Investment Adviser, Broker-Dealer

Bill Seeks to Strip Securities Regulator of Power to Deny New Branch Offices to Broker-Dealers and Investment Advisers

by R. Michael Underwood | Fowler White Boggs P.A. on 5/1/2013

A hallmark of Florida's notoriously strict regulation of investment professions may soon be no more. Florida is one of only eight jurisdictions in the United States that require securities broker-dealers and investment...more

SEC and CFTC Issue Identity Theft Red Flags Rules Applicable to Financial Institutions and Creditors

by Timothy Blank, Nicholas DiLorenzo, Owen C.J. Foster, Christopher Harvey | Dechert LLP on 4/30/2013

The SEC and CFTC recently issued joint Identity Theft Red Flags Rules (the “Rules”), which are rules and guidelines requiring certain financial institutions worldwide to adopt comprehensive data security programs to detect...more

The SEC and CFTC Adopt Identity Theft Red Flag Rules

by Charley Lozada | Proskauer - Privacy & Data Security on 4/24/2013

The Securities and Exchange Commission (the “SEC”) and Commodity Futures Trading Commission (the “CFTC”) recently adopted rules requiring entities subject to their respective enforcement authorities to adopt and implement...more

"SEC Staff Warns That Advisers May Be Required to Register as Broker-Dealers"

by Lauren Heller, Anastasia T. Rockas | Skadden, Arps, Slate, Meagher & Flom LLP on 4/23/2013

On April 5, 2013, David W. Blass, Chief Counsel of the Securities and Exchange Commission’s Division of Trading and Markets, addressed the American Bar Association’s Trading and Markets Subcommittee.1 Mr. Blass’ remarks...more

SEC Approves Final Investor Privacy Rule

by BuckleySandler LLP on 4/22/2013

On April 10, the SEC voted unanimously to adopt a final rule requiring broker-dealers, mutual funds, investment advisers, and other regulated entities to implement programs designed to detect and prevent identity theft. The...more

Recent SEC Actions Focus on Broker-Dealer Activity of Private Funds, Highlight Perils, and Generate Controversy

by Elliott Curzon, Carl de Brito, Edward Pittman, Kevin Scanlan, David A. Vaughan, Kenneth E. Young | Dechert LLP on 4/22/2013

A recent public statement by a member of the senior staff (“Staff”) of the Securities and Exchange Commission (“SEC”) and recent SEC enforcement actions have reminded private equity and other private fund managers (such as...more

SEC and CFTC Adopt Joint Rules to Help Protect Investors from Identity Theft

by Avi Badash, Ross Pazzol | Katten Muchin Rosenman LLP on 4/16/2013

The Securities and Exchange Commission, jointly with the Commodity Futures Trading Commission, adopted rules and guidelines to require certain entities regulated by the SEC and CFTC, such as broker-dealers, mutual funds and...more

"SEC Recent Developments"

by Lauren Heller, Anastasia T. Rockas | Skadden, Arps, Slate, Meagher & Flom LLP on 4/3/2013

Below is a summary of certain recent guidance from the Securities and Exchange Commission (the “SEC”) that is applicable to investment advisers and broker-dealers, namely: (i) an SEC Risk Alert regarding the Custody Rule...more

SEC Releases National Examination Program Priorities for 2013

by Richard Levin, Marc Powers | BakerHostetler on 4/2/2013

On February 21, 2013, the National Examination Program (NEP), which is administered by the Securities and Exchange Commission's (SEC) Office of Compliance Inspections and Examinations (OCIE), published its examination...more

SEC Exempts Another Crowd Funding Site From Broker-Dealer Rules

by Stephen M. Quinlivan | Leonard, Street and Deinard - Dodd-Frank and... on 4/1/2013

The SEC has granted AngelList relief on accepting transaction based compensation for crowd funding, exempting it from the broker-dealer rules. A couple days ago, the SEC granted relief to thefundersclub.com. Makes you kind...more

Corporate and Financial Weekly Digest - March 22, 2013

by Katten Muchin Rosenman LLP on 3/25/2013

In this issue: - NASDAQ Proposes Internal Audit Function Requirement for Listed Issuers - FINRA’s Frequently Asked Questions on Electronic Blue Sheet Submissions Updated Regarding Order Execution Time -...more

Corporate and Financial Weekly Digest - March 15, 2013

by Katten Muchin Rosenman LLP on 3/18/2013

In this issue: - Mary Jo White, Nominee for Chair of the SEC, Appears Before Senate Banking Committee - SEC Proposes Rules Regarding Technology Systems - FINRA Amends Rules to Address Extraordinary Market...more

