Brokers

FTC Sharpens Focus On Data Brokers

by BuckleySandler LLP on 5/14/2013

On May 7, the FTC released letters it sent to 10 data brokers warning that certain of the brokers’ practices could violate FCRA privacy protections. ...more

The CFPB Loan Originator Compensation Rule

by Andrew Campbell | Ober|Kaler on 5/10/2013

Andrew Campbell of Ober|Kaler's Financial Institutions Group presented "The CFPB Loan Originator Compensation Rule," on the webinar entitled: MLO Compensation Rules: New Standards Change the Way You Do Business. The program...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

Washington Amends Scope of Mortgage Broker Licensing Requirement

by Matthew Saunig | Ballard Spahr LLP on 5/8/2013

The state of Washington has recently amended its mortgage broker licensing statute. Under the new amendment, anyone who performs or holds themselves out as being able to provide residential mortgage loan modification services...more

SEC Staffer Cautions Private Funds Industry on Potential Broker Registration Issues

by Proskauer Rose LLP on 4/29/2013

In a recent speech given to the ABA Trading and Markets Subcommittee, David W. Blass (Chief Counsel of the SEC's Division of Trading and Markets) focused on a number of activities commonly conducted by private fund advisers...more

Bill on Bankruptcy: Easterbrook Turns the Tide on Student Loans [Video]

by Bloomberg Law on 4/17/2013

April 18 (Bloomberg) -- Why and when U.S.-managed hedge funds can go bankrupt in the Caribbean, not in the U.S., is the first item discussed on the new bankruptcy video with Bloomberg Law's Lee Pacchia and Bloomberg...more

Burr Alert: Proposed FINRA Rules Governing Markups, Commissions And Fees

by Benjamin Coulter, Mignon Lunsford | Burr & Forman on 4/10/2013

Through its recent Regulatory Notice 13-07, the Financial Industry Regulatory Authority ("FINRA") announced and sought comments on its proposed amendments to rules governing markups, markdowns, commissions and fees associated...more

Ninth Circuit Holds Private Company Rules Preempt California Law

by Keith Paul Bishop | Allen Matkins Leck Gamble Mallory & Natsis... on 4/10/2013

California Labor Code Section 450(a) forbids employers from coercing the patronage of their employees: It provides...more

Second Circuit Reverses Class Certification Order, Holding That a Clearing Broker's Alleged Knowledge of Fraud Against...

by John M. Landry, Jonathan Moss, John Stigi | Sheppard Mullin Richter & Hampton LLP on 3/28/2013

In Levitt v. J.P. Morgan Securities, Inc., No. 10-4596, 2013 WL 1007678 (2d Cir. Mar. 15, 2013), the United States Court of Appeals for the Second Circuit reversed a district court order certifying a class of shareholder...more

The Top 10 Major Misconceptions Plan Sponsors Have About Their Retirement Plans

by Ary Rosenbaum on 3/20/2013

Retirement plans can be an effective means for employee retention and tax savings. However if not operated properly, a retirement plan can inadvertently expose the employer to liability from unhappy plan participants and the...more

Policy, Procedures, and Examinations - Mortgage Brokers

by Jonathan Foxx on 3/14/2013

In this article, the first of a two-part series, I am going to provide a chart of certain core policies and procedures that a mortgage broker should obtain and continually update, as regulations change. I will also provide...more

South Carolina Court Holds No Coverage for Blast Fax Case Under E&O Policy

by Traub Lieberman Straus & Shrewsberry LLP on 2/22/2013

In its recent decision in BCS Ins. Co. v. Big Thyme Enters., 2013 U.S. Dist. LEXIS 20051 (D.S.C. Feb. 14, 2013), the United States District Court for the District of South Carolina had occasion to consider whether an alleged...more

New Jersey Department of Banking and Insurance Clarifies Restrictions on the Payment of Commissions, Rebates and Other Inducements...

by M. Paige Berry | Saul Ewing LLP on 2/22/2013

The New Jersey Department of Banking and Insurance ("NJDOBI") issued a Bulletin to title insurance companies and producers and to real estate brokers, broker-salespersons and salespersons advising them of the restrictions on...more

NYSE Proposes Modifications To Charges To Issuers For Proxy Distributions

by Stephen M. Quinlivan | Leonard, Street and Deinard - Dodd-Frank and... on 2/20/2013

