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News & Analysis as of

The Brave New Fiduciary World Has Arrived – The DOL Tries to Find a More Ideal Balance in the Final “Investment Advice” Rules

The U.S. Department of Labor (the “DOL”) on April 6, 2016 released the final version of its “investment advice” regulation and accompanying prohibited transaction exemptions, a highly-anticipated milestone that is the...more

California Department of Business Oversight Issues Interpretive Guidance on SB 197

On April 27, the California Department of Business Oversight (Department) responded to a December 2, 2015 letter from the Equipment Leasing and Finance Association (ELFA) requesting interpretive guidance regarding the...more

FINRA to Expand Broker-Check Reporting

Richard Ketchum, the retiring CEO of FINRA, said that the regulator intends to expand the reporting available through its BrokerCheck® web tool to include relative concentrations of disciplined brokers in industry firms....more

Advisors Advantage - May 2016

The Struggles Of Being A Retirement Plan Provider And How To Manage It. What you have to deal with. Any good retirement plan financial advisor will tell you that relationships in the retirement plan business mean...more

The Vagueness of the Best Interest Exemption

One of the interesting points of the new fiduciary rule is the best interest exemption that is intended to stop conflicts of interests especially for brokers who need to meet a new fiduciary standard. As long as a broker...more

The Rosenbaum Law Firm Review - May 2016

The New Fiduciary Rule: What It Means To Plan Sponsors - Bottom line: what does it mean? If you're a retirement plan sponsor and, unless you've been living under a rock, you've probably heard about the Department...more

Your daily dose of financial news The Brief – 4.29.16

Dealbook looks back at a crazy Thursday of healthcare company deals [with Abbott/St. Jude taking the prize for biggest] and concludes that the industry appears to be “convinced, regardless of tax benefits [or common financial...more

SEC Crowdfunding Rules to Become Effective May 16

Securities and Exchange Commission rules authorizing equity crowdfunding become effective May 16, 2016. Under the crowdfunding rules, an eligible company may raise up to $1 million on the internet in a 12-month period,...more

Much-Anticipated Fiduciary Rule Presents New Challenges to Financial Services Industry

The U.S. Department of Labor released its long anticipated "fiduciary rule" on April 6, 2016. The rule requires brokers and financial advisers to put their clients' interests ahead of their own when recommending retirement...more

DOL’s fiduciary rule levels playing field for advisors, imposes new duty on brokers

On April 6, 2016, the Department of Labor released the final version of its highly anticipated fiduciary rule. The rule is the culmination of six years of study, commentary and revisions after it was originally proposed in...more

New Fiduciary Rule: It’s all politics

You read articles about the Department of Labor’s (DOL’s) new fiduciary rule and experts will tell you that it’s the greatest thing since sliced bread, the worst thing since Caddyshack II, or somewhere in between. I learned a...more

DOL Delivers Final Fiduciary Investment Advice Rule

Last week, the U.S. Department of Labor (DOL) issued a final rule revamping the standards for determining when a party is a fiduciary with respect to an ERISA retirement plan or an individual retirement account (IRA) by...more

Fifth Circuit Finds Federal Jurisdiction Over $10,000 Arbitration Award

The Fifth Circuit recently addressed a hard question: what should the court consider when determining the amount in controversy for purposes of federal jurisdiction over an arbitration award? The court decided to rely on the...more

New Rule Governing Retirement Advice Shakes Up Traditional Broker Compensation

On April 6, 2016, the U.S. Department of Labor released its long-awaited and controversial fiduciary rule expanding the definition of who is a fiduciary when providing investment advice on retirement accounts. The rule aims...more

DOL published Final Fiduciary Rule

The Department of Labor (DOL) issued their final new Fiduciary Rule on Wednesday, April 6th that will have far reaching changes to the retirement plan industry. Aside from some paperwork, disclosure, and effective date...more

No-Action Relief from CFTC Rule 3.10(c)(3) Clearing Requirement

CFTC grants no-action relief regarding the application of the exemption in CFTC Rule 3.10(c)(3) to swaps that are not subject to a clearing requirement. On February 12, 2016 the Commodity Futures Trading Commission...more

Narrowing of Licensing Exemption Under California Finance Lenders Law for Consumer Lenders and Brokers

The California Department of Business Oversight (the “CDBO”) has issued a new regulation that will eliminate a statutory licensing exemption under the California Finance Lenders Law (the “CFLL”) for nonbank operating...more

US Equipment Leasing and Finance Legal Update – February 2016

1) Implied Warranties for Leased Goods, 2) Recent Changes to the California Finance Lenders Law, 3) Of note – IASB issues IFRS 16 Lease Accounting Standard - The US Equipment Leasing and Finance Legal Update is provided...more

Finding Some Additional Issues While Fundraising

So, your start-up had some difficulties raising money from venture capital funds and you think now it is time to gain access to a broader group of potential investors. Hiring a finder is a great way to tap into a larger...more

Important Decision Impacting Waiver of Attorney-Client Privilege

In a recent opinion issued in the matter of Certain Underwriters at Lloyd's London v. Nat'l R.R. Passenger Corp., No. 14-CV-04717 FB CLP (E.D.N.Y. Feb. 19, 2016), the Eastern District of New York held that communications from...more

Your daily dose of financial news The Brief – 2.19.16

Barclays has agreed to pay $50 million to settle claims by Plaintiff Axiom Investment Advisors that it “misused a system intended to block stale foreign exchange prices as a way to boost the bank’s profits while hurting...more

ACE Deadline Reminder for Imports and Exports

On February 28, 2016, those involved with imports and exports are preparing to undergo a major transition. As of that date, all entries must be filed using the new Automated Commercial Environment (ACE) system. ACE not only...more

BNY Mellon Issues 2015 Report on Global Trends in Investor Relations

On February 9, 2016, BNY Mellon released its 2015 Global Trends in Investor Relations: A Survey Analysis of IR Practices Worldwide. The report summarizes survey responses of 550 companies from 54 different countries to...more

FINRA Members Subject to New Background Screening Rules

Last year, the Financial Industry Regulatory Authority (FINRA), a non-governmental organization that regulates member brokerage firms and exchange markets, approved proposed Rule 3110(e), which enhances the background...more

SEC Expands Cybersecurity Compliance Requirements For 2016

On January 11, 2016, the Securities and Exchange Commission announced the 2016 examination priorities list. For the third year in a row, cybersecurity is a top concern, especially with regard to internal security program...more

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