“CFTC”) Division of Clearing and Risk (“DCR”) issued an advisory (“Advisory”) that encourages entities using prime brokerage (“PB”) arrangements that provide...more

Barnea Jaffa Lande & Co.

ISA – New Obligations for Foreign Brokerage Service Providers

Barnea Jaffa Lande & Co. on

The Israel Securities Authority is looking to toughen the conditions under which it will grant a permit to entities applying to offer foreign brokerage services in Israel. This includes obligating foreign brokers to bear...more

Harris Beach PLLC

Is Joint Title Trouble?

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It happens all too often. Fearing the alleged difficulties of probate, families add adult children as joint owners to a real estate deed or onto a bank or brokerage account, hoping to avoid the Surrogate’s court process...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The problem with SDBAs are still there

The federal Thrift Savings Plan will allow participants to allocate some of their assets through a self-directed brokerage account (SDBA) this summer....more

Walkers

Guernsey Approves New Virtual Asset Service Provider & Consumer Lending Law

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The States of Guernsey has approved the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 (the “LCFL”) which will regulate various virtual asset service providers (“VASPs”) and financial services businesses...more

Burr & Forman

FINRA Report Denies Arbitrator Selection Manipulation

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On June 29, 2022, FINRA released the report of its independent investigation, concluding that allegations of a “secret agreement” to avoid certain arbitrators on an industry lawyer’s cases were untrue. The allegations...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Make sure you do those brokerage windows correctly

A character in This Is Spinal Tap said it best: “there is a fine line between being clever and being stupid.”...more

Williams Mullen

PODCAST: Williams Mullen's Benefits Companion - Are Brokerage Windows Right for Your Retirement Plan?

Williams Mullen on

On this episode of Williams Mullen's Benefits Companion, host Brydon DeWitt is joined by Ken Barnes, Financial Advisor with SageView Advisory Group, for a discussion about using self-directed brokerage windows in retirement...more

Cadwalader, Wickersham & Taft LLP

Securities Litigation Update: Eighth Circuit Endorses Striking Class-Action Allegations on the Pleadings, Setting Appellate-Level...

On June 3, 2021, in Donelson v. Ameriprise Financial Services, Inc., a panel of the U.S. Court of Appeals for the Eighth Circuit ordered class-action allegations in a putative securities fraud class action stricken on the...more

Orrick, Herrington & Sutcliffe LLP

Corte di Cassazione – Sez. I civile – n. 8997/2021 del 31.3.2021

Corte di Cassazione – Sez. I civile – n. 8997/2021 del 31.3.2021 -Responsabilità contrattuale dell’intermediario finanziario verso l’investitore e risoluzione del singolo contratto di investimento. 1- Il Fatto e il...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Self-Directed Brokerage Account were also up for 2020 Q4

It’s a known fact that I don’t care for self-directed brokerage accounts in 401(k) plans, but I won’t act as a censor for good news....more

Lowenstein Sandler LLP

Let the Game(Stop) Begin—Unless You Are A Retail Investor

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Gone are the days when you had to walk into a physical branch to open a brokerage account. Each trade used to cost money, and account minimums were high. Not anymore. Now any American with internet access and a bank account...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

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

r/wallstreetbets is another reason why I hate self directed brokerage accounts

What the Reddit group wallstreetbets did with Gamestop in a short squeeze was something quite amazing. I joined in for a couple of days with the purchase of AMC stock that I quickly dumped after only making a couple of...more

Burr & Forman

Robinhood’s Long Way Out of Sherwood Forest

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On Thursday, January 28, trading-app broker-dealer Robinhood – a self-styled disrupter democratizing trading – suspended its users’ ability to buy Gamestop stock or options (along with other stocks).  After playing a...more

Morgan Lewis

CFTC Amends Real-Time Swap Public Reporting Requirements

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The Commodity Futures Trading Commission (CFTC) has unanimously approved amendments to the real-time swap reporting rules in Part 43 of the CFTC’s regulations by, among other things, clarifying the applicability of the rules...more

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