2013 Examination Priorities of the U.S. SEC’s Office of Compliance Inspections and Examinations

by James E.B. Bobseine, Jack Murphy, Michael L. Sherman | Dechert LLP on 3/14/2013

The Office of Compliance Inspections and Examinations (“OCIE”) of the Securities Exchange Commission (“SEC”) on February 21, 2013 announced its examination priorities for this year. These highlight market-wide issues such as...more

SEC Settles Cases Alleging Compliance Failures at Private Equity Firms

by Ropes & Gray LLP on 3/14/2013

On March 11, the SEC announced two matters of significant importance to the private equity industry and to private fund sponsors generally. Together, these cases demonstrate the SEC’s continued focus on the private equity...more

SEC Seeks Information to Assess Standards of Conduct and Other Obligations of Broker-Dealers and Investment Advisers

by Janet M. Angstadt, Avi Badash | Katten Muchin Rosenman LLP on 3/13/2013

The Securities and Exchange Commission issued a request for data and other information that the SEC will review while considering alternative standards of conduct for broker-dealers and investment advisers when they provide...more

SEC Charges Private Equity Fund Advisers With Misleading Investors About Valuation And Performance

by Stephen M. Quinlivan | Leonard, Street and Deinard - Dodd-Frank and... on 3/12/2013

The SEC has charged two investment advisers at Oppenheimer & Co. with misleading investors about the valuation policies and performance of a private equity fund they manage. The SEC recently hinted at potential increased...more

SEC Office of Compliance Inspections and Examinations Issues 2013 Exam Priorities

by Terrence Davis | Baker, Donelson, Bearman, Caldwell &... on 3/12/2013

On February 23, 2013, through the National Exam Program (NEP), the staff of the Office of Compliance Inspections and Examinations (OCIE) of the Securities and Exchange Commission (SEC) published the program's examination...more

Corporate and Financial Weekly Digest - March 8, 2013

by Katten Muchin Rosenman LLP on 3/11/2013

In this issue: - SEC Seeks Information to Assess Standards of Conduct and Other Obligations of Broker-Dealers and Investment Advisers - Frequently Asked Questions About Legal Entity Identifiers - CFTC...more

Financial Services Bulletin: Action At The SEC

by Perkins Coie on 3/8/2013

On Friday, March 1, 2013, the Securities and Exchange Commission (the "SEC") issued a release requesting data and other information, in particular quantitative data and economic analysis, relating to the benefits and costs...more

One Step Closer to a Fiduciary Duty for Broker-Dealers?

by Jay G. Baris, Hillel Cohn, Kelley A. Howes | Morrison & Foerster LLP on 3/7/2013

More than two years after an SEC Staff study recommended adoption of a uniform fiduciary standard for broker-dealers and investment advisers, the SEC has taken its first significant step towards possible implementation of the...more

SEC Announces 2013 Examination Priorities

by Holland & Knight LLP on 3/7/2013

On February 21, 2013, the National Examination Program in the SEC's Office of Compliance Inspections and Examinations released its examination priorities for 2013 for investors and registrants. The priorities focus on areas...more

SEC Releases 2013 Examination Priorities

by Meredith Haviland, Diana W. Lo, Robert Sawyer | Foley Hoag LLP on 3/1/2013

On February 21, 2013, the US Securities and Exchange Commission (the “SEC”) released its examination priorities for 2013. The priorities were published by National Examination Program (“NEP”), a program administered through...more

SEC Announces 2013 Examination Priorities for the Investment Management Industry

by Ropes & Gray LLP on 3/1/2013

The SEC’s Office of Compliance Inspections and Examinations (“OCIE”) has published its list and discussion of examination priorities for the investment management industry in 2013, which includes both market-wide initiatives...more

Bernstein Shur Business and Commercial Litigation Newsletter #25

by Paul McDonald, Daniel J. Murphy | Bernstein Shur on 2/28/2013

We are pleased to present the 25th edition of the Bernstein Shur Business and Commercial Litigation Newsletter. This month, we highlight financial services industry news and developments, including continued support for...more

OCIE to Target Adviser Payments for Fund Distribution, Funds with “Alternative” Strategies and New Advisers

by Jay G. Baris, Kelley A. Howes | Morrison & Foerster LLP on 2/25/2013

In an attempt to “increase transparency, strengthen compliance, and inform the public and the financial services industry about key risks,” the SEC’s Office of Compliance Inspections and Examinations (OCIE) published its 2013...more

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Investment Adviser › Broker-Dealer