The extension benefits market participants in the US seeking to comply with EU MiFID II research rules, but significant issues remain.
Key Points:
..The no-action relief has been extended for three additional years from...more
ATSs that trade NMS stocks should prepare for new Form ATS-N filings requiring substantial public disclosure of their operations and their broker-dealer operator’s ATS-related activities.
Summary -
On July 18, 2018,...more
Proposal seeks to clarify and enhance obligations applicable to a broker-dealer’s retail customer interactions, but may raise more questions than answers.
The Securities and Exchange Commission (SEC) proposed for public...more
Best execution is currently a hot topic for global regulators and the past year has seen notable regulatory focus in this area. Amid this development, firms are recommended to review their global best execution compliance...more
While the new rules may provide a measure of relief to certain entities that engage in a limited subset of broker-dealer activities, significant compliance requirements continue to apply.
On August 18, 2016, the U.S....more
The action underscores the need for investment advisers and broker-dealers to maintain robust policies and controls when utilizing third-party contractors.
On May 27, 2016, the Securities and Exchange Commission (SEC)...more
The action may have significant implications for PE advisers performing brokerage services; highlights SEC’s focus on advisers receiving transaction-based compensation.
On June 1, 2016, the Securities and Exchange...more
6/29/2016
/ Broker-Dealer ,
Investment Advisers Act of 1940 ,
Management Fees ,
Neither Admit Nor Deny Settlements ,
Offsets ,
Portfolio Companies ,
Private Equity ,
Private Funds ,
Registration Requirement ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Transaction-Based Compensation
Broker-dealers with historical or ongoing instances of non-compliance with the SEC’s Customer Protection Rule are encouraged to self-report by November 1, 2016.
On June 23, 2016, the Securities and Exchange...more
6/29/2016
/ Broker-Dealer ,
Compliance ,
Cooperation ,
Customer Protection Rule ,
Financial Industry Regulatory Authority (FINRA) ,
Individual Accountability ,
OCIE ,
Section 15(c) ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Self-Reporting
The plan would create a single database to enable regulators to track all trading activity in the US equity and options markets.
On April 27, 2016, the Securities and Exchange Commission (SEC) published for public...more
If adopted, the Proposed Rule would have a significant impact on compensation practices at covered institutions.
On April 21, 2016, the National Credit Union Administration (the NCUA) issued a proposed rule regarding...more
5/5/2016
/ Board of Directors ,
Clawbacks ,
Comment Period ,
Compensation Committee ,
Corporate Executives ,
Disclosure Requirements ,
Dodd-Frank ,
FDIC ,
Federal Reserve ,
FHFA ,
Financial Crisis ,
Financial Institutions ,
Forfeiture ,
Incentive Compensation ,
NCUA ,
OCC ,
Proposed Regulation ,
Recordkeeping Requirements ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Vesting
While the US gears up for compliance with uncleared swap margin rules, cross-border application of the CFTC rules remains unclear.
The US Commodity Futures Trading Commission (the CFTC) finalized its margin requirements...more
2/22/2016
/ CFTC ,
Cross-Border ,
Derivatives ,
EMIR ,
EU ,
Margin Requirements ,
Market Participants ,
Prudential Regulation Authority (PRA) ,
Securities and Exchange Commission (SEC) ,
Swaps ,
Uncleared Swaps
The proposal would place restrictions on certain investment funds to limit their use of derivatives and require certain risk management procedures.
On December 11, 2015, the US Securities and Exchange Commission (SEC)...more
The new MSRB rule represents another significant milestone in the MSRB’s development of the comprehensive regulatory framework for municipal advisors mandated under the Dodd-Frank Act.
On December 23, 2015, the...more
The proposal would subject ATSs that effect transactions in listed stocks to significant new disclosure and transparency requirements.
On November 18, 2015, the US Securities and Exchange Commission (SEC) proposed rules...more
Assessing the practical implications of derivatives regulations for investment advisers and investment funds of: position limits and aggregation rules, uncleared swaps margin rules, etc.
Since the enactment of the...more
The amendments require FINRA members to update their retail websites to include readily apparent references and hyperlinks to BrokerCheck.
On October 8, 2015, the Securities and Exchange Commission (SEC) approved a...more
The new rules retain many of the current rules’ core requirements, but expand certain obligations and impose requirements on debt research activities for the first time.
On August 26, 2015, the Financial Industry...more
8/28/2015
/ Conflicts of Interest ,
Debt Securities ,
Disclosure Requirements ,
Due Diligence ,
Equity Securities ,
Financial Analysts ,
Financial Industry Regulatory Authority (FINRA) ,
General Solicitation ,
Information Reports ,
NASD ,
New Regulations ,
Securities and Exchange Commission (SEC)
If finalized, the proposed rule would be the SEC’s second major step toward finalizing the cross-border rules for security-based swaps under the Dodd-Frank Act.
On April 29, 2015, the US Securities and Exchange...more
SEC has published reporting obligations for SBS without a finalized compliance schedule. Reporting rules for cleared and platform-executed SBS and certain cross-border transactions have not yet been finalized.
On...more
The SEC Final Rule is the SEC’s first major step toward implementing its final regulatory regime under Title VII of the Dodd-Frank Act.
On June 25, 2014, the Securities and Exchange Commission (SEC) approved a final...more
The amendments simplify and refine the scope of FINRA’s corporate financing and conflict of interest rules in several important respects.
The Securities and Exchange Commission (SEC) recently approved two proposals...more
Recent SEC no-action letter provides business brokers relief from federal broker-dealer registration requirement.
On January 31, 2014, the Division of Trading and Markets of the U.S. Securities and Exchange Commission...more