The NYSE has proposed amendments to NYSE Rules 451 and 465, and the related provisions of Section 402.10 of the NYSE Listed Company Manual. Those rules provide a schedule for the reimbursement of expenses by issuers to NYSE...more

Confirmations: Plugging Into Electronic Confirmations [Video]

by MarketsReformWiki on 2/20/2013

Watch the Restoring Customer Confidence video series: http://jlne.ws/TJeVtG About this solution: Capital Confirmation, which runs Confirmation.com, is credited with helping to unveil the massive $215 million fraud at...more

Types Of Florida Listing Contracts For Brokers

by Schecter Law on 2/14/2013

There are different types of listing contracts available. In Florida, the most common listing contract is an exclusive right of sale. The exclusive right of sale gives brokers the best chance for a return on expenses incurred...more

Investment Management Legal + Regulatory Update -- February 2013

by Luke T. Bagley, Jay G. Baris, Thomas M. Devaney, Kelley A. Howes, Robert E. Putney, III, Isabelle Sajous | Morrison & Foerster LLP on 2/14/2013

In This Issue: Regulatory Updates - FINRA overhaul of communications rules becomes effective and ICI and CoC appeal Rule 4.5 ruling. Enforcement + Litigation - Enforcement Division priorities target hedge...more

Bill on Bankruptcy: Rakoff Reverses Himself in Madoff Case [Video]

by Bloomberg Law on 2/13/2013

Feb. 13 (Bloomberg) -- Judges rarely reverse themselves. When U.S. District Jed Rakoff recanted a ruling he made previously in the liquidation of Bernard L. Madoff Investment Securities Inc., the reversal was important...more

State Law Update: Virginia Amends Broker Licensing Rule

by BuckleySandler LLP on 2/12/2013

Recently, the Virginia State Corporation Commission adopted regulations proposed by the Bureau of Financial Institutions to clarify that individuals engaged in the business of a loan processor or underwriter, who do not...more

Keep it simple - Supervisors have taken an increasing interest in structured products recently. But regulating complexity isn’t...

by Morrison Foerster - Structured Products on 2/5/2013

Originally published in International Financial Law Review on February 5th, 2013. Structured products have come under considerably greater regulatory scrutiny in recent years. In the US, regulators have become...more

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FTC Sharpens Focus On Data Brokers

The CFPB Loan Originator Compensation Rule

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

Washington Amends Scope of Mortgage Broker Licensing Requirement

SEC Staffer Cautions Private Funds Industry on Potential Broker Registration Issues

Bill on Bankruptcy: Easterbrook Turns the Tide on Student Loans [Video]

Burr Alert: Proposed FINRA Rules Governing Markups, Commissions And Fees

Ninth Circuit Holds Private Company Rules Preempt California Law

Second Circuit Reverses Class Certification Order, Holding That a Clearing Broker's Alleged Knowledge of Fraud Against...

The Top 10 Major Misconceptions Plan Sponsors Have About Their Retirement Plans

Policy, Procedures, and Examinations - Mortgage Brokers

South Carolina Court Holds No Coverage for Blast Fax Case Under E&O Policy

New Jersey Department of Banking and Insurance Clarifies Restrictions on the Payment of Commissions, Rebates and Other Inducements...

NYSE Proposes Modifications To Charges To Issuers For Proxy Distributions

Confirmations: Plugging Into Electronic Confirmations [Video]

Types Of Florida Listing Contracts For Brokers

Investment Management Legal + Regulatory Update -- February 2013

Bill on Bankruptcy: Rakoff Reverses Himself in Madoff Case [Video]

State Law Update: Virginia Amends Broker Licensing Rule

Keep it simple - Supervisors have taken an increasing interest in structured products recently. But regulating complexity isn’t...

Policy Observer - January 2013

The United States Supreme Court Will Review the Scope of Federal Preclusion of State Securities Claims

Criminal Antitrust Update - January 2013

InfoBytes Special Alert: CFPB Issues Ability-To-Repay/Qualified Mortgage Rule

NFA Issues Guidance on Bylaw 1101 Compliance for Pending Introducing Brokers

Bill on Bankruptcy: Easterbrook Turns the Tide on Student Loans [Video]

Confirmations: Plugging Into Electronic Confirmations [Video]

Bill on Bankruptcy: Rakoff Reverses Himself in Madoff Case [Video]

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