News & Analysis as of

Brokers

Chris Lazarini Discusses Burden-Shifting Analysis in Discrimination Case

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini discussed a case in which the plaintiff, a former stockbroker, sued his employer after he was terminated claiming discrimination under the ADA and ADEA. Under these statutes and...more

Chris Lazarini Comments on When Appellate Courts May Consider Arguments Not Raised Below

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini commented on a case in which a former commodities broker appealed a decision ordering him to pay restitution to his former firm which had made its customers whole after the broker's...more

Reported Criminal Probes Regarding Bond Valuations Highlight the Importance of Valuation Procedures

According to recent news reports, the DOJ and the SEC are investigating the possible improper use of third-party broker quotes by hedge fund managers to value illiquid debt securities in their portfolios. Prosecutors are...more

Update On FINRA Regulatory and Examination Priorities

by Bass, Berry & Sims PLC on

In January, FINRA published its 2017 Regulatory and Examination Priorities Letter. As in years past, FINRA noted its ongoing focus on social media and electronic communications retention and supervision and firm's hiring and...more

MoFo Tax Talk: Volume 10, Issue 1

by Morrison & Foerster LLP on

EDITOR’S NOTE - We held up Tax Talk this quarter in order to bring you the latest on the Trump administration’s tax reform plans. Unfortunately, the one-page plan and transcript of the press conference released on April 26...more

So You Want To Change Firms

by Fox Rothschild LLP on

One certainty in the brokerage world is that registered representatives often switch from one member firm to another. There is nothing wrong with the switch, but there is a word of caution to be shared....more

U.S. Department of Labor Defers Implementation of the Investor Fiduciary Rule to June 2017

by Hinshaw & Culbertson LLP on

On April 4, 2017 the U.S. Department of Labor issued an order effective April 9, 2017, stating that implementation of the so-called investor Fiduciary Rule applicable to Individual Retirement Accounts will be delayed until...more

You Better Watch Your Suitability Determinations

by Fox Rothschild LLP on

The SEC recently announced that it charged a former broker with knowingly or recklessly trading unsuitable investment products for five customers and taking $170,000 for one of those customers. These charges follow a prior...more

SEC Approves FINRA’s Rules to Protect Seniors from Financial Exploitation

On March 30, 2017, the SEC approved the adoption of new FINRA Rule 2165 (Financial Exploitation of Specified Adults). Among other things, Rule 2165 permits brokers to place holds on disbursements of funds or securities from...more

SEC Issues Guidance to Ease Fund Implementation of “Clean Shares”

In January, we authored a post discussing an SEC no-action letter, dated January 11, 2017, to Capital Group (the “Capital Group Letter”), the parent company of American Funds. In the Capital Group Letter, the SEC agreed that...more

Bill Introduced To Require Registration Of Finders Under The California Finance Lenders Law

by Allen Matkins on

The California Finance Lenders Law, Financial Code § 22000 et seq., currently requires licensing of finance lenders and brokers. A finance lender is defined as any person who is engaged in the business of making consumer...more

RIAs win one with Fiduciary Rule Delay

by Ary Rosenbaum on

When it comes to standards, I know Kosher is Kosher. However, when it comes to meat, observant Jews now only eat Glatt Kosher meat. It’s a higher standard in the sense that it’s supposed to mean that there is a lack of...more

CFPB Fines Lender and Real Estate Brokers for Improper Kickback Scheme

by BakerHostetler on

On Jan. 31, 2017, the Consumer Financial Protection Bureau (CFPB) filed consent orders against one of the largest independent residential mortgage lenders, two real estate brokers and a mortgage servicer for their roles in an...more

SEC Staff Clarifies Application of 1940 Act Section 22(d) to Brokers Selling Clean Shares of Mutual Funds

by Dechert LLP on

In response to a request for interpretative guidance, the U.S. Securities and Exchange Commission staff (staff) advised on January 11, 2017 that Section 22(d) of the Investment Company Act of 1940 does not prevent a broker...more

Investment Management Legal + Regulatory Update – February 2017

by Morrison & Foerster LLP on

REGULATION - DOL Issues Additional Guidance on Fiduciary Rule - On January 13, 2017, the U.S. Department of Labor (“DOL”) issued a second set of guidance on its new fiduciary rules, which are scheduled to become...more

One Man’s Rogue Broker Is Another Man’s Treasure

by Fox Rothschild LLP on

Like it has in the past, FINRA is sharply focused on examining brokers with a disciplinary past, including the indentification and examination of such brokers being placed at the top of its 2017 exam priorities. Does this...more

Mutual Funds Come Clean: Brokers Can Set Fund Share Sales Charges

by Morrison & Foerster LLP on

The staff of the SEC’s Division of Investment Management effectively allowed brokers to determine the commissions they will charge their customers who buy “Clean Shares” of mutual funds. In a “no-action” letter...more

SEC Staff Allows Brokers to Set Fund Commissions with “Clean Shares”

by Perkins Coie on

The SEC’s Division of Investment Management issued a no-action letter on January 11, 2017 explicitly permitting brokers to set their own commission rates for sales of so-called “clean shares” of mutual funds. Previously, as...more

Investment Management Update

by Ballard Spahr LLP on

SEC Issues Guidance on Mutual Fund Fee Structure - The Securities and Exchange Commission’s (SEC) Division of Investment Management recently issued a guidance update addressing disclosure issues and certain procedural...more

Financial Services Weekly News - January 2017 #2

by Goodwin on

Editor's Note - In This Issue.The SEC and FINRA released their examination priorities for 2017; the SEC’s Division of Investment Management issued an interpretative letter that would permit brokers to charge their own...more

FBI Is Focused On Professional Service Providers

by Foodman CPAs & Advisors on

James C. Barnacle, Chief of the Money Laundering Unit in the Financial Crimes Section, Criminal Investigation Division, of the FBI recently stated that there is a RENEWED emphasis on investigations targeting “ money...more

FINRA's Regulatory and Examination Priorities of 2017

This week, FINRA published its Regulatory and Examinations Priorities Letter providing member firms and industry professionals with information about FINRA plans for 2017. While not comprehensive or all inclusive, FINRA’s...more

Top FINRA Priorities for 2017

by Robins Kaplan LLP on

On January 4, FINRA released its Annual Regulatory and Examination Priorities Letter, which outlines the areas it plans to review over the coming year.  FINRA President and CEO, Robert Cook, says that attention to these core...more

FINRA Investor Education Foundation Announces Investor Survey Results

On December 13, 2016, the FINRA Investor Education Foundation published Investors in the United States 2016 (the “Report”), which includes the results of its investor survey of 2,000 individuals from across the United States...more

SEC Takes Issue with Employee Confidentiality Obligations and Waivers of Monetary Awards

by White & Case LLP on

The Securities and Exchange Commission's (the "SEC" or "Commission") Office of Compliance Inspections and Examinations ("OCIE") issued a risk alert on October 24, 2016, announcing that it will be reviewing registrants'...more

290 Results
|
View per page
Page: of 12
Cybersecurity

"My best business intelligence,
in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
Sign up using*

Already signed up? Log in here

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.