The CAB Rules will enter into force on April 14, 2017. On January 3, 2017, FINRA will begin accepting applications for CAB registration from new applicants and existing FINRA members that wish to be re-designated as CABs, and...more
In Regulatory Notice 16-29 (Regulatory Notice), the Financial Industry Regulatory Authority (FINRA) requested comments on proposed amendments to Rule 32202 – its “Gift Rule” – as well as new proposed FINRA Rule 3221...more
The U.S. Securities and Exchange Commission (SEC) has published proposed amendments to Rule 606 under Regulation NMS of the Securities Exchange Act of 1934 (Exchange Act), which would require broker-dealers to disclose...more
The U.S. Securities and Exchange Commission (SEC) on June 1, 2016 announced a settled enforcement action against a private equity fund manager (Adviser) for acting as a broker-dealer without registering. The case is...more
6/15/2016
/ Acquisitions ,
Broker-Dealer ,
Disgorgement ,
Enforcement Actions ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Mergers ,
Portfolio Companies ,
Private Equity Funds ,
Sanctions ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Unregistered Brokers
The Financial Industry Regulatory Authority is once again taking a close look at member firm mutual fund sales practices and sales charge waivers (Mutual Fund Waiver Sweep) in the U.S. FINRA’s target exam letter seeks...more
Troubled financial institutions, some with substantial broker dealer operations, played a prominent role in the 2008 financial crisis. In an effort to protect the financial system from serious threats posed by significant...more
The Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission (SEC) on January 11, 2016 announced its examination priorities for this year, which “address issues across a variety...more
2/17/2016
/ Analytics ,
ETFs ,
Financial Institutions ,
OCIE ,
Popular ,
Retail Investors ,
Retirement ,
Risk Assessment ,
SEC Examination Priorities ,
Securities Exchanges ,
Variable Annuities
The New York City Council recently passed two amendments to the New York City Human Rights Law that are likely to substantially affect the manner in which firms in New York City may evaluate the qualifications and background...more
10/5/2015
/ Background Checks ,
Broker-Dealer ,
Brokers ,
Credit Checks ,
Criminal Background Checks ,
Fair Chance Act ,
Financial Industry Regulatory Authority (FINRA) ,
Human Rights ,
Investment Adviser ,
Registered Investment Advisors ,
SCDEA ,
Securities and Exchange Commission (SEC) ,
SRO
The Securities and Exchange Commission (“SEC” or “Commission”) recently approved amendments to its net capital, customer protection, books and records, notification and reporting requirements for broker-dealers, in an effort...more
The U.S. Securities and Exchange Commission (“SEC”) on July 11, 2013 adopted Rule 15b12-1 (“Final Rule”) under the Securities Exchange Act of 1934 as amended (“Exchange Act”) in order to allow market participants to continue...more
The SEC has amended Rule 506 of Regulation D and Rule 144A under the Securities Act of 1933 (Securities Act) to (1) permit, in certain circumstances, an issuer to engage in general solicitation and general advertising in...more
7/28/2013
/ Accredited Investors ,
Advertising ,
Bad Actors ,
Broker-Dealer ,
Dodd-Frank ,
Form D Filing ,
Fund Managers ,
General Solicitation ,
Rule 144A ,
Rule 506 Offerings ,
Safe Harbors ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Social Media
Technology has spawned the formation of new internet-based marketplaces for illiquid and restricted securities. In most instances, these markets are operated by entities registered with the U.S. Securities and Exchange...more
A recent public statement by a member of the senior staff (“Staff”) of the Securities and Exchange Commission (“SEC”) and recent SEC enforcement actions have reminded private equity and other private fund managers (such as...more
4/22/2013
/ Broker-Dealer ,
Finders ,
Fund Managers ,
Investment Adviser ,
Marketing ,
Private Funds ,
Ranieri Partners ,
Registration ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Transaction-Based Compensation