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

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

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

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 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

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

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 Prevails in Ninth Circuit

The Ninth Circuit Court of Appeals denied a petition for review of an SEC Order upholding fines and sanctions against the firm and three of its employees. The underlying charges were based on alleged violations of Securities...more

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

New Congressional Bill Would Exempt Business Brokers From Full SEC/FINRA Broker Registration

On November 4, 2013, the U.S. House of Representatives Committee on Financial Services, by a 57-0 vote, ordered H.R. 2274 to be reported for further consideration. The bill, named the “Small Business Mergers, Acquisitions,...more

FINRA Approves Revamped Broker Compensation Proposal

On September 19, FINRA’s Board of Governors approved a proposal that would require brokers to disclose recruitment compensation paid to them as an incentive to move to a new firm. The original proposal stirred a great deal...more

Structured Thoughts -- Volume 4, Issue 9 -- June 17, 2013

In This Issue: UK’s FCA Restricts Marketing of Unregulated Collective Investment Schemes and Similar Products to Retail Investors; Electronic Structured Note Systems and U.S. Securities Regulation; and Reminders from...more

Burr Alert: Proposed FINRA Rules Governing Markups, Commissions And Fees

Through its recent Regulatory Notice 13-07, the Financial Industry Regulatory Authority ("FINRA") announced and sought comments on its proposed amendments to rules governing markups, markdowns, commissions and fees associated...more

Ninth Circuit Holds Private Company Rules Preempt California Law

California Labor Code Section 450(a) forbids employers from coercing the patronage of their employees: It provides...more

Investment Management Legal + Regulatory Update -- February 2013

In This Issue: Regulatory Updates - FINRA overhaul of communications rules becomes effective and ICI and CoC appeal Rule 4.5 ruling. Enforcement + Litigation - Enforcement Division priorities target hedge...more

FINRA To Require BrokerCheck Link On Internet Advertising

Financial Industry Regulatory Authority, Inc., or FINRA, has filed a proposed rule change with the SEC to amend FINRA Rule 2267 (Investor Education and Protection) to require that FINRA members include a prominent...more

FINRA Pushes Compensation Proposal Forward

FINRA is pushing ahead with its proposed rule to require brokers to provide compensation information their clients. The FINRA board announced earlier this month that it would solicit feedback on the proposal through a...more

22 Results
|
View per page
Page: of 1