Payment for Order Flow (PFOF) and Gamification: Your Questions Answered
Summer Enforcement Action Review; Raising Money in a Pandemic - Investment Management Roundtable Discussion
Investment Management and Private Funds Roundtable – June 2020
Videocast: Asset management regulation in 2020 videocast series – FinTech initiatives
Videocast: Asset management regulation in 2020 videocast series – Fiduciary investment advice: The patchwork emerges
Videocast: Asset management regulation in 2020 videocast series – SEC enforcement
Videocast: Asset management regulation in 2020 videocast series – Complying with new SEC rules for broker-dealers
Investment Management Roundtable Discussion – Regulatory and Enforcement Update
Regulation Best Interest Videocast Series: Establishing An Investment Platform Post-Regulation BI
Investment Management Update - Focus on Data Privacy and Cybersecurity
On February 6, 2024, the Financial Industry Regulatory Authority (FINRA) published Regulatory Notice 24-03, which announced certain amendments to the Codes of Arbitration Procedure (the Codes). Among those were changes to the...more
Originally published in American Bar Association. FINRA Dispute Resolution Services continues to update its rules and procedures to further its effort to operate the country’s largest securities dispute resolution forum in...more
In an action filed in 2022 involving allegations of breach of fiduciary duty, negligence and fraud related to certain unspecified securities, an arbitrator granted the respondent broker-dealer’s motion to dismiss pursuant to...more
Just prior to the New Year, the Financial Industry Regulatory Authority, Inc. (FINRA) filed with the Securities and Exchange Commission (SEC) a 96-page proposed rule modification to make certain clarifying and technical...more
Not too long ago, I wrote a piece complaining about (among other things) the fact that the potential arbitrators that FINRA rolled out to the parties in a particular arbitration I was handling skewed juuuuuuust a bit towards...more
FINRA recently published a “Discussion Paper” on expungement of customer dispute information in which it outlines its plans going forward on revising the expungement process. Expungement_Discussion_Paper.pdf (finra.org) (Let...more
Today FINRA announced in a press release here that it has withdrawn from SEC consideration its proposed rule changes regarding the expungement process. The proposed rule changes were dramatic and included the creation of a...more
So I spent last week – the whole week – doing an arbitration with JAMS. It involved some of the typical elements of a FINRA claim, e.g., allegations of the sale of an unregistered security, of an “investment” gone bad, of...more
In Fava v. Morgan Stanley Smith Barney, Inc., Justice Barry R. Ostrager of the New York County Commercial Division denied Petitioner Frank Fava’s (“Fava”) motion to vacate an arbitration award issued by the Financial Industry...more
The second dramatic change to the expungement process under the proposed rules relates to who will be deciding the expungement request. Thankfully, FINRA will still have arbitrators decide expungement requests, not the...more
Thomas Sanduski petitioned to vacate a Financial Industry Regulatory Authority arbitration award of $418,518 to Charles Schwab, claiming that one of the arbitrators was partial to Charles Schwab and that the panel was guilty...more
I think that most lawyers who handle arbitrations, no matter what side of the table they occupy, would agree that one of the most important components of the case – perhaps the most important – is the selection of the...more
This case arises out of plaintiff John B. Napoleone’s failure to repay a sign-on bonus of $100,000 to his former employer, defendant S2K Financial LLC, under the terms of his employment agreement. S2K commenced an arbitration...more
As I have mentioned before, several times, PIABA is deathly concerned with the fact that sometimes customers who prevail in arbitrations are unable to collect their awards, which typically happens when the respondent firm...more
Here is how PIABA’s one-track mind operates: in a Report it just issued, PIABA laments the frequency with which registered reps are able to get customer complaints expunged from their records. The sole reason for this, PIABA...more
UBS Financial Services’ motion to vacate a FINRA arbitration award was denied, despite its claims that the panel was improperly chosen and that the panels damages award was flawed in that it did not impose an offset. UBS...more
In 2008, Move, Inc., initiated a FINRA arbitration against Citigroup Global Markets, alleging that Citigroup improperly invested over $131 million of Move's assets in illiquid and unsuitable auction rate securities. The...more
Every time that I start a FINRA arbitration, I find myself having the same internal debate; did we pick the right person to serve as the arbitration chair. Unfortunately, you will not know the answer to that question until...more
Following are two interesting and recent federal court rulings related to arbitration. Award of Attorney’s Fees Associated with Motion to Confirm Reversed on Appeal - Zurich American Insurance (as subrogee of Vinmar...more
The FINRA Dispute Resolution Task Force issued its final report last week, making certain recommendations designed to improve the arbitration process. More notably, however, the Task Force reported that it was unable to reach...more
On February 26, 2015, the Securities Exchange Commission (“SEC”) approved proposed Financial Industry Regulatory Authority (“FINRA”) rules that will substantially reduce the number of public arbitrators on the roster for...more
Editor’s Note: Bank Regulators Again Looking at Incentive Compensation and Excessive Risks. Federal Reserve Board Governor Daniel Tarullo and New York Federal Reserve President William Dudley spoke on October 20 at a...more
On June 30, 2014, the Financial Industry Regulatory Authority (“FINRA”) sent its proposed rules to limit the definition of “public arbitrators” to those without any experience in the securities industry. Previously, an...more
The Financial Industry Regulatory Authority (FINRA) is submitting rule amendments for SEC approval that would generally make individuals with any past ties to the financial industry ineligible to be considered "public" FINRA...more