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Enforcement Financial Industry Regulatory Authority (FINRA)

Morrison & Foerster LLP

SEC Targets "AI Washing" With Two New Settled Cases

On March 18, 2024, the SEC announced—in videos posted on YouTube and Twitter—regulatory actions against two investment advisers for “AI washing,” a practice defined by the SEC as “making false artificial intelligence-related...more

Proskauer - Law and the Workplace

New York City Council Introduces Three New Bills Aimed at Non-Competes

Joining an emerging trend of legislative and regulatory hostility towards non-compete agreements, on February 28, 2024, the New York City Council introduced three new bills proposing restrictions on non-compete agreements in...more

Seward & Kissel LLP

Employment Litigation Roundup: February 2024

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Former HR Executive Sues Financial Services Company for Equal Pay Violations in New Jersey Federal Court - A former head of human resources sued a financial services company for allegedly underpaying her relative to her...more

Davis Wright Tremaine LLP

FINRA's Focus on Compliance With Market Integrity Rules

FINRA's new enforcement head, Bill St. Louis, recently appeared on FINRA Unscripted, a FINRA podcast where he discussed his vision for FINRA's Enforcement Department as well as certain key regulatory issues that are under...more

Buchalter

PPP Lender Liability, Enforcement, & Fintech Challenges

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The Paycheck Protection Program (“PPP”) emerged as a lifeline for small businesses grappling with the unprecedented challenges of the COVID-19 pandemic. Lenders navigated a landscape of regulations that Congress quickly...more

Bracewell LLP

FINRA Facts and Trends: December 2023

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Welcome to the latest issue of Bracewell’s FINRA Facts and Trends, a monthly newsletter devoted to condensing and digesting recent FINRA developments in the areas of enforcement, regulation and dispute resolution. This month,...more

UB Greensfelder LLP

[Webinar] FINRA: A Look Back at 2023 and What’s In Store for 2024 - December 19th, 12:00 pm - 1:00 pm EST

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Join Ulmer partner Alan M. Wolper as he addresses hot topics including FINRA's oversight of Reg BI, trends in enforcement and arbitration filings, and perspective whether FINRA would survive a constitutional challenge....more

Davis Wright Tremaine LLP

Broker Dealer Regulatory Digest - August 2023

The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically focusing on:...more

Bracewell LLP

FINRA Facts and Trends: July 2023

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Welcome to the latest issue of Bracewell’s FINRA Facts and Trends, a monthly newsletter devoted to condensing and digesting recent FINRA developments in the areas of enforcement, regulation and dispute resolution. This month,...more

Bracewell LLP

FINRA Facts and Trends: May 2023

Bracewell LLP on

Welcome to the latest issue of Bracewell’s FINRA Facts and Trends, a monthly newsletter devoted to condensing and digesting recent FINRA developments in the areas of enforcement, regulation and dispute resolution. This...more

Faegre Drinker Biddle & Reath LLP

New Year’s Priorities: FINRA Releases its 2023 Report on its Examination and Risk Monitoring Program

Yes, (somehow) it is that time of year again. FINRA recently released its 2023 Report on its Examination and Risk Monitoring Program (the “Report”). As is typical (and this blog has well-covered), it contains a mix of old and...more

Sheppard Mullin Richter & Hampton LLP

Financial Crimes Makes Debut in FINRA Annual Priorities Preview

FINRA punctuated its annual post-New Year’s Report on FINRA’s Examination and Risk Monitoring Program (the “Report”), by including a new target category “Financial Crimes.” The inclusion of this category is noteworthy not...more

Bracewell LLP

FINRA Facts and Trends: July 2022

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Two Years Later, Regulation BI Remains a “Tremendous Priority” for FINRA - June 30th marked two years since the implementation of Regulation Best Interest (“Reg BI”) and the client relationship summary or Form CRS. Firm...more

UB Greensfelder LLP

When It Comes To GPB, FINRA Looks At Things Quite Differently Than The SEC And The DOJ

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Among the criticisms I have leveled against FINRA are (1) that it is increasingly acting like a claimant’s arbitration attorney, by taking every possible opportunity to blame member firms for losses incurred by investors when...more

Bracewell LLP

FINRA Facts and Trends: June 2022

Bracewell LLP on

Welcome to the latest issue of Bracewell’s FINRA Facts and Trends, a monthly newsletter devoted to condensing and digesting recent FINRA developments in the areas of enforcement, regulation and dispute resolution. FINRA’s...more

Moore & Van Allen PLLC

Riding the Regulatory Enforcement Train: FINRA Issues Reminder on Supervisory Liability for Chief Compliance Officers

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On March 17, 2022, FINRA issued Regulatory Notice 22-10 (“Notice”), which reminds FINRA member firms and their associated persons of the scope of supervisory liability for Chief Compliance Officers (“CCO”). The Notice...more

Bracewell LLP

Government Enforcement and Investigations Year-In-Review: The Administration Has Moved Its Pieces into Place

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On Monday, President Biden released the United States Strategy on Countering Corruption, which details how the United States will work “domestically and internationally, with governmental and non-governmental partners, to...more

BCLP

The Song Remains the Same - FINRA’s Riff on High-Risk Brokers and Firms

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Key Takeaways: ..On September 28, 2021, FINRA released Regulatory Notice 21-34 which introduces additional new rules aimed at addressing high risk or “recidivist” brokers and the member firms that hire them.  ..Under...more

BCLP

Anti-Money Laundering Continues to be Among the Highest Regulatory Priorities, As Evidenced by Recent Enforcement Cases and...

BCLP on

For the past decade, anti-money laundering (“AML”) has been at the forefront of securities regulators’ priorities.  Indeed, AML enforcement cases have resulted in some of the highest fines imposed by securities regulators,...more

UB Greensfelder LLP

Credit Suisse Runs Into Trouble Trying To Monitor Outside Brokerage Accounts, Despite Its Best Intentions

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Sometimes, the numbers that FINRA cites in its settlements with big broker-dealers are so ridiculously large that it’s nearly impossible to compare these cases with those brought against small firms for similar rule...more

WilmerHale

SPAC Transaction Explosion Drives SEC Enforcement Focus

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In the face of volatile markets and a global pandemic, an old capital markets vehicle has been taking the markets by storm: special purpose acquisition companies (SPACs). Although SPACs have been around for many years, the...more

UB Greensfelder LLP

If You Supervise Yourself - Which You Cannot Do - Make Sure You Do It Right

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I have always operated with the understanding that, per FINRA rules, one cannot supervise him- or herself. Hardly an outrageous proposition. Today, however, that fundamental, bedrock understanding was so shaken, it has left...more

UB Greensfelder LLP

AWC Serves As Reminder That Scope Of FINRA’s Advertising Rule Extends Beyond Securities

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I have always found it enlightening – and a bit scary – to talk to my clients about FINRA Rule 2210, the advertising (or “communications with the public”) rule, to see what they know about it. It’s a long, dense rule, so I’m...more

Latham & Watkins LLP

SEC Issues Guidance for Broker-Dealer Custody of Digital Assets

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In a year-end change of course, the SEC identified the minimum steps that broker-dealers must take when acting as custodians of digital asset securities. On December 23, 2020, the US Securities and Exchange Commission (SEC)...more

UB Greensfelder LLP

The Trouble With Texts

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Having completed my Enforcement hearing conducted by Zoom – more about that in an upcoming post – I can finally turn my attention back to some matters that arose while I was busy. One that stood out for the sheer (and...more

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