News & Analysis as of

Investors Financial Industry Regulatory Authority

Structured Thoughts: News for the financial services community, Volume 8, Issue 6

Canadian Bail-in and TLAC Rules: Impact on Structured Notes Offered in the United States - Introduction - In June 2017, the Canadian government released draft regulations relating to “bail-in instruments” issued by...more

Proposed Rules Aimed at High-Risk Brokers Confirm FINRA Push for Firms to “Do Their Part”

by McGuireWoods LLP on

Financial Industry Regulatory Authority (FINRA) President and CEO Robert Cook spoke earlier this month at Georgetown University’s McDonough School of Business, where he outlined several proposals to further what he called one...more

What Are You Doing About Outside Business Disclosures

by Fox Rothschild LLP on

FINRA is currently reviewing its rules regarding outside business activities and private securities transactions. From time to time, FINRA reviews its rules and application of those rules to see if anything needs to be...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

SEC Approves New Rules Enabling Financial Advisors to Defend Vulnerable Clients from Exploitation

by Stinson Leonard Street on

Financial exploitation of aging and mentally diminished investors by family members and third parties is on the rise. With America's senior population growing rapidly, this problem may only get worse. More than half of all...more

Securities Legislative Update – Elderly Investors 2017

The SEC recently approved FINRA’s proposed rule aimed at preventing fraud and abuse of senior investors. On March 30, FINRA issued Regulatory Notice 17-11, setting the effective date for the new rule as February 5, 2018. The...more

SEC Staff Issues Guidance Update and Investor Bulletin on Robo-Advisers

On February 23, 2017, the Securities and Exchange Commission (“SEC“) published information and guidance for investors and the financial services industry on the use of robo-advisers, described by the Staff as “registered...more

OCIE and FINRA Announce 2017 Examination and Regulatory Priorities

by K&L Gates LLP on

On January 4 and January 12, 2017, 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 Annual Exam Guidance: Cybersecurity, Robo-Advising, and Retirement

by McGuireWoods LLP on

The SEC recently announced its Office of Compliance Inspections and Examinations’ (OCIE) 2017 priorities. Though these listed priorities are not exhaustive and remain flexible in light of market conditions, industry...more

2017 SEC Exam Priorities

by Reed Smith on

The SEC Office of Compliance Inspections and Examinations recently released its 2017 Exam Priorities. This Client Alert summarizes the 2017 Exam Priorities and provides instructions on how to obtain Reed Smith’s new 2017 “CCO...more

Top FINRA Priorities for 2017

by Robins Kaplan LLP on

On January 4, FINRA released its Annual Regulatory and Examination Priorities Letter, which outlines the areas it plans to review over the coming year.  FINRA President and CEO, Robert Cook, says that attention to these core...more

FINRA Issues 2017 Examination Priorities Letter

Introduction - Consistent with prior practice, with the arrival of the new year, FINRA has published its key examination priorities. As in prior years, the letter covers a broad array of topics. This year’s topics...more

My 2017 Crowdfunding Wish List

by Freeborn & Peters LLP on

2016 brought with it many developments in the crowdfunding industry, most notably the introduction of the long-awaited Title III crowdfunding rules. While admittedly not all crowdfunding legislation passed this year was as...more

FINRA Investor Education Foundation Announces Investor Survey Results

On December 13, 2016, the FINRA Investor Education Foundation published Investors in the United States 2016 (the “Report”), which includes the results of its investor survey of 2,000 individuals from across the United States...more

FINRA Fine Addresses Broker Compensation and Conflicts of Interest

A recent enforcement action by FINRA underscores the regulator’s continuing concern regarding how financial advisers are paid to sell investment products. In a case announced on November 28, 2016, a member firm settled...more

PIABA Slams Broker-Check Again

by Burr & Forman on

The Public Investors Arbitration Bar Association (PIABA) renewed its criticism of FINRA’s Broker-Check® system in a report issued in late October. PIABA was especially critical of the system’s: Lack of synchronization...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Soooooo . . . about that whole Brexit thing. A UK High Court has ruled that Britain’s EU withdrawal cannot move forward without the approval of Parliament, setting off more uncertainty and what’s expected to be a series of...more

FINRA and SEC Announce Tick Size Pilot Program

On October 3, 2016, the Financial Industry Regulatory Authority (“FINRA”) and the Securities and Exchange Commission (“SEC”)’s Office of Investor Education and Advocacy issued an Investor Alert announcing a new National...more

Gatekeepers For Preventing Fraud: Educated Investors

by Dorsey & Whitney LLP on

The halting of another offering fraud on Friday by the SEC has, unfortunately, become routine. Offering frauds in which promoters take the hard earned dollars of investors and give them rosy dreams and worthless pieces of...more

FINRA to Assess Member Firms’ Culture

by Carlton Fields on

Speaking at the Brookings Institution this April, FINRA head Richard Ketchum emphasized the importance of a broker-dealer having a "culture" that favors the firm’s customers when their interests conflict with those of the...more

Structured Thoughts: News for the financial services community, Volume 7, Issue 7

Financing Subsidiaries and SEC Registration - As readers of this publication know, in order to address the expected new U.S. regulatory capital requirements, a number of U.S. bank holding companies have been creating new...more

Equity For The Crowd

by Pessin Katz Law, P.A. on

On May 16, 2016 the long awaited Crowdfunding rules became final. In some 680 pages of regulations, not to mention the length of the text of the enabling law, Congress and securities regulators have sought to balance the...more

NASAA Requests Comments on Proposed Policy Allowing Use of Electronic Offering Documents and Electronic Signatures

On May 2, 2016 the North American Securities Administrators Association (NASAA) issued a release requesting public comments on a proposed Statement of Policy (SOP) that would allow issuers and its selling agents to use...more

Fifth Circuit: Diversity Jurisdiction Over FINRA Award Based on Demand

by Burr & Forman on

The Fifth Circuit Bar Association’s summary reports: “Appellants were investors who suffered financial losses as a result of R. Allen Stanford’s Ponzi scheme. In their arbitration complaint, they sought $80 million in...more

FINRA Reports on Robo-Advisors

In response to the emerging growth and use of so-called “robo-advisors,” including coverage in the media, FINRA released a report in March 2016 relating to these digital investment tools. ...more

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