The Sixth Circuit last week concluded that Morrison, which held that Section 10(b) does not have extraterritorial reach, is inapplicable to Advisers Act Section 10(b). The DC Circuit, on rehearing, reaffirmed its prior...more
In June, the Financial Industry Regulatory Authority updated its interpretations of the Securities and Exchange Commission Rules 15c3-1 (net capital) and 15c3-3 (customer protection). Among other things, FINRA updated its...more
On June 12, Commissioner Kara M. Stein called on the Securities and Exchange Commission to make its net capital requirements for broker dealers more stringent. Commissioner Stein warned that current net capital levels may not...more
The guidance addresses expense arrangements, buy-in procedures, free credit balances, sweep programs, and bulk transfers, among other things.
On March 6, the staff of the Securities and Exchange Commission (SEC) issued...more
The Financial Industry Regulatory Authority, Inc. (“FINRA”) issued an order (the “Order”) settling administrative proceedings against a clearing broker-dealer (the “Broker”), regarding various failures to comply with...more
The limited exemption will provide broker-dealers with more time to make necessary operational or systems changes.
On October 17, the Securities and Exchange Commission (SEC) issued an order providing a temporary...more
The US Securities and Exchange Commission recently adopted important changes to the financial responsibility rules for securities broker-dealers, including changes to the regulatory capital and regulatory reporting rules. The...more
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