FINRA

FINRA Issues Interpretive Guidance on Use of Back Tested Index Data by ETPs

by Peter J. Shea | Katten Muchin Rosenman LLP on 5/21/2013

On April 22, the Financial Industry Regulatory Authority, Inc. issued to ALPS Distributors, Inc. interpretive guidance with respect to FINRA Rule 2210(d) and the use of hypothetical back tested index performance information,...more

FINRA Fines Three Broker-Dealers Over AML Compliance Failures, Suspends Executives

by BuckleySandler LLP on 5/20/2013

On May 8, FINRA announced that it fined three firms a combined $900,000 and suspended four executives for allegedly failing to establish and implement adequate anti-money laundering programs. ...more

Corporate and Financial Weekly Digest - May 17, 2013

by Katten Muchin Rosenman LLP on 5/20/2013

In this issue: - CFTC Adopts Final Rules for Execution Facilities and Other Matters - FINRA Issues Interpretive Guidance on Use of Back Tested Index Data by ETPs - Mississippi District Court Defers to New...more

FINRA Focuses on Anti-Money Laundering Procedures and Red Flags

by Kiersten Fletcher, Daniel A. Nathan | Morrison & Foerster LLP on 5/17/2013

Last week, the Financial Industry Regulatory Authority (FINRA) publicized penalties against three companies – as well as four associated individuals – that it found had failed to establish and implement adequate procedures...more

Structured Thoughts -- Volume 4, Issue 8 -- May 15, 2013

by Bradley Berman, Lloyd S. Harmetz, Charles M. Horn | Morrison Foerster - Structured Products on 5/16/2013

In This Issue: Due Diligence Procedures for Structured Note Distributors; Key Issues for Yankee CDs; The SEC and FINRA: Protect Your Elders; The FSOC’s 2013 Annual Report: Increasing Exchange-Traded Product Activity;...more

FINRA Provides Guidance on Communications with the Public Concerning Unlisted Real Estate Investment Programs

by Janet M. Angstadt, Avi Badash | Katten Muchin Rosenman LLP on 5/15/2013

The Financial Industry Regulatory Authority (FINRA) has issued Regulatory Notice 13-18 (Regulatory Notice) to provide guidance to member firms on communications with the public concerning real estate investment programs that...more

FINRA Identifies Concerns with Marketing of Real Estate Investment Products

by Thomas M. Devaney, Kelley A. Howes, Daniel A. Nathan | Morrison & Foerster LLP on 5/13/2013

FINRA recently signaled a continuing focus on the marketing of real estate-related products by issuing a Regulatory Notice expressing concerns about communications involving unlisted, or non-traded, real estate investment...more

Corporate and Financial Weekly Digest - May 10, 2013

by Katten Muchin Rosenman LLP on 5/13/2013

In this issue: - SEC Roundtable Discusses Current Securities Law Topics at 33rd Annual Ray Garrett Jr. Corporate and Securities Law Institute - SEC Reopening Comment Periods for Certain Rulemaking Releases and...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - May 10, 2013

by BuckleySandler LLP on 5/13/2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - MISCELLANY - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - PRIVACY/DATA SECURITY -...more

The SEC Does Not Care about Your FINRA Document Request

by David Smyth | Brooks Pierce on 5/9/2013

If you are a broker-dealer or a registered representative at one, you sign on for some meddling by FINRA. The self-regulatory organization is responsible for overseeing your securities business and even for your outside...more

Protecting Privacy or Enabling Fraud? Employee Social Media Password Protection Laws May Clash with FINRA Rules

by Jessica Goldenberg | Proskauer - Privacy & Data Security on 5/9/2013

As a growing number of states pass legislation which will protect individuals’ social media accounts from employer scrutiny, they have encountered a surprising adversary – FINRA and other securities regulators....more

Structured Thoughts -- Volume 4, Issue 6 -- April 26, 2013

by Bradley Berman, Lloyd S. Harmetz, Anna T. Pinedo | Morrison Foerster - Structured Products on 4/30/2013

In This Issue: FINRA Issues Guidance on Backtested Performance Data; FINRA’s Ketchum Discusses Structured Products; and Update Regarding TRACE and Rule 144A Securities. Excerpt from FINRA Issues Guidance on...more

FINRA Submits Rulemaking Items to the SEC for Comment and Approval

by Paul S. Lawler | Holland & Knight LLP on 4/30/2013

At its April 2013 board meeting, the Financial Industry Regulatory Authority (FINRA) Board of Governors approved several proposed rule changes that will be submitted to the SEC for review and approval. The proposed rulemaking...more

FINRA Formalizes Position on Pre-Inception Index Performance Data

by Richard F. Morris, John O'Brien | Morgan Lewis on 4/26/2013

Interpretive letter outlines the conditions for the use of exchange-traded product marketing materials containing pre-inception index performance, including disclosure requirements, performance presentation standards, and a...more

FINRA and ISG Extend Effective Date for Certain Electronic Blue Sheet Data Elements

by Ross Pazzol, Tanja Samardzija | Katten Muchin Rosenman LLP on 4/24/2013

The Securities and Exchange Commission recently extended the compliance date for the broker-dealer recordkeeping, reporting and monitoring requirements of the Large Trader Reporting Rule from May 1, 2013 to November 1,...more

Corporate and Financial Weekly Digest - April 19, 2013

by Katten Muchin Rosenman LLP on 4/22/2013

In this issue: - FINRA and ISG Extend Effective Date for Certain Electronic Blue Sheet Data Elements - NFA Amends FCM Capital Requirements for Forex Transactions with ECPs - Delaware Supreme Court Upholds...more

Broker-Dealer Due Diligence And FINRA Exam Priorities

by David Jenson | Leonard, Street and Deinard - Dodd-Frank and... on 4/16/2013

FINRA Chairman and CEO Richard G. Ketchum gave a speech on April 9, 2013 as part of the National Compliance Outreach Program for Broker-Dealers....more

Structured Thoughts -- Volume 4, Issue 5 -- April 12, 2013

by Peter J. Green, Lloyd S. Harmetz, Jeremy C. Jennings-Mares, Lewis Gavin Lee, Anna T. Pinedo | Morrison Foerster - Structured Products on 4/15/2013

In This Issue: FINRA’s 2013 Communication Rules and Revisions to MSDAs; Regulation R and Bank Sales of Structured Products; FCA Temporary Product; and Intervention Rules: Nipping It in the Bud. Excerpt from...more

New York Court Rules that Professional Services Exclusion Bars Coverage for Underlying Actions Brought By FINRA and Private...

by Eryk Gettell | Sedgwick LLP on 4/12/2013

In David Lerner Associates, Inc. v. Philadelphia Indemnity Insurance Company, 2013 WL 1277882 (E.D.N.Y. Mar. 29, 2013), the United States District Court for the Eastern District of New York affirmed the plain meaning of the...more

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