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The Financial Report - Volume 4, No. 6 • March 2015 (Global)

OSC Investor Advisory Panel annual report. The Ontario Securities Commission (OSC) Investor Advisory Panel submitted its 2013-14 annual report. The report summarizes the Panel’s current activities and priorities as well...more

Financial Services Weekly News Roundup - February 2015 #4

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

FINRA Issues Guidance on Materiality Consultations

The Overview addresses, among other things, categories of information and other factors that firms should consider when assessing materiality of prospective business initiatives....more

FINRA Issues its Cybersecurity Report, Providing Tools and Encouragement to Broker-Dealers

FINRA recently issued a Report on Cybersecurity Practices (“Report”), growing out of its targeted examination of firms last year. To issue the Report, FINRA gave careful consideration to the needs of many broker-dealers for...more

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

This Week In Securities Litigation (Holiday wrap-up edition)

Through the holidays (Dec. 19 – 31, 2014) the Department of Justice and the SEC continued to file securities enforcement actions. The Department brought an FCPA case which is now number two on the top ten list for amounts...more

Is a Licensed Securities Dealer a “Professional” Under Alabama Law Prohibiting Enforcement of Nonsolicitation Agreements Against...

The Alabama Court of Civil Appeals released a slip opinion on May 16, 2014 addressing enforcement of a nonsolicitation agreement against a licensed securities broker. See G.L.S. & Associates, Inc., and G.L. Smith &...more

The Regulators Are Coming! The Regulators Are Coming!

Regulators, in-house lawyers and compliance officers told a serious cautionary tale at the recent Practicing Law Institute Broker-Dealer Regulation and Enforcement seminar. Representatives of the Securities and Exchange...more

VA Switches: FINRA Disciplinary Action Reminds Firms About the Need for Adequate Supervisory Procedures

In a case involving unsuitable variable annuity (VA) transactions, FINRA found that having good procedures and discovering improper conduct are not enough. A member firm must also ensure that it has adequate supervisory...more

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

FINRA Targets Brokers’ Routing Of Orders

On July 8, FINRA released a targeted examination letter it sent to 10 firms to assess their compliance with requirements related to order routing and execution quality of customer orders in exchange listed stocks during the...more

FINRA Announces and Publishes Its Sweep of Order Routing Practices

FINRA announced this week that it is conducting a review of its member firms’ order-routing processes and procedures and the execution quality of customer orders in exchange-listed stocks. We previously reported in this...more

FINRA Sanctions a Broker for Violating Japanese Insider Trading Law

On July 2, 2014, FINRA announced that it barred a former equity trader from the securities industry based on its finding that he violated Japanese insider trading law by trading in the securities of a Japanese company listed...more

FINRA Fines Broker-Dealer for Failing to Apply Class A Sales Charge Waivers for Certain Eligible Customers on its Mutual Fund...

On June 16, 2014, the Financial Industry Regulatory Authority, Inc. (“FINRA”) accepted a Letter of Acceptance, Waiver and Consent (the “AWC”) from Merrill Lynch, Pierce, Fenner & Smith Incorporated (the “Firm”) regarding an...more

Banking & Finance Litigation Update - Issue 77 (Global)

In This Issue: - Domestic Banking - Domestic General - European Banking - European General - International Banking - International General - Excerpt from International General: 55....more

What A Broker Needs To Know About Suitability Under FINRA Rule 2111

The Financial Industry Regulation Authority (“FINRA”) updated the suitability requirements for brokers in July 2012. FINRA’s goal was to codify principles found in case law and expand language to account for a wide range of...more

Compliance Matters: Prior Disclosure = Future Exposure?

Broker and broker-dealer information is generally a few keystrokes or mouse-clicks away for anyone with an Internet connection, and regulators are working to shorten those paths. The information available is just as expansive...more

Is A Licensed Securities Dealer A “Professional” Under Alabama Law Prohibiting Enforcement Of Nonsolicitation Agreements Against...

The Alabama Court of Civil Appeals released a slip opinion on May 16, 2014 addressing enforcement of a nonsolicitation agreement against a licensed securities broker. See G.L.S. & Associates, Inc., and G.L. Smith &...more

FINRA Proposes Rule 2081 to Prohibit “Bargained-For” Expungements

The Financial Industry Regulatory Authority, Inc. (FINRA) filed a proposed rule change with the Securities and Exchange Commission to adopt FINRA Rule 2081 that would prohibit broker dealers and associated persons from...more

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

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

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

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