Brokers

News & Analysis as of

FINRA Sweep Exam on Compensation Conflicts

FINRA this week released its targeted exam letter requesting information on firms’ conflict-of-interest policies surrounding broker compensation and retail accounts. The sweep follows up on FINRA’s Conflicts Report from...more

FinCEN Determines That Issuing a Digital Certificate Evidencing Ownership in Precious Metals, and Buying and Selling Precious...

On August 14, FinCEN issued an Administrative Ruling, FIN-2015-R001, determining that a company that: i) provides Internet-based brokerage services between buyers and sellers of precious metals; ii) buys and sells precious...more

Financial Services Weekly News - August 2015 #3

Regulatory Developments - FinCEN Rules Digital Precious Metal Certificates Provider is a Money Transmitter: On Aug. 14 FinCEN issued a ruling applying its virtual currency rules to an e-precious metals company. The...more

Glossary of Important Securities Regulation Terms and Definitions

This Glossary is designed to provide law students taking Securities Regulation with a tool that will assist them in learning the basic language of securities law and achieve a working knowledge of the fundamental principles...more

SEC Sanctions Dark Pool Operator and Affiliated High Frequency Trader

In the latest round of regulatory action involving high frequency trading and dark pools, the SEC announced yesterday that it reached a settlement with ITG, Inc., and its affiliate Alternet Securities, Inc., imposing a $20.3...more

InterConnect - Summer 2015

Shippers who are used to doing business with motor carriers often present freight brokers with a shipper-carrier agreement (often described as a “Motor Carrier Agreement”) of one kind or another to serve as the basis of a...more

This Week In Securities Litigation

The Government requested that the Supreme Court overturn U.S. v. Newman, the Second Circuit’s decision on tipping and the personal benefit test. Previously, the Second Circuit had declined a request to either rehear the case...more

SEC Settles Unregistered Broker Charges Tied To Offering Fraud

The SEC entered into partial settlements with three persons charged with acting as brokers without registering. The charges were tied to an offering fraud which centered on selling interests in a firm that claimed to be...more

SEC Charges EB-5 Brokers with Violation of the Exchange Act

Action Item: In what is expected to be the first of many cease-and-desist orders made by the SEC against brokers handling investments in EB-5 investment projects, all EB-5 organizers and sponsors, through their due diligence,...more

Is Your Insurance Brokerage Treating Commission Payable Statements as Trade Secrets?

In the modern insurance world, maintaining trade secrets is imperative for commercial success. Misappropriation of trade secrets will often lead to costly and protracted litigation, and can even irreparably harm a business....more

SEC Issues Investor Alerts

Have you, a family member, a client or a friend ever been approached to make an investment where you were not sure if the person soliciting you to invest was trustworthy? If so, you are not alone. In fact, in response to...more

SEC Files Offering Fraud Charges Based in Part on EB-5 Program

The EB-5 program, which promises a path to a permanent green card for those who can invest in this country and create jobs, has been involved in a number of SEC enforcement actions, most recently involving unregistered broker...more

Financial Services Weekly News Roundup - July 2015

Regulatory Developments - FINRA Proposes Rule to Require Member Websites to Link to BrokerCheck: FINRA has proposed an amendment to FINRA Rule 2210 to require each of a member’s websites to include a readily...more

SEC Charges Companies with Unregistered Broker-Dealer Activity Related to EB-5 Investment

On June 23, 2015, the Securities and Exchange Commission (SEC) charged two companies with unregistered broker activity related to EB-5 visa investments. SEC alleged that the companies brokered more than $79 million in EB-5...more

This Week In Securities Litigation

The SEC brought another custody rule action this week – against the outside auditors alleging that one examination was insufficient and the others incomplete thereby causing the client to violate the surprise audit...more

California Brokers Plead Guilty to Insider Trading of Ardea Biosciences, Inc. Stock

On June 9, Chad Wiegand and Akis Eracleous, two San-Diego based brokers, pled guilty in California district court to trading in Ardea Biosciences, Inc. stock with inside information. Mr. Wiegand and Mr. Eracleous,...more

Corporate & Financial Weekly Digest - Volume X, Issue 24

In This Issue: - SEC Denies Motion to Stay Regulation A+ - SEC Requests Public Comment on ETPs - CFTC Further Extends Valuation Data Reporting Relief for SDs and MSPs - Eleventh Circuit Upholds...more

The Financial Report - Volume 4, No. 11 • June 2015 (Global)

FRB will extend high-quality liquid asset status to some state and municipal bonds. The FRB has proposed a rule that would recognize certain general obligation state and municipal bonds meeting the same liquidity...more

Financial Services Weekly News Roundup - June 2015 #3

Regulatory Developments - CFTC Provides No-Action Relief from Introducing Broker and Commodity Trading Advisor Registration to Non-U.S. Persons Who Advise on or Facilitate Swaps Transactions for Certain International...more

Going for Brokerages: FINRA and SEC Take Aim at Deficient Cyber Policies and Practices

On Feb. 3, the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) each released reports regarding cybersecurity issues for brokerage and advisory firms, both of which should be...more

New Rhode Island Banking Regulations to Promote Uniformity

Rhode Island has repealed certain banking regulations and replaced them with new regulations in order to promote uniformity. Banking Regulations 98-14 “Licensees”, 98-14.1 “Lenders and Loan Brokers”, and 98-14.4 “Check...more

This Week In Securities Litigation

The question of forum selection by the SEC was a key issue this week. While to date suits challenging the SEC’s right to bring an action as an administrative proceeding rather than in federal court have had little success –...more

Orrick's Financial Industry Week in Review

SEC Provides Additional Analysis Related to Proposed Pay Ratio Disclosure Rules - On June 4, the Securities and Exchange Commission provided additional analysis related to its proposed rules for pay ratio disclosure. The...more

Advisors Advantage - June 2015

In This Issue: - For Retirement Plan Providers, It's All About Making A Connection - DOL Comment Period Extended - Supreme Trouble with Tibbles - My Referrals Aren't For Sale And Neither Should...more

FINRA Proposes Revised BrokerCheck Hyperlink Rule

On May 27, the Financial Industry Regulatory Authority filed a revised rule proposal with the Securities and Exchange Commission to amend FINRA Rule 2210. Specifically, the revised proposal would require each member firm’s...more

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