Brokers

News & Analysis as of

Closed End Funds

The Financial Industry Regulatory Authority (“FINRA”) has, in recent months, increased its regulatory focus on investor awareness regarding closed-end funds (“CEFs”). In October of last year, FINRA issued an Investor Alert...more

Aircraft Transaction Basics - A Business Development Opportunity

This paper will describe the basics of aircraft transactions, including aircraft sale, purchase and ownership issues and how current aviation practitioners can expand their practice area to include aircraft transactions, pull...more

SEC Settles Spoofing, Unregistered Broker Charges

High speed trading and its impact on the markets is the topic de jour. Author Michael Lewis claims the markets are “rigged,” a statement which no doubt will help sell his latest book centered on high speed trading. Now the...more

My Structured Settlement Broker or Yours?

We all have been in negotiations that involve structured settlement proposals, and almost all plaintiffs’ attorneys have relationships with structured settlement brokers. Inevitably, when it’s time to place a structured...more

Summary Judgment In Favor Of Broker In Malpractice Case Reversed, Where Special Relationship With Insured May Have Existed

In a case involving alleged broker malpractice with respect to certain underinsured business interruption losses under a commercial property insurance policy, the New York high court reversed a lower appellate court’s...more

FAQ's on FINRA's Broker Compensation Proposal

On March 10, 2014, FINRA filed proposed Rule 2243 with the SEC. The proposed rule would require firms and registered reps to disclose certain financial incentives offered to reps in connection with a change in employment and...more

Top franchise cases of 2013

1. In Hanley v. Doctors Express Franchising, LLC, a former franchisee of the Doctors Express franchise system sued Doctors Express, the franchisor, and Rhino 7, a broker involved in the franchise sale, asserting that the...more

Orrick's Financial Industry Week in Review - March 24, 2014

FINRA Proposes Lighter Regulatory Regime For Limited Corporate Financing Brokers - The Financial Industry Regulatory Authority (FINRA) recently issued a Regulatory Notice requesting comment on a Proposed Rule Set for...more

FINRA’s Proposed Limited Broker Regime Falls Short of Private Fund Needs

FINRA proposes a new “lite” registration regime for private placements and M&A activity. The Financial Industry Regulatory Authority’s (FINRA) recently issued Regulatory Notice regarding proposed rules (Proposed...more

FINRA Proposes Lighter Regulatory Regime for Limited Corporate Financing Brokers

The Financial Industry Regulatory Authority (“FINRA”) recently issued a Regulatory Notice (the “Notice”) requesting comment on a Proposed Rule Set for “Limited Corporate Financing Brokers” (“LCFBs”). (The comment period...more

FINRA Issues Proposed Rule Set for Limited Corporate Financing Brokers

FINRA issued for comment a Proposed Rule Set for Limited Corporate Financing Brokers (LCFBs). The proposed rule set would provide a lighter regulatory regime for LCFBs, defined as any broker that solely engages in one or more...more

SEC Provides Relief for Private Company M&A Brokers

On Jan. 31, 2014, the SEC issued a no-action letter that permits private company M&A brokers to avoid registration with the SEC as broker-dealers under certain circumstances. However, business brokers should understand that...more

FINRA Proposes Separate Rules for Firms Whose Activities Are Limited to Advice on Capital Raising and Restructuring and...

In Regulatory Notice 14-09, FINRA requested public comment on a proposal to adopt a narrower set of rules (the “Proposed LCFB Rules”) for member firms that meet the definition of “limited corporate financing broker” (each, an...more

Private Company M&A Brokers Exempt from SEC Registration

The SEC has granted relief to Mergers and Acquisitions (M&A) advisory firms to allow them to facilitate private company M&A transactions and receive transaction-based fees without registering as broker-dealers. It has long...more

M&A Brokers for Private Companies Need Not Register with the SEC

The staff of the SEC recently issued a no-action letter permitting an "M&A Broker" to advise on and be compensated in connection with the purchase and sale of a privately held company without registering as a broker-dealer...more

FINRA Requests Comment on Proposed Rule Set for Limited Corporate Financing Brokers

The Financial Industry Regulatory Authority has requested comments on a proposed rule set for limited corporate financing brokers (LCFBs). LCFBs are firms that engage in certain limited activities, such as advising companies...more

SEC No-Action Letter Provides Relief for M&A Brokers

On January 31, 2014, the Securities and Exchange Commission issued a ground-breaking no-action letter (“SEC Letter”) stating that a financial intermediary that limits its business activity to advising privately held companies...more

SEC Issues Ground-Breaking Guidance: Pierce Atwood Business Counselor Q1 2014

Historically, subject to only very limited and narrow exceptions, the Securities and Exchange Commission, and many state securities regulators, have taken the position that brokers, finders and other intermediaries could not...more

Business Brokers Get “No-Action” Relief from SEC

Business intermediaries who facilitate the purchase or sale of privately-held businesses for a success fee based on the size of the completed acquisition may no longer have to be concerned about registering as broker-dealers...more

Orrick's Financial Industry Week in Review for March 10, 2014

Final Guidance for Medium-Sized Firms on Dodd-Frank Stress Tests - On March 5, the Fed, the FDIC, and the OCC issued final guidance which describes supervisory expectations for stress tests to be conducted by financial...more

SEC Action Targets Unregistered Cross-Border Brokerage, Investment Advisory Services

On February 21, the SEC released an administrative order against a foreign financial institution that provided cross-border securities services to thousands of U.S. clients. The SEC asserted that the institution’s employees...more

FINRA Proposes Significant Changes To Regulatory Regime For Limited Corporate Financing Brokers

The Financial Industry Regulatory Authority has issued Regulatory Notice 14-09 soliciting comments on a proposed new regulatory structure for firms that limit their activities to advising companies and private equity funds...more

Limited Corporate Financing Brokers

FINRA published Regulatory Notice 14-09 to solicit comments regarding a series of new rules that would be applicable to firms that perform certain limited functions. FINRA is proposing to establish a new, reduced regulatory...more

SEC No-Action Letter Exempts M&A Brokers from Federal Registration Requirements

On February 3, 2013, the Security and Exchange Commission's (SEC) Division of Trading and Markets publically issued a significant no-action letter advising that M&A brokers do not need to register as broker-dealers to...more

SEC Relief For "M&A Brokers:" Not Required To Register As Broker-Dealers

The Chief Counsel of the SEC’s Division of Trading and Markets recently issued an important no-enforcement letter regarding the status of a person engaged in effecting transactions in connection with the transfer of ownership...more

96 Results
|
View per page
Page: of 4