Financial Industry Regulatory Authority

News & Analysis as of

Regulation Crowdfunding – Funding Portals and Other Crowdfunding Intermediaries

Title III of the Jumpstart Our Business Startups Act (JOBS Act) created a new securities registration exemption for crowdfunding offerings by adding Section 4(a)(6) to the Securities Act of 1933 (the Securities Act). In late...more

Financial Services Weekly News - February 2015 #2

Regulatory Developments - CFPB Announces Steps to Improve Checking Account Access - On Feb. 3, the CFPB announced that it was taking three steps to expand checking account access to the approximately 10 million...more

Banks Should Take Note of FINRA 2016 Examination Priorities

Why it matters - The Financial Industry Regulatory Authority (FINRA), the independent self-regulatory body for the securities industry, has issued its list of examination priorities for 2016. Banks will recognize many,...more

SEC Approves FINRA Portal Rules, Forms for Crowdfunding Under Title III

The U.S. Securities and Exchange Commission (SEC) approved the Financial Industry Regulatory Authority, Inc.'s (FINRA) crowdfunding Portal Rules for companies that want to operate an intermediary “funding portal” pursuant to...more

FINRA and SEC Identify Areas of Focus and Examination Priorities for 2016

Each year, FINRA and the SEC publish their priority letters explaining areas of focus for the upcoming year. The priorities reflect practices and/or products that are perceived to present either heightened risk to investors,...more

SEC Approves FINRA’s Funding Portal Rules

On January 22, the Securities and Exchange Commission approved the Financial Industry Regulatory Authority’s funding portal rules and related forms for entities functioning as SEC-registered funding portals pursuant to...more

Financial Services Weekly News - February 2015

Regulatory Developments - FDIC Provides Framework for Cybersecurity in Recent Supervisory Insights - The FDIC featured an article titled “A Framework for Cybersecurity” in the Winter 2015 issue of Supervisory...more

House Passes SEC Small Business Advocate Act and Fair Investment Opportunities for Professional Experts Act

On February 1, 2016, the House passed H.R. 3784, the SEC Small Business Advocate Act, and H.R. 2187, the Fair Investment Opportunities for Professional Experts Act....more

Alert: Upcoming Regulatory Deadlines for VC and PE Firms

This alert highlights near-term regulatory deadlines that commonly apply to venture capital and private equity firms. February 16, 2016. Firms that hold, or have traded in significant positions in public company...more

A Compilation of Enforcement and Non-Enforcement Actions

Non-Enforcement - FINRA’s Proposed Pay-to-Play Rule Will Impact Investment Advisers - Late last year (December 24, 2015), the Financial Industry Regulatory Authority (FINRA) submitted a proposed rule to the U.S....more

SEC Approves FINRA’s Funding Portal Rules

The SEC approved FINRA’s Funding Portal rules for entities that intend to function as funding portals in crowdfunded offerings made pursuant to Regulation Crowdfunding. We had previously posted a link to the rule text. On...more

Data Security in the Financial Industry: Five Key Developments to Keep An Eye on in 2016

According to a 2015 report on threats to the financial services sector, 41% of financial services organizations polled had experienced a data breach or failed a compliance audit in the previous year, and 57% listed preventing...more

FINRA’s Final Equity Research Rules Go Effective; Final Debt Research Rules’ Effective Date Quickly Approaching

In November 2014, FINRA proposed to adopt NASD Rule 2711 as new FINRA Rule 2241, with several modifications, to address conflicts of interest relating to equity research analysts and research reports (“Rule 2241”). FINRA...more

FINRA Amends Proposed Funding Portal Rules

On January 21st, FINRA filed an amendment to its proposed rule changes relating to the registration, supervision and oversight of crowdfunding funding portals. The Securities and Exchange Commission published a notice and...more

FINRA Arbitrations: Behind Claimant “Win” Statistics

FINRA reported that, for 2015, Claimants won about half of private securities arbitrations: 47% for all-public panel decisions; 45% for majority-public panels. A colleague and securities mediator, Dana Pescosolido, recently...more

FINRA Issues Notice on the Application of the Mark-Up Rule to Exempted Government Securities Transactions

The Financial Industry Regulatory Authority released Regulatory Notice 16-03, which discusses the Securities and Exchange Commission’s approval of amendments to FINRA Rule 0150 (Application of Rules to Exempted Securities...more

Joining the Crowd: SEC Adopts Final Crowdfunding Regulations - Part III - Intermediaries

On October 30, the U.S. Securities and Exchange Commission (“SEC”) adopted final rules in the form of Regulation Crowdfunding to implement the securities-based crowdfunding exemption in Section 4(a)(6) of the Securities Act...more

Pay-to-Play: FINRA Requests SEC Approval of Proposal to Regulate Political Contributions

The Securities and Exchange Commission (“SEC”) recently published for comments rules proposed by the Financial Industry Regulatory Authority, Inc. (“FINRA”) and the Municipal Securities Rulemaking Board (“MSRB”) to regulate...more

Important Dates and Reminders for Investment Advisers, Exempt Reporting Advisers, Commodity Trading Advisors and Commodity Pool...

Investment Advisers - Annual Compliance Reviews: All investment advisers registered with the Securities and Exchange Commission (“SEC”) or The Commonwealth of Massachusetts are required to review their...more

FINRA and the SEC Issue 2016 Examination Priorities Targeting EB-5 Program

Earlier this month, both the Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) and the Financial Industry Regulatory Authority (FINRA) included the EB-5 Immigrant Investor...more

FINRA Members Subject to New Background Screening Rules

Last year, the Financial Industry Regulatory Authority (FINRA), a non-governmental organization that regulates member brokerage firms and exchange markets, approved proposed Rule 3110(e), which enhances the background...more

Second Circuit Refuses To Vacate FINRA Award As A Manifest Disregard Of The Law

Raymond James had initiated a FINRA arbitration because Singh, a financial advisor who was a registered representative of Raymond James, had refused to indemnify Raymond James pursuant to the terms of their agreement....more

SEC Issues Guidance on Mutual Fund Payment of Distribution Fees to Intermediaries

On January 6, the staff of the Securities and Exchange Commission's (SEC's) Division of Investment Management issued Guidance Update 2016-01, "Mutual Fund Distribution And Sub-Accounting Fees" (the "Guidance"). The Guidance...more

"Bulk Transfers of Accounts in Broker-Dealer M&A: Regulatory Developments"

The volume of acquisitions involving broker-dealer firms continues to increase as the industry experiences further consolidation and realignment. In 2015, the Financial Industry Regulatory Authority (FINRA) proposed a rule...more

Structured Thoughts: News for the financial services community, Volume 7, Issue 1

T+2 Settlement and Structured Notes - Introduction - In December 2015, the “T+2 Industry Steering Committee” published its Implementation Playbook. The Playbook is intended to provide, among other things, a...more

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