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SIFMA Broker-Dealer Securities and Exchange Commission (SEC)

Mintz

Federal Court Bars Missouri's Anti-ESG Investment Rules

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Yesterday, Judge Bough (W.D. Mo.) issued a decision barring the recent anti-ESG rules Missouri had promulgated that prohibited investment advisers from utilizing ESG factors when making investment decisions (absent written...more

Seward & Kissel LLP

Expiration of SEC Staff’s No Action Letters Providing Relief to Broker-Dealers Regarding MiFID II Research Requirements

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Expiration of SEC Staff’s No Action Letters Providing Relief to Broker-Dealers Regarding MiFID II Research Requirements - On July 3, 2023, the U.S. Securities and Exchange Commission (the “SEC”) let expire a long-standing...more

Dechert LLP

Happy Holidays: SEC Provides Temporary Rule 15c2-11 Reprieve

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In 2021, the staff (the “Staff”) of the Securities and Exchange Commission (the “SEC”) surprised the industry when it issued an interpretation stating that fixed income securities (including asset-backed securities) fall...more

Morgan Lewis

SEC Staff Pulls Rug Out From Under ‘Hard Dollar’ Research Arrangements

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The staff of the US Securities and Exchange Commission division of Investment Management announced that it would allow its October 26, 2017 no-action letter to SIFMA to expire on July 23, 2023—raising questions about the...more

UB Greensfelder LLP

Highlights From SIFMA’s Compliance And Legal Seminar 2022

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I attended the four-day SIFMA Compliance and Legal seminar last week, and there were a bunch of interesting soundbites from regulators that folks might find interesting. The challenge at these conferences is always...more

Carlton Fields

What Will the SEC Do About the “Gamification” of Trading in 2022?

Carlton Fields on

The SEC recently solicited comments regarding broker-dealer and investment adviser “digital engagement practices” (DEPs), features commonly referred to as the “gamification” of trading. The request follows the GameStop...more

A&O Shearman

Shearman & Sterling and SIFMA Announce Investment-Grade Bond Optional Redemption Model Provision

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Shearman & Sterling is pleased to announce the publication of the SIFMA investment-grade bond optional redemption model provision. After assembling a working group of investment banks operating in the U.S. and global capital...more

Burr & Forman

Gamification of Securities Trading: Big Risk or Just Evolution?

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In remarks this week at SEC Speaks, SEC Investor Advocate Rick Fleming mused that the “gamification” of securities trading might pose an undue risk that exploits a potential loophole in Regulation Best Interest (“Reg. BI”)....more

Katten Muchin Rosenman LLP

The SEC Clarifies Status of Institutional Family Offices for Purposes of Regulation Best Interest

Recently, staff of the Securities and Exchange Commission (SEC) issued a no-action letter stating that they would not regard "Institutional Family Offices" as retail customers of broker-dealers for purposes of broker-dealers'...more

Latham & Watkins LLP

SEC Issues Guidance for Broker-Dealer Custody of Digital Assets

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In a year-end change of course, the SEC identified the minimum steps that broker-dealers must take when acting as custodians of digital asset securities. On December 23, 2020, the US Securities and Exchange Commission (SEC)...more

Latham & Watkins LLP

SEC Staff Issues No-Action Relief to Broker-Dealers From Reg BI and Form CRS Obligations Related to Certain Family Offices

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The no-action relief applies to family offices with at least US$50 million in total assets (Institutional Family Offices) and requires broker-dealers seeking to rely on the relief to establish and maintain specific additional...more

Perkins Coie

Blockchain Week in Review - December 2020

Perkins Coie on

U.S. Developments - Legislation - Congress Members Introduce Stablecoin Legislation - On December 2, 2020, Congresswoman Rashida Tlaib (MI-13), Congressmen Jesús “Chuy” García (IL-04) and Chairman of Task Force on...more

