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Goodwin

FINRA Proposes Extending the MQP CE Window

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On April 30, 2024, FINRA proposed amendments its Maintaining Qualifications Program (“MQP”) to reopen the period in which certain participants can complete their prescribed 2022 and 2023 continuing education (“CE”)...more

Littler

No April Foolin’ – OSHA Updates its Worker Walkaround Representative Regulation

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On April 1, 2024, the U.S. Occupational Safety and Health Administration (OSHA) published its final rule clarifying that employees may designate a non-employee third party as their representative during an OSHA inspection. ...more

Quarles & Brady LLP

Are You Ready for Alabama’s New Designated Representative Requirements?

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In a previous update, Quarles discussed a new Alabama law that requires individuals serving as the designated representative for an Alabama-licensed facility to register with the Alabama Board of Pharmacy ("the Board”) as of...more

Holland & Knight LLP

Twinkle-Twinkle Little SAR: SEC & FINRA Settle with Broker-Dealers and Registered Rep

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In a series of settlements announced this year, the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) penalized several broker-dealers for allegedly failing to file...more

Cadwalader, Wickersham & Taft LLP

FCA Finalizes Changes to the UK’s Appointed Representatives Regime

An appointed representative (“AR”) is a firm or person who carries on a regulated activity, or activities, under the responsibility of an authorized financial services firm. An authorized firm that appoints representatives in...more

Hogan Lovells

Appointed Representatives: FCA confirms changes to increase responsibilities of principal firms

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The FCA has published a policy statement and final rules aimed at improving the appointed representatives (ARs) regime. Previous FCA data analysis had shown that there are more issues arising from principals and ARs than from...more

Proskauer Rose LLP

UK FCA Consults on its Appointed Representatives Regime

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In December 2021, the United Kingdom’s Financial Conduct Authority (“FCA”) published a consultation paper (CP21/34) outlining proposed changes to its Appointed Representatives (“AR”) regime (the “Consultation”). The FCA’s AR...more

Latham & Watkins LLP

Review of UK Appointed Representatives Regime to Increase Burden on Principal Firms

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UK regulators are considering how they can strengthen the regime to enhance standards and reduce risk. On 3 December 2021, the FCA published a Consultation Paper (CP21/34) on changes to its rules regarding the Appointed...more

Holland & Knight LLP

Supersociedades emite Oficio de responsabilidad de administradores de sociedades en Colombia

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La Superintendencia de Sociedades (Supersociedades) de Colombia, el 9 de junio de 2021, emitió el Oficio 220-077235 (el Oficio), por medio del cual se encargó de señalar que aquellos administradores (representantes legales y...more

BCLP

Who, Sir? Me, Sir? Appointing GDPR Representatives in the UK and the EU

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This article explores the topic of appointed representatives under Article 27 of the GDPR. What are they? When do you need one? How is regulatory enforcement starting to play out in the EU and in the UK on this issue?...more

UB Greensfelder LLP

You Should Understand The Difference Between Violating A Firm Policy And Violating A FINRA Rule . . . Even If FINRA Doesn’t

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FINRA, of course, has lots, and lots, of rules. Heck, it has rules about making rules. The things that RRs can and cannot do per those rules are strictly proscribed, mostly in great detail. Things that ordinary people can...more

Littler

Form U5 Defamation Claims on the Rise at FINRA: Be Prepared!

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Under Financial Industry Regulatory Authority’s (FINRA) rules, whenever broker-dealers, registered investment advisers, or issuers of securities (FINRA member) terminate the employment of a FINRA-registered representative,...more

BCLP

The Data & Brexit Digest - Data protection representatives

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With the UK unambiguously out of the EU, this fourth and final installment of our Data & Brexit Digest explores the topic of appointed representatives under Article 27. What is an Article 27 representative? The...more

Kilpatrick

Iowa Proposes State-Specific Best Interest Rules for Insurance and Securities Businesses (Updated)

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UPDATE: As of December 30, 2020, Arizona, Arkansas, Michigan, and Rhode Island have joined Iowa in adopting the NAIC model rule for best interest standard in annuity sales. Alabama, Delaware, Kentucky, Maine, Nevada and Ohio...more

UB Greensfelder LLP

FINRA AWC Provides New Defense To Allegation Of “Willfulness”

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I dare you. In fact, I double-dog dare you to figure out how or why FINRA decides to charge willfulness in some cases but not in others. Bottom line is that it is nearly impossible (except if you’re a big firm, in which case...more

Troutman Pepper

SEC Proposes Finders Exemption

Troutman Pepper on

At the October 7, 2020 open meeting of the Securities and Exchange Commission (SEC), Chairman Jay Clayton announced that the Staff of the Commission proposed to grant exemptive relief, permitting natural persons to engage in...more

Fox Rothschild LLP

Transaction-Based Compensation Requires Registration . . . Period

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FINRA’s National Adjudicatory Counsel (“NAC”), recently, affirmed a disciplinary panel decision significantly sanctioning a broker-dealer for paying unregistered persons and entities. FINRA alleged, among other things,...more

UB Greensfelder LLP

Securities Regulators In The Age Of Covid-19

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While much of the broker-dealer world has been trying to figure out how to protect the financial welfare of their customers, in addition to watching Netflix and searching in vain for Lysol wipes online, our trusty securities...more

Kilpatrick

Iowa Proposes State-Specific Best Interest Rules for Insurance and Securities Businesses

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UPDATED: MAY 12, 2020: Yesterday, Iowa adopted its proposed regulation requiring annuity agents to act in the best interest of consumers, but delayed adoption (or revision, withdrawal) of the companion securities rules. The...more

UB Greensfelder LLP

[Webinar] The FINRA Expungement Process: Tips, Tricks, and Recent Developments - March 5th, 2:00 pm ET

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On March 5 at 2 p.m. (ET), Ulmer attorney Christopher D. Seps will host a live webinar to discuss the FINRA expungement process from beginning to end, including: - Procedural steps governing the FINRA expungement process ...more

BCLP

GDPR Privacy FAQs: Does a processor that is located only in the United States, or that is processing data only from the United...

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Typically not. Article 27 of the GDPR requires some foreign (i.e., non-European) companies to designate a “representative" that is present in the European Union. The purpose of the representative is to provide a European...more

UB Greensfelder LLP

PIABA's Anti-Expungement Tirade Is Predictably Short On Facts

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Here is how PIABA’s one-track mind operates: in a Report it just issued, PIABA laments the frequency with which registered reps are able to get customer complaints expunged from their records. The sole reason for this, PIABA...more

UB Greensfelder LLP

FINRA’s Secret Power To Control Information

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In the past week, I ran across two discrete instances in which FINRA acts as a secret gatekeeper of sorts, exercising its own subjective judgment, without anyone knowing what, exactly, it is doing or why, employing...more

UB Greensfelder LLP

It Is Not Possible To Predict When FINRA Will Charge Something As Willful. Or Is It?

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I have written a few times about FINRA’s ceaseless interest in bringing cases against registered reps who fail to update their Form U-4 in a timely manner to disclose the fact that a tax lien has been filed against them. Or...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #9

Regulation Best Interest: The Focus on Costs (Part 1) - The SEC has issued its final Regulation Best Interest (Reg BI), Form CRS Regulation, RIA Interpretation and Solely Incidental Interpretation. I am discussing the...more

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