Securities & Exchange Commission Broker-Dealer

The United States Securities and Exchange Commission was created in 1934 in response to the Great Stock Market Crash of 1929. The Commission was created to protect investors, ensure fairness in the market, and... more +
The United States Securities and Exchange Commission was created in 1934 in response to the Great Stock Market Crash of 1929. The Commission was created to protect investors, ensure fairness in the market, and encourage capital formation. The Commission is headed by five presidentially-appointed Commissioners who oversee the Commission’s five divisions: Division of Corporation Finance, Division of Trading and Markets, Division of Enforcement, Division of Investment Management, and the Division of Risk, Strategy and Financial Information.  less -
News & Analysis as of

Privacy Monday – May 18, 2015

It’s Monday morning — do you know your privacy/security status? Here are a few bits and bytes to start your week. SEC to Registered Investment Advisers and Broker-Dealers: It’s Your Turn to Pay Attention to...more

SEC and FINRA to Hold National Compliance Outreach Program for Broker-Dealers

On May 12, the SEC and FINRA announced the opening of registration for their 2015 National Compliance Outreach Program for Broker-Dealers. The program is intended to provide an open forum for regulators and industry...more

Bridging the Week - May 2015 #2

Two Traders Subject of CME Summary Suspension for Alleged Spoofing Sued by CFTC Too - Last week, the Commodity Futures Trading Commission commenced a lawsuit in federal court in New York against Heet Khara and Nasim...more

FINRA Proposes Exemption From the TAF for Proprietary Trading Firms

On March 25, the Securities and Exchange Commission proposed amendments to Rule 15b9-1 under the Securities Exchange Act of 1934 to require broker-dealers that engage in off-exchange proprietary trading to become members of a...more

Corporate & Financial Weekly Digest - Volume X, Issue 18

In this issue: - SEC Proposes Rules for Security-based Swap Activity of Non-US Persons in the United States - FINRA Proposes Exemption From the TAF for Proprietary Trading Firms - SEC Approves Pilot to...more

FINRA Chairman: SEC Should Lead on Uniform Fiduciary Standard

On May 1, 2015, Richard Ketchum, Chairman and CEO of the Financial Industry Regulatory Authority (“FINRA”), reaffirmed his support for a uniform fiduciary standard for broker-dealers. Testifying before the House Financial...more

"SEC Issues Cybersecurity Guidance for Investment Companies and Advisers"

In April 2015, the Securities and Exchange Commission (the “SEC”) Division of Investment Management issued a guidance update (the “Update”) identifying cybersecurity of registered investment companies and registered...more

The SEC Criticizes One of Its Own

Even with the SEC’s home-court advantage in bringing enforcement actions in its administrative court rather than in federal court, the SEC will still criticize its own administrative law judges (“ALJ”) when an ALJ’s decision...more

Financial Services Weekly News Roundup - April 2015 #5

Ninth Circuit Denies Rehearing of Northstar v. Schwab. On April 28, the U.S. Court of Appeals for the Ninth Circuit denied the petition of Schwab Investments’ (Schwab) for rehearing and rehearing en banc in the case of...more

Proposed Amendments to SEC Rule 15b9-1 Would Require Most Proprietary Trading Broker-Dealers to Become FINRA Members

Consistent with the increased regulatory scrutiny of proprietary trading firms-and high frequency trading firms in particular—the Securities and Exchange Commission (SEC) recently proposed amendments to SEC Rule 15b9-1 (also...more

Top Ten International Anti-Corruption Developments for March 2015

In order to provide an overview for busy in-house counsel and compliance professionals, we summarize below some of the most important international anti-corruption developments in the past month with links to primary...more

Expanding Oversight of Active, Proprietary Trading Firms: SEC Proposes Amendments to Rule 15b9-1

Overview - On March 25, 2015, the Securities and Exchange Commission ("SEC" or "Commission") proposed an amendment to Rule 15b9-1 (the “Proposal”) under the Securities Exchange Act of 1934 ("Exchange Act") that, if...more

The Financial Report - Volume 4, No. 7 • April 2015 (Global)

Discussion and Analysis - Last week, the Securities and Exchange Commission proposed to amend SEC Rule 15b9-1 under the Securities Exchange Act of 1934, which exempts certain broker-dealers from membership in a...more

SEC Charges Group of Unregistered Broker-Dealers Trading in Corporate Bond Market

Last week, the Securities and Exchange Commission (SEC) charged more than 20 individuals and companies with violations of the Securities Exchange Act of 1934 (the Exchange Act) related to the buying and selling of...more

Financial Services Weekly News Roundup - April 2015

FINRA Requests Comment on Current Membership Application Rules. As part of its ongoing retrospective rule review process, FINRA has published, in Regulatory Notice 15-10, a request for comment on the effectiveness and...more

Red Notice Newsletter - March 2015

Welcome to the March 2015 edition of Red Notice, a publication of Akin Gump Strauss Hauer & Feld LLP. This month on the anticorruption front, two individuals receive multi-year sentences for Venezuelan bribery,...more

Important Regulatory Developments for Proprietary Trading Firms and Broker-Dealers Using Algorithmic Trading Strategies

On March 25, 2015, the U.S. Securities and Exchange Commission (SEC) voted unanimously to issue a proposed rule amendment that would significantly narrow the existing exemption that permits many proprietary-trading...more

SEC proposes requiring FINRA membership for exchange-member-only broker-dealers

The Securities and Exchange Commission has published a proposal to amend SEC Rule 15b9-1 under the Securities Exchange Act of 1934, as amended, which exempts certain broker-dealers from membership in a registered national...more

SEC Proposes to Amend Rule 15b9-1

The Securities and Exchange Commission is proposing to amend Rule 15b9-1 under the Securities Exchange Act of 1934, as amended, to require broker-dealers that engage in off-exchange proprietary trading to become members of a...more

SEC Imposes $6 Million in Penalties for Straw Purchaser Arrangement

On March 26, 2015, the SEC settled charges against 22 parties relating to arrangements by which companies not registered as broker-dealers purchased securities on behalf of Global Fixed Income, LLC (GFI) and received...more

SEC Proposes Rule to Require Broker-Dealers Active in Off-Exchange Market to Become Members of National Securities Association

On March 25, the SEC proposed to narrow Rule 15b9-1 under the Securities Exchange Act, which exempts certain brokers or dealers from membership in a registered national securities association...more

Bridging the Week - March 2015 #5

SEC Proposes FINRA Oversee Certain High-Frequency Trading Firms; FINRA and FIA Issue Best Practice Guidance - The Securities and Exchange Commission proposed changes to an existing rule that, if adopted, would require...more

SEC Rule Change Would Require High-Frequency Traders to Register with FINRA

On March 25, 2015, the SEC proposed an amendment to Rule 15b9-1 that would require high-frequency trading firms to register with FINRA. According to the SEC, the proposed amendment will better align the scope of Rule 15b9-1...more

SEC Proposes High Frequency Traders to be Regulated by FINRA

The Securities and Exchange Commission announced on March 25, 2015 a proposal to amend Rule 15b9-1 under the Exchange Act to require broker-dealers who trade in off-exchange venues to become members of a national securities...more

Underwriter, Two Employees Charged By SEC

The SEC brought another case tied to Chinese reverse mergers. This one differs from many earlier actions which focused on the company and or the executives. This action names as defendants one broker-dealer and two of its...more

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