News & Analysis as of

Financial Industry Regulatory Authority

OCIE Publishes Risk Alert In Response to WannaCry Ransomware

by Dechert LLP on

The Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission (SEC) issued a National Exam Program Risk Alert (Risk Alert) on May 17, 2017 in response to “WannaCry,” the ongoing...more

Will The Fiduciary Rule Live on Even if it is Repealed?

by Burr & Forman on

The Department of Labor fiduciary rule was supposed to be implemented on April 10, 2017. That date was pushed back to June 9 so that it could be reassessed, and possibly modified or even repealed. The rule as it stands...more

General Solicitations of Certain Regulation D “Private” Securities Offerings: SEC Affirms Zero-Tolerance Policy.

On March 29, 2017, the Securities and Exchange Commission (the “SEC”) issued a noteworthy opinion in In re KCD Financial Inc., a review of a FINRA disciplinary action. While the opinion affirmed FINRA’s disciplinary action,...more

A “Bad Apples” Database for Banks? Not So Fast.

by Davis Wright Tremaine LLP on

Should banks, while guarding against rolling episodes of misconduct by bankers, have the ability to blackball employees from the banking industry? A “bad apples” database of bank employees who have acted improperly in prior...more

FINRA T+2 Rules Are Approved

In May 2017, in Regulatory Notice 17-19, FINRA announced the SEC approval of a variety of its proposed rule amendments relating to the upcoming move of the U.S. securities markets to the T+2 settlement cycle....more

FINRA Retrospective Rule Review: Outside Business Activities and Private Securities Transactions

The Financial Industry Regulatory Authority (“FINRA”) is conducting a retrospective review of the rules that govern outside business activities and private securities transactions to assess their effectiveness and efficiency....more

Update On FINRA Regulatory and Examination Priorities

by Bass, Berry & Sims PLC on

In January, FINRA published its 2017 Regulatory and Examination Priorities Letter. As in years past, FINRA noted its ongoing focus on social media and electronic communications retention and supervision and firm's hiring and...more

Chris Lazarini Provides Insight on Waiving Contractual Right to Arbitration

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini provided insight on factors a court should consider when determining whether a party has waived a contractual right to arbitration. The factors, which are tied to potential prejudice...more

Senior Investors Are the Focus of New “Principal Consideration” in FINRA Sanctions

On April 10, 2017, the Financial Industry Regulatory Authority’s (FINRA) National Adjudicatory Council (NAC) introduced new Sanction Guidelines (Guidelines) which allow the NAC and FINRA staff to take into consideration the...more

FINRA Announces Proposed Amendments to Modernize Corporate Financing Rule

The Financial Industry Regulatory Authority, Inc. (FINRA) has proposed the first major overhaul since 2004 of its rule regulating public offerings, titled “Regulatory Notice 17-15”....more

Social Media Update: FINRA Releases Additional Guidance on Social Networking Websites and Business Communications

by K&L Gates LLP on

On April 25, 2017, the Financial Industry Regulatory Authority, Inc. (“FINRA”) released a Regulatory Notice titled Social Media and Digital Communications: Guidance on Social Networking Websites and Business Communications...more

General Solicitations of Certain Regulation D “Private” Securities Offerings:  SEC Affirms Zero-Tolerance Policy.

On March 29, 2017, the Securities and Exchange Commission (the “SEC”) issued a noteworthy opinion in In re KCD Financial Inc., a review of a FINRA disciplinary action. While the opinion affirmed FINRA’s disciplinary action,...more

Derivatives In Review - May 2017

CME and LCH Amend Rulebooks on Variation Margin - Market participants historically have characterized cleared derivatives as being "collateralized-to-market", treating variation margin transfers as daily collateral...more

FINRA Proposes Limited Safe Harbor for Desk Commentaries From Certain Requirements of FINRA Equity and Debt Research Rules

by Shearman & Sterling LLP on

FINRA recently published a proposal to establish a limited safe harbor for desk commentaries from certain requirements of FINRA’s equity and debt research rules. The comment period for the same expires on May 30,...more

So You Want To Change Firms

by Fox Rothschild LLP on

One certainty in the brokerage world is that registered representatives often switch from one member firm to another. There is nothing wrong with the switch, but there is a word of caution to be shared....more

Fraud-Free Sunsets: How Financial Professionals Can Deter Financial Elder Abuse in Florida and Reduce Their Own Liability Exposure

by Carlton Fields on

Investment advisers, securities brokers, and other financial professionals who work directly with clients who are age 60 and older have two reasons to learn more about Florida’s financial elder abuse laws....more

FINRA Publishes New Guidance on Social Networking Websites and the Application of Rule 2210

by Morrison & Foerster LLP on

In Regulatory Notice 17-18, the Financial Industry Regulatory Authority, Inc. (“FINRA”) provided additional guidance, in the form of 12 FAQs, on its earlier regulatory notices relating to the use of social media and the...more

With Proposed Amendments to Rule 5110, FINRA Looks to Modernize Corporate Finance Regulation

by Latham & Watkins LLP on

The proposal represents a major step in what promises to be a full-scale overhaul of FINRA’s Capital Formation Rules - On April 12, 2017, the Financial Industry Regulatory Authority, Inc. (FINRA) published Regulatory...more

Structured Thoughts: News for the financial services community, Volume 8, Issue 4

FINRA’s Proposed Amendments to the Corporate Financing Rules – Impact on Structured Notes - In April 2017, FINRA released a set of significant proposed amendments to its Rule 5110, known as the “Corporate Financing Rule.” ...more

FINRA Proposes Desk Commentary Safe Harbor

by Latham & Watkins LLP on

The safe harbor would offer relief from certain requirements of FINRA’s research rules, but significant compliance obligations and questions remain. On April 12, 2017, the Financial Industry Regulatory Authority, Inc....more

Financial Services Weekly News - April 2017 #4

by Goodwin on

Editor's Note - State Regulators Sue OCC Over Federal FinTech Charter. On April 26, the Conference of State Bank Supervisors (CSBS) sued the Office of the Comptroller of the Currency (OCC) in the U.S. District Court for...more

FINRA Proposes Broad Range of Amendments to Corporate Financing Rule

by Shearman & Sterling LLP on

On April 12, 2017, the US Financial Industry Regulatory Authority, Inc. (“FINRA”) published proposed amendments to FINRA Rule 5110, which regulates the terms and arrangements of securities underwriting conducted by FINRA...more

FINRA Announces Updates to Private Placement Filer Form

On April 21, 2017, FINRA announced updates to the Private Placement Filer Form (“Filer Form”) that FINRA members complete when submitting private placement filings under FINRA Rules 5122 (Private Placements of Securities...more

Financial Regulators Take Note: The Supreme Court’s Newest Member is a Tough Taskmaster

On April 10, 2017, Neil Gorsuch was sworn in as the Supreme Court’s 113th justice. While his experience on the Tenth Circuit Court of Appeals with cases involving financial regulation may be limited, certain of his decisions...more

FINRA Updates Its Sanction Guidelines

Earlier this month, FINRA announced changes to its Sanction Guidelines through Notice to Members 17-13. FINRA’s Sanction Guidelines are used by FINRA disciplinary hearing panels to decide what, if any, sanctions to impose in...more

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