News & Analysis as of

Customer Protection Rule Enforcement Actions

King & Spalding

Mid-Year Report: FINRA Enforcement Builds Momentum After Historic Penalties

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After collecting near-record amounts in fines, restitution, and disgorgement in 2021 – which included a $70 million monetary penalty against a financial institution in a single action – FINRA continues to raise the bar on...more

Dechert LLP

SEC Staff Issues No-Action Letter Regarding Digital Asset Securities Trading on ATS Platforms

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The Staff of the Securities and Exchange Commission’s Division of Trading and Markets (Staff) issued a no-action letter to the Financial Industry Regulatory Authority on September 25, 2020 (Letter), in which the Staff stated...more

A&O Shearman

California Federal Judge Holds That Claims Under Section 10(b) Require "Out-of-Pocket" Loss

A&O Shearman on

On February 28, 2020, Judge M. James Lorenz of the United States District Court for the Southern District of California dismissed a putative securities class action against an investment management company (“Company”) and its...more

Dechert LLP

CFTC’s Enforcement Division Releases 2019 Annual Report

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The CFTC’s Division of Enforcement (Division) released its Annual Report on November 25, 2019, summarizing the Division’s activities over the past year.1 In FY 2019, the CFTC filed 69 enforcement actions, down from 83 in FY...more

Morgan Lewis

2016 Year in Review: Select SEC and FINRA Developments and Enforcement Cases

Morgan Lewis on

Executive Summary - The Morgan Lewis Year in Review highlights key US Securities and Exchange Commission (the SEC or the Commission) and Financial Industry Regulatory Authority (FINRA) enforcement developments and...more

Morrison & Foerster LLP

Are Your Customer Accounts in Order? SEC Announces Sweep of Broker-Dealers and Implementation of the Customer Protection Rule...

On June 23, 2016, the Securities and Exchange Commission (the SEC) announced that it would begin a coordinated effort across divisions to identify potential violations by broker-dealers of Rule 15c3-3 (the “Rule”) under the...more

King & Spalding

The SEC’s Customer Protection Rule Initiative and Whistleblower Protection Efforts – What Broker-Dealers Need to Know

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On June 23, 2016, the SEC instituted a settled enforcement action against Merrill Lynch, Pierce, Fenner & Smith Inc. and Merrill Lynch Professional Clearing Corp. (collectively, “Merrill”), in which Merrill agreed to pay $415...more

Katten Muchin Rosenman LLP

Bridging the Week - June 2016 #4

Broker-Dealer Sanctioned US $415 Million by SEC for Violating Customer Protection Requirements: Two Merrill Lynch entities agreed to pay sanctions of US $415 million to resolve charges brought by the Securities and...more

Fox Rothschild LLP

Huge Customer Protection Rule Fine Brings Back Memories

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My friend and a legend in the securities regulatory field, Edwin Nordlinger, who served as Deputy Regional Director in the SEC’s New York office for years, was one of the nation’s premier experts on the SEC’s net capital and...more

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