News & Analysis as of

Financial Industry Regulatory Authority

FINRA Solicits Comments on Rules Impacting Capital Formation and Proposed Changes to the Corporate Financing Rule

In what seems to be a bow to the Trump Administration, FINRA has issued Regulatory Notice 17-14 which broadly seeks comments on FINRA rules that impact capital formation. ...more

A Review of Recent Whistleblower Developments

by Foley & Lardner LLP on

Whistleblower Developments is a periodic report covering significant cases, decisions, proposals, and legislation related to whistleblower statutes and how they may impact your business. ...more

FINRA Proposes Limited Relief for Desk Commentary

by Morgan Lewis on

Is the proposed safe harbor for desk commentary a lifeline for sales and trading communications, or a death knell? ...more

Clarifying and Simplifying the Corporate Financing Rule: FINRA Seeks Comment on Proposed Amendments to Rule 5110

by Locke Lord LLP on

On April 12, 2017, the Financial Regulatory Industry Authority (“FINRA”) released a regulatory notice requesting comments on proposed amendments to FINRA Rule 5110 (commonly referred to as the Corporate Financing Rule, the...more

FINRA Revises Its Sanction Guidelines

In April 2017, FINRA announced that it had revised its sanction guidelines for violations of its rules. The new revisions, among other things...more

Financial Services Weekly News - April 2017 #3

by Goodwin on

Editor's Note - Cross River Bank Takes on Colorado in True Lender Action. This past January, the Administrator of Colorado’s Uniform Consumer Credit Code filed a court action against Marlette Funding LLC (Marlette),...more

SEC Approves New Rules Enabling Financial Advisors to Defend Vulnerable Clients from Exploitation

by Stinson Leonard Street on

Financial exploitation of aging and mentally diminished investors by family members and third parties is on the rise. With America's senior population growing rapidly, this problem may only get worse. More than half of all...more

Expect Focus - Life Insurance: Risky Business, Volume I, March 2017

by Carlton Fields on

Regulators Demand Third-Party Risk Management - While third-party risk management has been a required component of an effective enterprise risk management program for many years, the topic is receiving elevated...more

FINRA Office of Dispute Resolution Party Portal Now Required

by Rumberger Kirk & Caldwell on

Amendments to the Financial Industry Regulatory Authority, Inc.'s ("FINRA's") Customer and Industry Codes of Arbitration Procedure require that all parties (except for pro se customers) to FINRA arbitrations must use the...more

A Trio of FINRA Notices Focused on Capital Formation Issues

by Morrison & Foerster LLP on

On April 12, 2017, FINRA released three regulatory notices for comment that propose amendments to various FINRA rules affecting capital formation. In connection with its release of the notices, FINRA President and CEO Robert...more

Structured Thoughts: News for the financial services community, Volume 8, Issue 3

SEC Rolls Out “POSITIER” - The SEC’s Office of the Investor Advocate used a recent March 9, 2017 open meeting and related “Evidence Summit” to announce its new investor research initiative, “POSITIER.”1 This new acronym...more

Regulatory Update and Recent SEC Enforcement Actions

by Blank Rome LLP on

REGULATORY UPDATE - Ten Investment Advisory Firms Subject to Steep Penalties after Violating Pay-to-Play Rules - In January 2017, 10 investment advisory firms agreed to settle with the U.S. Securities and Exchange...more

FINRA Proposes Changes to Rules Affecting Offerings

On April 12, 2017, FINRA issued three Regulatory Notices requesting comments on proposed changes to various rules relating to financing transactions. Regulatory Notice 17-14 requests comment on all of FINRA’s existing...more

Securities Legislative Update – Elderly Investors 2017

The SEC recently approved FINRA’s proposed rule aimed at preventing fraud and abuse of senior investors. On March 30, FINRA issued Regulatory Notice 17-11, setting the effective date for the new rule as February 5, 2018. The...more

FINRA Fines Firms for WORM Problems

by Carlton Fields on

Broker-dealers, including principal underwriters of insurance products, may retain required records in electronic format, subject to satisfaction of longstanding conditions. One such condition is that the records must be...more

FINRA Is Sanctioning What

by Fox Rothschild LLP on

In Notice to Members 17-13, FINRA announced changes to its sanction guidelines. In other words, FINRA has listed its new top hits that it is pursuing. Two items bear particular attention....more

US Financial Industry Regulatory Authority Seeks Comments Regarding its Programs

by Shearman & Sterling LLP on

FINRA issued a notice seeking comment from interested parties regarding its current engagement programs. The notice provides an overview of the engagement programs, with particular focus on FINRA’s committees, rulemaking...more

SEC Approves FINRA Efforts to Protect Seniors and Other Vulnerable Persons

by Carlton Fields on

The SEC recently approved an amendment to FINRA Rule 4512 that requires FINRA members to make reasonable efforts to obtain, from each customer for whom they maintain an account, specified information about a “trusted contact...more

SEC Approves FINRA’s Rules to Protect Seniors from Financial Exploitation

On March 30, 2017, the SEC approved the adoption of new FINRA Rule 2165 (Financial Exploitation of Specified Adults). Among other things, Rule 2165 permits brokers to place holds on disbursements of funds or securities from...more

SEC Government-Business Forum Report

The final report from the forum held in November 2016 was recently published. The recommendations of the forum often provide the Securities and Exchange Commission with insights regarding measures that could promote capital...more

Bridging the Week - April 2017 #2

SEC Chairman Nominee Advances: Jay Clayton took another step to becoming chairman of the Securities and Exchange Commission when the US Senate Committee on Banking, Housing and Urban Affairs approved his nomination for the...more

Business Litigation Report - March 2017

Culture: Meeting Regulatory Expectations - Recent scandals in the corporate and financial spheres have served to highlight the importance of a strong and well-embedded institutional culture. It is difficult to pinpoint...more

FINRA Proposes New Registration and Examination Rules

by Latham & Watkins LLP on

The proposed consolidated rules bifurcate the representative-level examination program and introduce greater flexibility in obtaining and maintaining registrations. On March 8, 2017, the Financial Industry Regulatory...more

Corporate E-Note - March 2017

by Burr & Forman on

Burr & Forman recently defended the contract manufacturer XYMOGEN, Inc. in a federal jury trial involving a $16,000,000 lost profits claim by a disgruntled former customer. Please see full E-Note below for more...more

FINRA Seeks Comments on its Engagement Programs

by Dechert LLP on

The Financial Industry Regulatory Authority (FINRA), on March 21, 2017, published a Special Notice soliciting comments on various existing FINRA engagement programs (Notice). This request for comment is one component of...more

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