News & Analysis as of

Brokers Compliance Securities and Exchange Commission (SEC)

Latham & Watkins LLP

SEC Imposes New Cybersecurity Requirements on Broker-Dealers, Investment Companies, Registered Investment Advisers, and Transfer...

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Covered institutions will need to review their cybersecurity and incident response policies and procedures ahead of the applicable compliance deadline. ...more

Oberheiden P.C.

Promoters, Endorsers, and Brokers: Understanding the Rules on Securities and Cryptocurrency Investment Advertising

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Promoting securities, cryptocurrency, and other investment opportunities is fraught with legal risks. Individuals who engage in promotional activities must ensure that they have a clear understanding of the federal laws and...more

Orrick, Herrington & Sutcliffe LLP

California joins multistate settlement with securities brokerage

On April 6, the California Department of Financial Protection and Innovation (DFPI) joined a multi-state settlement with a securities brokerage company stemming from an investigation spearheaded by state securities regulators...more

BCLP

Through the Issuance of New Rules Aimed at Recidivist Brokers and the Firms That Hire Them, FINRA Loudly Exclaims to its...

BCLP on

Key Takeaways:  ..After years of warning firms of the need for enhanced diligence in retaining or hiring brokers with a significant history of misconduct, FINRA has adopted new rules to address such brokers. ..As set...more

Akin Gump Strauss Hauer & Feld LLP

CFTC and NFA Year End Regulatory Updates

• Effective January 1, 2020, clarifying amendments to rules regarding communications with the public and use of promotional material will go into effect. • Effective February 1, 2020, CTA will be subject to new limitations...more

Carlton Fields

SEC Charges EB-5 Brokers For Not Registering

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Multiple firms involved in the solicitation of investment capital for the Immigrant Investor Program (also known as "EB-5") have recently been charged by the SEC with acting as unregistered brokers. Neither In re Ireeco, LLC,...more

Burr & Forman

OCIE Warns on Suitability in Retail Sales of Structured Products

Burr & Forman on

The SEC’s Office of Compliance Inspections and Examinations (“OCIE”) issued a recent “Risk Alert” noting observed deficiencies in broker-dealer supervision and compliance controls over retail sales of structured products –...more

Adler Pollock & Sheehan P.C.

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

Proskauer - Corporate Defense and Disputes

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

Blank Rome LLP

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

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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

Goodwin

Financial Services Weekly News Roundup - February 2015 #4

Goodwin on

FDIC Study Shows Branch Banking Has Staying Power: Has your smartphone displaced your bank? According to an FDIC study released on February 19, traditional brick-and-mortar offices are maintaining their primacy, despite...more

Katten Muchin Rosenman LLP

Bridging the Week - February 2015 #2

Industry Watchdogs Warn Brokers and Advisory Firms on Cybersecurity Threats - Both the Securities and Exchange Commission and the Financial Industry Regulatory Authority published observations of their review of...more

Dorsey & Whitney LLP

This Week In Securities Litigation

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The Commission prevailed on summary judgment in an action against a broker which alleged he misappropriated client funds. The agency also filed actions centered on: an audit failure; the EB-5 immigration program; undisclosed...more

Brooks Pierce

Unregistered Brokers: Watch out for Shortcuts

Brooks Pierce on

One of the things I’ve learned since returning to private practice three years ago is that people like to raise money for profitable enterprises when they can. And why not? It can be lucrative. And if the people raising...more

McCarter & English, LLP

U.S. Brokers Doing Business Overseas

Recently, regulators have made inquiries about the lawfulness of U.S. brokerage firms soliciting foreign clients. The regulators want to know under what exemptions or rules U.S. firms can do business overseas. This is a new...more

Dorsey & Whitney LLP

This Week In Securities Litigation (Week ending May 16, 2014)

Dorsey & Whitney LLP on

The Commission got split decisions in court this week. It prevailed in one high profile trial, obtaining a jury verdict in its favor. It lost a significant summary judgment motion regarding the statute of limitations...more

Pierce Atwood LLP

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

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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

McCarter & English, LLP

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

Morgan Lewis

SEC Provides No-Action Relief for M&A Brokers

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SEC staff action may head off congressional action to exempt M&A Brokers from registration. On February 3, the staff of the Securities and Exchange Commission (SEC) issued a no-action letter that permits an M&A broker...more

Broker-Dealer Compliance + Regulation

SEC Intensifies Scrutiny of Fee-Based Accounts and Reverse Churning

The SEC is crunching a lot of data these days, and it apparently intends to use some of that data to identify “reverse churning.” Reverse churning is the practice of placing a client who trades infrequently in a fee-based,...more

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