Brokers Securities & Exchange Commission

News & Analysis as of

Equity For The Crowd

On May 16, 2016 the long awaited Crowdfunding rules became final. In some 680 pages of regulations, not to mention the length of the text of the enabling law, Congress and securities regulators have sought to balance the...more

SEC sanctions private equity fund adviser for acting as an unregistered broker

On June 1, 2016, the Securities and Exchange Commission issued a press release announcing that a private equity fund advisory firm and its owner have agreed to pay more than $3.1 million to settle charges that included...more

SEC Crowdfunding Rules to Become Effective May 16

Securities and Exchange Commission rules authorizing equity crowdfunding become effective May 16, 2016. Under the crowdfunding rules, an eligible company may raise up to $1 million on the internet in a 12-month period,...more

Finding Some Additional Issues While Fundraising

So, your start-up had some difficulties raising money from venture capital funds and you think now it is time to gain access to a broader group of potential investors. Hiring a finder is a great way to tap into a larger...more

SEC Expands Cybersecurity Compliance Requirements For 2016

On January 11, 2016, the Securities and Exchange Commission announced the 2016 examination priorities list. For the third year in a row, cybersecurity is a top concern, especially with regard to internal security program...more

FINRA Submits Revised Recruiting-Disclosure Rule to SEC

On December 16, FINRA submitted for SEC approval proposed Rule 2273 to require that brokers send customers an “educational disclosure” when changing firms. Although the proposal deletes a controversial provision that would...more

NFA Adopts Cybersecurity Guidance

The National Futures Association (NFA) adopted on October 23, 2015 an “Interpretive Notice to NFA Compliance Rules 2-9, 2-36, and 2-49: Information Systems Security Programs” (Notice). The Notice requires each NFA Member to...more

SEC (Finally) Adopts New Equity Crowdfunding Rules, Promoting Increased Access to Capital and Democratization of Investment...

Late last week, the SEC adopted its final rules for equity crowdfunding under Title III of the JOBS Act. These rules, when implemented, have the promise of reducing the cost and increasing the availability of sorely needed...more

Financial Services Weekly News - October 2015 #4

Regulatory Developments - SEC to Vote on Final Title III Crowdfunding Rules Oct. 30: The SEC has announced that it will vote on whether to adopt rules and forms related to the offer and sale of securities through...more

Crowdfunding: FINRA Proposes JOBS Act Portal Rules

Title III of the Jumpstart Our Business Startups Act, or JOBS Act, enacted in 2012 with the goal of increasing American job creation and economic growth, contains key provisions relating to securities offered or sold through...more

Bridging the Week - October 2015 #2

SEC-Sanctioned Trader Began Alleged Spoofing After Complaining About Spoofing by Others to NYSE - Eric Oscher and Briargate Trading, LLC, a company 50 percent owned by Mr. Oscher, agreed to pay an aggregate fine of US...more

SEC Approves FINRA Equity and Debt Research Rules

The Securities and Exchange Commission has approved two Financial Industry Regulatory Authority rules that apply to equity and debt research. FINRA Rule 2241 adopts, with modifications, NASD Rule 2711 as a FINRA rule and...more

SEC Approves FINRA Rule 2210 Amendment Requiring BrokerCheck Links

The amendments require FINRA members to update their retail websites to include readily apparent references and hyperlinks to BrokerCheck. On October 8, 2015, the Securities and Exchange Commission (SEC) approved a...more

The SEC Opens Up a New Front in the Cybersecurity Wars

For the last few years, the SEC has been issuing guidance as to appropriate cybersecurity policies and procedures for financial firms. In a move that signal’s the regulator’s willingness to put muscle into its cybersecurity...more

SEC Advisory Committee Recommends Additional Clarity Regarding So-Called “Finders”

The Securities and Exchange Commission ("SEC") Advisory Committee on Small and Emerging Companies ("Advisory Committee") announced new recommendations to make it easier for small and emerging companies to raise capital using...more

Effect of Recent New York City Amendments May Limit Brokers and Advisers in Conducting Credit and Background Checks on Potential...

The New York City Council recently passed two amendments to the New York City Human Rights Law that are likely to substantially affect the manner in which firms in New York City may evaluate the qualifications and background...more

SEC Charges EB-5 Brokers For Not Registering

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

SEC Says No More Mr. Nice Guy on Investment Adviser Cybersecurity

Over the last couple years, the SEC’s cybersecurity bark has been worse than its bite. Its Office of Compliance, Inspections, and Examinations issued examination priorities in 2014. Commissioner Aguilar warned public...more

Bridging the Week - September 2015

Alleged Flash Crasher's Formal Indictment Provides More Details Regarding His Purported Spoofing - The US Department of Justice filed a formal indictment against Navinder Singh Sarao in a US federal court in Chicago on...more

Ban on Mandatory Employment Arbitration Agreements Passed by California Legislature

On August 27, 2015, the California Legislature passed AB 465, a bill that would make mandatory agreements to arbitrate employment disputes illegal in the state. Governor Jerry Brown has until October 11, 2015, to sign...more

OCIE Warns on Suitability in Retail Sales of Structured Products

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

Scam Spammers Use IM Apps to Pump & Dump

In a September 2 Alert, FINRA warns that scammers are using messaging app spam-casts to impersonate brokers and tout micro-cap stocks to “pump” their prices, before “dumping” their positions at the top and leaving investors...more

Financial Services Weekly News - August 2015 #3

Regulatory Developments - FinCEN Rules Digital Precious Metal Certificates Provider is a Money Transmitter: On Aug. 14 FinCEN issued a ruling applying its virtual currency rules to an e-precious metals company. The...more

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

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

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