Investor Protection

News & Analysis as of

A Compilation of Enforcement and Non-Enforcement Actions

Non-Enforcement - FINRA’s Proposed Pay-to-Play Rule Will Impact Investment Advisers - Late last year (December 24, 2015), the Financial Industry Regulatory Authority (FINRA) submitted a proposed rule to the U.S....more

"New German Delisting Rules Aim to Protect Investors"

On October 1, 2015, the German Parliament amended the German Stock Exchange Act to provide more protection to investors in delistings, remediating the perceived lack of protection that the German Supreme Court created through...more

OCIE Publishes Exam Priorities for 2016

The National Exam Program of the SEC’s Office of Compliance Inspections and Examinations (OCIE) published its examination priorities for 2016 this week. Much like last year’s letter, this year’s letter is organized around...more

OCIE and FINRA Announce 2016 Examination Priorities

On January 6 and January 11, 2016, respectively, the Financial Industry Regulatory Authority (“FINRA”) and the Securities and Exchange Commission’s (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”) each...more

SEC Provides Guidance on 2016 Examination Areas of Focus

On Monday, January 11, 2016, the Securities and Exchange Commission (SEC) announced its Office of Compliance Inspections and Examinations’ (OCIE) areas of focus for 2016, which include: - protecting retail investors and...more

SEC’s 2016 Examination Priorities Focus on Retail Investors, Market Wide Risk and Use of Data Analytics

The recently issued Examination Priorities for 2016 reveals that the SEC’s priorities are organized around the same three thematic areas as last year: (i) retail investors, including retirement investments; (ii) market-wide...more

New Crowdfunding Rules for Issuers: Opportunities or Landmines? - Part III

This is the third post in our three-part blog post exploring Regulation Crowdfunding and its provisions before the final rules become effective on May 16, 2016. Practical Takeaways from Regulation Crowdfunding...more

SEC Exam Priorities for 2016

The SEC’s Office of Compliance Inspections and Examinations or OCIE announced its examination priorities for 2016. Those priorities generally “reflect certain practices and products that OCIE perceives to present potentially...more

FINRA Letter Announces Cybersecurity as 2016 Exam Priority

The Financial Industry Regulatory Authority (“FINRA”) released its annual Regulatory and Examination Priorities Letter on January 5, listing cybersecurity as a 2016 examination priority. This letter broadly identifies new and...more

FINRA’s Securities Helpline for Seniors™ Provides Guidance to Broker-Dealers

In April 2015, the Financial Industry Regulatory Authority (“FINRA”) launched its Securities Helpline for Seniors™ (the “Helpline”). The Helpline seeks to enhance investor protection by serving as a resource to seniors making...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

BaFin Issues Announcement on Fair Treatment of Investors - BaFin issued an announcement on the fair treatment of investors with regard to information on portfolio data on 13 November 2015. According to the German...more

NYSE Arca Proposes to Flag ETP Trades that Deviate Significantly from Prevailing Market Prices

NYSE Arca’s proposal would use a two-part test to identify aberrant prices in trades of exchange-traded products and then warn the market of such trades in an effort to deter further pricing dislocations....more

Nasdaq Considering Changes to Its Shareholder Approval Rules

Broc Romanek of TheCorporateCounel.net noted in this blog that “Recently, Nasdaq solicited comment on its shareholder approval rules. It’s a broad – and general – request since the rules haven’t changed much in the 25 years...more

Investment Management Legal + Regulatory Update - November 2015

Regulation - OCIE Cautions Advisers on Outsourcing Compliance Activities: In a Risk Alert dated November 9, 2015, the SEC’s Office of Compliance Inspections and Examinations (OCIE) said it found that outsourced...more

SEC Crowdfunding Rule Summary

The SEC substantially adopts prior proposed rules. On October 30, pursuant to Title III of the Jumpstart Our Business Startups Act, which was passed in 2012, the US Securities and Exchange Commission (SEC) finally...more

SEC Proposes Rule Changes to Pave the Way for Intrastate and Regional Offerings

At the same time the Securities and Exchange Commission (the “SEC”) adopted rules implementing Regulation Crowdfunding pursuant to Title III of the Jumpstart Our Business Startups Act (the “JOBS Act”), the agency proposed...more

SEC (Finally) Adopts New Equity Crowdfunding Rules, Promoting Increased Access to Capital and Democratization of Investment...

Late last week, the SEC adopted its final rules for equity crowdfunding under Title III of the JOBS Act. These rules, when implemented, have the promise of reducing the cost and increasing the availability of sorely needed...more

Following the Wisdom of the Crowd? A Look at the SEC’s Final Crowdfunding Rules

In this alert, we provide a detailed overview of the final rules, Regulation Crowdfunding, which will be applicable to crowdfunding offerings conducted in reliance on Section 4(a)(6) of the Securities Act of 1933 as amended...more

A Compilation of Enforcement and Non-Enforcement Actions

Non-Enforcement - SEC Decides Against Mounting an Appeal in Koch Ruling - The July 2015 ruling by the D.C. Circuit Court in Koch v. SEC will apparently not be challenged by the SEC. The Court ruled in that...more

“Building a Dynamic Framework for Offering Reform”

At today’s PLI Securities Regulation Institute conference, SEC Chair White delivered the keynote address. In her speech, Chair White addressed a broad range of topics. She noted the successes of securities offering reform as...more

U.S. Chamber of Commerce Joins Chorus Pushing For Overhaul in SEC Enforcement Practices

A recent report by the Center for Capital Markets Competitiveness at the U.S. Chamber of Commerce (Chamber Report) regarding the enforcement program of the Securities and Exchange Commission (SEC or Commission) identified...more

ESMA publishes 2016 work programme

ESMA has published its 2016 Work Programme. ESMA’s priorities are, as promised, moving from rulemaking towards implementation and promoting the convergence of supervisory practices. The key priorities focus on...more

European Commission Publishes Action Plan on Building Capital Markets Union

The CMU is intended to strengthen access to public markets in the European Union, particularly for small- and medium-sized enterprises (SMEs). On 30 September, the European Commission (EC) published its action plan...more

Energy Newsletter - October 2015

FERC Shares Best Practices for Stakeholder Outreach in Gas Project Permitting - The dramatic increase in domestic energy production over the past several years has resulted in the involvement of the Federal Energy...more

Commission consults on EuVECA and EuSEF review

The Commission has launched a public consultation on the review of the EuVECA and EuSEF regime in an effort to increase the take-up of these funds since only a few have launched since the regime was introduced in 2013....more

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