News & Analysis as of

Closed End Funds

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

My Lawyer’s Not Licensed? The Unlicensed Practice Of Law In Arbitration And Mediation Of Securities Disputes

As an investor, you should perform due diligence prior to having an out-of-state attorney represent you in a securities dispute. In an era where social media provides multiple channels for the advertising of an attorney’s...more

FINRA Announces Its Largest AML Fine, Suspends Securities Firm’s Former Compliance Officer

On February 5, FINRA announced its largest ever fine for alleged AML-related violations. The self-regulatory agency ordered a securities firm to pay $8 million for allegedly failing to (i) implement an adequate AML program to...more

FINRA Announces 2014 Examination Priorities

On January 2, FINRA outlined certain specific areas of concern the independent regulator intends to focus on in 2014. The topics are largely consistent with FINRA’s 2013 priorities and are grouped in several categories: (i)...more

This Week In Securities Litigation (The week ending January 10, 2014)

The insider trading trial of former SAC Capital official Matthew Martoma opened this week in Manhattan with jury selection. The SEC announced the resignation of George Canellos, Co-director of the Division of Enforcement....more

FINRA Issues Guidance on Suitability Rule for EB-5 Securities Transactions

FINRA has clarified that its Suitability Rule applies to broker dealers' assessment of EB-5 transactions, but that the broker can and should assess the immigration benefit among the economic interests of the investor. ...more

What’s Really Going On with Canadian Wrappers? The Canadian Way – Your Guide to Canada’s Securities Laws -- Volume 1, Number 6 –...

Have you heard that Canadian wrappers are a thing of the past and can be relegated to the dustbin of history? If that’s what you’ve heard, then you’ve heard wrong. Canadian wrappers are often still required. And even though...more

Bernstein Shur Business and Commercial Litigation Newsletter #25

We are pleased to present the 25th edition of the Bernstein Shur Business and Commercial Litigation Newsletter. This month, we highlight financial services industry news and developments, including continued support for...more

Citing Concepcion, FINRA Panel OKs Class Action Waivers in Broker-Dealer Customer Arbitration Agreements

A Financial Industry Regulatory Authority (“FINRA”) hearing panel held that FINRA’s own rules prohibiting judicial class action waivers in broker-dealer customer arbitration agreements are preempted by the Federal Arbitration...more

FINRA Offers Regulatory Road Map for 2013

On January 11, 2013, the Financial Industry Regulatory Authority (FINRA) issued its annual Regulatory and Examination Priorities Letter (Priorities Letter) to member firms, which highlights its primary areas of focus for the...more

FINRA Adopts Rule 5123 Requiring the Filing of Offering Documents used in Private Placements of Securities

A new rule requiring FINRA member firms to file copies of certain offering documents related to private placement transactions was approved by the SEC and was effective as of December 3, 2012. FINRA has published FAQs...more

FINRA Releases Guidance on Notice Filings for Private Placements

The Financial Industry Regulatory Authority (FINRA) has released new guidance on filing under FINRA Rule 5123 in the form of a frequently asked questions (FAQs) page and user guide, both available on FINRA's website....more

New FINRA Rule 5123 Regarding Private Placements of Securities Effective December 3, 2012

In an effort to enhance oversight and investor protection over private placement activity of firms on behalf of other issuers, new Financial Industry Regulatory Authority, Inc. (FINRA) Rule 5123 became effective on December...more

FINRA Releases FAQs On Private Placement Notice Filing Rule

On December 3, 2012, FINRA released a set of FAQs relating to new Rule 5123, which went into effect on December 3 and requires FINRA members to file with FINRA copies of the private placement memorandum, term sheet, or other...more

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