Despite the enactment of the National Securities Market Improvement Act (“NSMIA”) in 1996, which aimed to create more uniform regulation of securities at the federal level, recent developments in Missouri suggest this...more
Earlier this year, the SEC, NASAA, and FINRA issued an Investor Alert cautioning investors about the rise of investment fraud involving artificial intelligence (AI) and other emerging technologies. The overarching concern:...more
Back in December 2022, we published a blog informing readers that guidance on franchise sales brokers and agents may be on the horizon. The North American Securities Administrators Association’s (“NASAA”) Franchise and...more
On March 18, 2024, the SEC announced—in videos posted on YouTube and Twitter—regulatory actions against two investment advisers for “AI washing,” a practice defined by the SEC as “making false artificial intelligence-related...more
On February 7, 2024, the U.S. Securities and Exchange Commission (“SEC”) announced charges and a related cease-and-desist order (the “Order”) against TradeStation Crypto, Inc. (“TradeStation”) for failing to register the...more
Like an accordionist, real estate sponsors often seek to be innovative. Cutting-edge opportunities like crowdfunding and online selling platforms call to them. However, based on statistics from the Securities and Exchange...more
Firms will be able to treat private residences from which certain supervisory activity is conducted as non-branch offices instead of OSJs. The adoption comes after nearly two years of FINRA efforts to align its supervisory...more
A September report of the North American Securities Administrators Association (NASAA) on broker-dealer compliance with the SEC’s Regulation Best Interest (Reg BI) finds...more
Investment adviser representative continuing education requirements are critically important. Please read this alert carefully, as investment adviser representative registration may be at risk if you do not follow the...more
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more
The North American Securities Administrators Association (NASAA) recently released a report prepared by its Broker-Dealer Section Committee (Committee) presenting the findings of Phase II (B) of its National Examination...more
The Maine Office of Securities enforces Maine’s securities laws, licenses broker-dealers, broker-dealer agents, investment advisers, and investment adviser representatives, and reviews registration statements and exemption...more
July 25, 2023- Securities and Exchange Commission (SEC) Chair Gary Gensler gave remarks at a roundtable co-hosted by the SEC, North American Securities Administrators Association (NASAA) and the Wisconsin Department of...more
The bane of every start-up company is the never-ending quest to raise capital for its operations. Newly (and not so new) formed companies seemingly would do anything to raise funds. Over the course of many decades, these...more
Firms would be able to treat private residences as non-branch offices instead of OSJs under certain circumstances. FINRA hopes to align its supervisory rules with current work-from-home practices....more
On March 29, 2023, a new exemption from SEC registration for brokers providing services in mergers and acquisitions (“M&A”) transactions officially went into effect. The exemption, outlined in Section 501 of the Consolidated...more
The Securities and Exchange Commission’s Investor Advisory Committee will hold a meeting on March 2, 2023, which will be open to the public via webcast. In the morning session, the Committee will discuss potential regulatory...more
Section 15(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) requires registration with the Securities and Exchange Commission (the “SEC”) of securities brokers, which is defined as “any person engaged in the...more
Last year, the North American Securities Administrators Association’s (NASAA) launched the Franchise Electronic Filing Depository System (“FRED”), the nationwide online filing portal for state franchise registration and...more
Brokers who specialize in the sale or purchase of private companies (“M&A Brokers”) have long been an uncomfortable fit under the rules applying to securities broker-dealers. M&A Brokers typically provide advisory services to...more
This week the Washington Securities Division announced that it is considering an amendment to the Washington Administrative Code (“WAC”) to formally adopt the Statement of Policy Regarding the Use of Franchise Questionnaires...more
With the start of the new year, the ArentFox Schiff Hospitality Industry team reviews 10 of the most pressing legal issues for hospitality companies in 2023. 1. Potential Down Market Pressures. Interest rate increases are...more
The North American Securities Administrators Association (NASAA) recently adopted a statement of policy that will limit the use of Questionnaires and Acknowledgements in Franchise Disclosure Documents (FDDs) and franchise...more
This fall we posted about the North American Securities Administrators’ (NASAA) adoption of a Statement of Policy Regarding the Use of Franchise Questionnaires and Acknowledgments (the “SOP”). Technically, NASAA’s SOP...more
As expected, the majority of this year’s State Regulatory Update Workshop at the Annual ABA Forum on Franchising Annual Meeting in San Diego, focused on the new NASAA Statement of Policy Regarding the Use of Franchise...more