Winstead PC

It’s the Final Countdown: Being Prepared for Regulation Best Interest

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Last year the U.S. Securities and Exchange Commission (“SEC”) approved Regulation Best Interest (“Reg BI”). Reg BI requires broker-dealers and their associated persons to act in “the best interest” of a retail customer when...more

Blank Rome LLP

Regulatory Update and Recent SEC Actions - April 2019

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REGULATORY UPDATES - Financial Industry Regulatory Authority (“FINRA”) Releases Its 2019 Priorities - On January 22, 2019, FINRA released its Annual Risk Monitoring and Examination Priorities Letter, which highlighted the...more

Skadden, Arps, Slate, Meagher & Flom LLP

Capital Markets Alert – Public Market Advocacy Groups Release Guidance

On April 27, 2018, the Securities Industry and Financial Markets Association (SIFMA), the U.S. Chamber of Commerce and Nasdaq, along with certain technology and biotechnology groups, released a policy paper titled “Expanding...more

Vedder Price

Investment Services Regulatory Update - February 2018

Vedder Price on

New Rules, Proposed Rules, Guidance and Alerts – SEC STAFF GUIDANCE AND ALERTS - SEC Staff Issues Guidance on Cryptocurrency-related Holdings - On January 18, 2018, the staff of the SEC’s Division of Investment...more

Proskauer Rose LLP

Analysis of the SEC’s MiFID II No-Action Relief

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On October 26, 2017, the Securities and Exchange Commission ("SEC" or the "Commission") staff issued three no-action letters to help broker-dealers, investment advisers and investment companies comply with the European...more

A&O Shearman

MiFID II, Research and Extraterritoriality: The SEC, European Commission and FCA Solution

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On October 26, 2017, the US Securities and Exchange Commission, European Commission and the UK Financial Conduct Authority released, in a coordinated manner, a series of significant orders and guidance to address some of the...more

Morgan Lewis

SEC Tackles MiFID II Research Issues

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But do landmines remain? On October 26, 2017, the staff of the Securities and Exchange Commission (SEC), following consultation with European authorities, issued three coordinated no-action letters to, in the words of one...more

Dechert LLP

SEC Principal Trading Rule Exemption Set to Expire at Year’s End

Dechert LLP on

The staff of the U.S. Securities and Exchange Commission (SEC) stated in August that it intends to permit the expiration of rule 206(3)-3T (Rule) under the Investment Adviser Act of 1940 (Advisers Act). The SEC originally...more

K&L Gates LLP

FINRA Submits Proposed Rules to the SEC to Address Financial Exploitation of Seniors

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Last Thursday, the Financial Industry Regulatory Authority (“FINRA”) submitted proposed rules to the United States Securities and Exchange Commission (“SEC”) designed to address “financial exploitation of seniors and other...more

Sheppard Mullin Richter & Hampton LLP

Watching the Detectives: The SEC Launches a Dedicated FINRA Oversight Unit

The SEC has launched a dedicated team to oversee FINRA, according to remarks by Marc Wyatt, Director of the SEC’s Office of Compliance Inspections and Examinations (“OCIE”). Congress has vested the SEC with the power to...more

Latham & Watkins LLP

US Department of Labor’s Fiduciary Rule Introduces a Brave New World

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Final rule reflects some concessions, but its broad scope and compliance costs will cause financial services advisers to re-evaluate their business models. On April 6, 2016, the US Department of Labor (the DOL) released...more

Goodwin

Financial Services Weekly News - November 2015

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Regulatory Developments - Client Alert: SEC Issues New Guidance on Excluding Shareholder Proposals under Rule 14a-8: Goodwin Procter’s Capital Markets practice has released a client alert on the SEC’s Division of...more

Proskauer - Corporate Defense and Disputes

The Battle Lines Continue to Form Over the DOL’s Fiduciary Proposal

Earlier this month, the Securities Industry and Financial Markets Association (“SIFMA”) released its “Proposed Best Interests of the Customer Standard for Broker-Dealers” – an alternative to the U.S. Department of Labor’s...more

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