In XY Planning Network, LLC, et al. v. SEC, et al., the United States Court of Appeals for the Second Circuit rejected a challenge to Regulation Best Interest brought by an organization of investment advisers, an individual...more
7/14/2020
/ Best Interest Standard ,
Broker-Dealer ,
Dodd-Frank ,
Fiduciary Duty ,
Investment Adviser ,
Investment Management ,
Regulation Best Interest ,
Regulation BI ,
Retail Investors ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Securities Transactions ,
Standard of Conduct
The Financial Industry Regulatory Authority (“FINRA”) recently proposed a change to Rule 12403 of the Code of Arbitration Procedure for Customer Disputes to the Securities and Exchange Commission. FINRA’s proposal is that...more
The SEC has approved FINRA Rule 2273, which requires a transferring representative to send customers an educational communication regarding firm recruitment practices and account transfers. The rule is designed to address...more
On August 24, 2015, FINRA Rule 2040 concerning payments to unregistered persons went into effect. The rule, approved by the SEC in January 2015, is aligned with § 15(a) of the Securities Exchange Act of 1934. Generally, FINRA...more
8/27/2015
/ Broker-Dealer ,
Compensation Agreements ,
Compliance ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Markets ,
Foreign Affiliates ,
No-Action Letters ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Unregistered Brokers
On February 26, 2015, the Securities and Exchange Commission (“SEC”) approved a rule proposed by the Financial Industry Regulatory Authority, Inc. (“FINRA”). The rule, originally proposed by FINRA on June 17, 2014, amends...more
On June 30, 2014, the Financial Industry Regulatory Authority (“FINRA”) sent its proposed rules to limit the definition of “public arbitrators” to those without any experience in the securities industry. Previously, an...more
It is obvious that broker-dealers and their registered representatives, and investment advisors, must be careful in making recommendations to clients. But the recent increase in regulatory interest relating to inaction in a...more
On May 20, 2014, the Securities and Exchange Commission initiated proceedings to determine whether to approve a proposal by the Financial Industry Regulatory Authority, Inc, (FINRA) to amend the NASD and FINRA rules governing...more
On June 4, 2014, the United States Court of Appeals for the Second Circuit vacated and remanded a November 28, 2011 order from the United States District Court for the Southern District of New York refusing to approve a...more
In a move designed to increase transparency between its member firms’ registered persons (“representatives”) and their former clients when they move from one firm to another, the Financial Industry Regulatory Authority...more