News & Analysis as of

Securities Brokers

Investment Management Update

by Ballard Spahr LLP on

SEC Issues Guidance on Mutual Fund Fee Structure - The Securities and Exchange Commission’s (SEC) Division of Investment Management recently issued a guidance update addressing disclosure issues and certain procedural...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Wells Fargo is well past the rain, the pouring, and even the flooding. So why not possible liability for its RMBS practices? As part of an SEC disclosure, the bank acknowledge that it’s “in discussion” with the RMBS Working...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

Finding Some Additional Issues While Fundraising

So, your start-up had some difficulties raising money from venture capital funds and you think now it is time to gain access to a broader group of potential investors. Hiring a finder is a great way to tap into a larger...more

BEA Reporting Requirements for US Financial Services Providers

by White & Case LLP on

The US Department of Commerce Bureau of Economic Analysis (“BEA”) is conducting its 2014 Benchmark Survey of Financial Services Transactions between US Financial Services Providers and Foreign Persons (Form BE-180). This...more

Glossary of Important Securities Regulation Terms and Definitions

This Glossary is designed to provide law students taking Securities Regulation with a tool that will assist them in learning the basic language of securities law and achieve a working knowledge of the fundamental principles...more

California Brokers Plead Guilty to Insider Trading of Ardea Biosciences, Inc. Stock

On June 9, Chad Wiegand and Akis Eracleous, two San-Diego based brokers, pled guilty in California district court to trading in Ardea Biosciences, Inc. stock with inside information. Mr. Wiegand and Mr. Eracleous,...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The question of forum selection by the SEC was a key issue this week. While to date suits challenging the SEC’s right to bring an action as an administrative proceeding rather than in federal court have had little success –...more

De-risking: Bank access for brokers and asset managers

by Reed Smith on

The FCA has publicly announced an expectation that, in the context of managing money laundering risks, banks should not indiscriminately withdraw services from market sectors. Brokers and asset managers with appropriate...more

This Week In Securities Litigation (Holiday wrap-up edition)

by Dorsey & Whitney LLP on

Through the holidays (Dec. 19 – 31, 2014) the Department of Justice and the SEC continued to file securities enforcement actions. The Department brought an FCPA case which is now number two on the top ten list for amounts...more

Foreign Brokers Doing Business in the United States

by McCarter & English, LLP on

Foreign brokers that engage in securities transactions with U.S. investors based in the United States must be registered with the Securities and Exchange Commission (SEC). There are two major exceptions to this rule. The...more

FINRA Announces and Publishes Its Sweep of Order Routing Practices

FINRA announced this week that it is conducting a review of its member firms’ order-routing processes and procedures and the execution quality of customer orders in exchange-listed stocks. We previously reported in this...more

What A Broker Needs To Know About Suitability Under FINRA Rule 2111

by Robins Kaplan LLP on

The Financial Industry Regulation Authority (“FINRA”) updated the suitability requirements for brokers in July 2012. FINRA’s goal was to codify principles found in case law and expand language to account for a wide range of...more

Is A Licensed Securities Dealer A “Professional” Under Alabama Law Prohibiting Enforcement Of Nonsolicitation Agreements Against...

by Burr & Forman on

The Alabama Court of Civil Appeals released a slip opinion on May 16, 2014 addressing enforcement of a nonsolicitation agreement against a licensed securities broker. See G.L.S. & Associates, Inc., and G.L. Smith &...more

Closed End Funds

by Burr & Forman on

The Financial Industry Regulatory Authority (“FINRA”) has, in recent months, increased its regulatory focus on investor awareness regarding closed-end funds (“CEFs”). In October of last year, FINRA issued an Investor Alert...more

Financial Services Quarterly Report - Fourth Quarter 2013: A New Age of Electronic Trading Regulation in Asia?

by Dechert LLP on

Hong Kong introduces a new electronic trading regulatory regime with effect from 1 January 2014, when all licensed and registered persons in Hong Kong that conduct electronic trading of securities and futures contracts listed...more

SEC Staffer Cautions Private Funds Industry on Potential Broker Registration Issues

by Proskauer Rose LLP on

In a recent speech given to the ABA Trading and Markets Subcommittee, David W. Blass (Chief Counsel of the SEC's Division of Trading and Markets) focused on a number of activities commonly conducted by private fund advisers...more

Court Rules Law Firm That Drafted Documents Was Not A Seller Of Securities

by Allen Matkins on

Section 25400(d) of the California Corporations Code declares it unlawful for any broker-dealer or “other person selling or offering for sale” to make a false or misleading statement for the purpose of inducing the purchase...more

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