On Dealbreaker last week, Bess Levin hilariously reported former baseball player Lenny Dykstra’s release from a California prison after his guilty plea and sentencing for three felony counts – bankruptcy fraud, concealment of...more
In This Issue: UK’s FCA Restricts Marketing of Unregulated Collective Investment Schemes and Similar Products to Retail Investors; Electronic Structured Note Systems and U.S. Securities Regulation; and Reminders from...more
On May 23, the SEC approved amendments to FINRA trade reporting Rules 6282, 6380A, 6380B, 6622, 7130, 7230A and 7230B to require member firms to report over-the-counter transactions in equity securities to FINRA as soon as...more
The Bernie Madoff scandal exposed a lot of people and institutions. One of those, obviously, was the SEC, and it has been working hard to live that fiasco down ever since. But one aspect of the current securities enforcement...more
If you think FINRA examiners are going too far with their document requests under the cover of Rule 8210, you should "escalate" your concerns up the regulator's chain of command, a FINRA official said at the organization's...more
The Securities and Exchange Commission has approved a proposed rule change by the Financial Industry Regulatory Authority requiring that transactions and transaction cancellations in over-the-counter (OTC) equity securities...more
President Obama has nominated a pair of Senate aids to be SEC Commissioners. Dr. Michael Piwowar is the Chief Economist for the U.S. Senate Committee on Banking, Housing, and Urban Affairs, a position he has held since 2009. ...more
In this issue: - SEC Approves FINRA Rule Change That Requires Reporting OTC Equity Transactions Within 10 Seconds - NFA Issues Notice to Members Regarding Section 16 Financial Requirements for Cleared Swaps...more
On May 16, Judge Naomi Reice Buchwald of the United States District Court for the Southern District of New York granted a permanent injunction against hedge fund Turnberry Capital Management LP (Turnberry) in its attempt to...more
A recent FINRA disciplinary action sends a strong message to broker-dealers that the development of their compliance systems — particularly with respect to email review and retention — must keep pace with the growth of their...more
On May 22, FINRA announced that it was selected by Direct Edge, the third largest U.S. stock exchange operator, to provide market surveillance services on behalf of Direct Edge’s two licensed stock exchanges....more
In This Issue: CFPB's Escrows Final Rule; Rating Agency Developments; District Court Vacates Dismissal, Remands RMBS Suit Against J.P. Morgan to State Court; SunTrust Avoids FINRA Arbitration Concerning The Sale of RMBS;...more
In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - MISCELLANY - FIRM NEWS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - PRIVACY/DATA SECURITY - PAYMENTS - Excerpt from Consumer...more
The Financial Industry Regulatory Authority, more commonly known as FINRA, has adopted a Code of Arbitration for Customer Disputes (FINRA has a separate code for industry disputes). Under FINRA’s Customer Code, a claim by or...more
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
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
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
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
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
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 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
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
In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - MISCELLANY - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - PRIVACY/DATA SECURITY -...more
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
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
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