On February 7, 2023, the Securities and Exchange Commission’s Division of Examinations announced its fiscal year 2023 examination priorities. This year, the Division continues its focus on protecting investors by prioritizing...more
2/16/2023
/ Broker-Dealer ,
Cryptoassets ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Financial Industry Regulatory Authority (FINRA) ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Libor ,
MSRB ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC)
In January, a California bankruptcy court issued an opinion providing another lifeline to cannabis companies that could benefit from the protection of the federal bankruptcy code – to reorganize or liquidate assets. The...more
With a moratorium now in place on all recreational cannabis license types, the only way new participants can enter Oregon’s recreational cannabis industry is to purchase an existing license. And based on new direction issued...more
On March 30, 2022, the Security and Exchange Commission’s Division of Examinations announced its fiscal year 2022 examination priorities. This year’s theme is empowering compliance officers. Once again, the Division’s...more
It is a common misconception that cannabis licenses themselves are transferrable when in fact, by statute, they are not. It is possible, however, to contract with a licensed business to purchase (or sell) the rights to hold a...more
Since June 2018, Oregon has not processed new applications for any cannabis license type. Due to concerns of a large cannabis oversupply, and a flood of applications, Oregon’s cannabis regulatory agency, the Oregon Liquor and...more
The North American Securities Administrators Association (NASAA) released its Investment Adviser Section Annual Report (Report) in April 2021, highlighting 2020 section activities. The Report focuses largely on two topics:...more
On March 3, 2021, the Security and Exchange Commission’s Division of Examinations (formerly the Office of Compliance Inspections and Examinations, now either “the Division” or “EXAMS”) announced its fiscal year 2021...more
At long last, the SEC has finally published its Revised Investment Adviser Marketing Rule. effective as of May 4, 2021. Investment advisers will have 18 months following the effective date, or until November 4, 2022, to come...more
3/11/2021
/ Advertising ,
Compliance ,
Endorsements ,
Investment Adviser ,
Marketing ,
Performance Reviews ,
Policies and Procedures ,
Registered Investment Advisors ,
Securities and Exchange Commission (SEC) ,
Social Media ,
Third-Party
Funding a business with startup or growth capital is a universal challenge, but cannabis businesses face at least one unique hurdle in the continuing federal illegality of the industry. Aside from the difficulty in accessing...more
On November 4, the Securities and Exchange Commission (SEC) announced proposals to amend Rules 206(4)-1 and 206(4)-3 under the Investment Advisers Act of 1940 (Act). The proposed amendments are aimed at modernizing these...more
On June 21, 2018, the Supreme Court of the United States invalidated the process that the Securities and Exchange Commission ("SEC") had been using to appoint administrative law judges. Staff from the SEC had selected...more
6/28/2018
/ Administrative Agencies ,
Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Appeals ,
Appointments Clause ,
Constitutional Challenges ,
Enforcement Actions ,
Final Written Decisions ,
Lucia v SEC ,
Officers of the United States ,
Remand ,
Reversal ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Special Trial Judges (STJs)
We previously talked about recent changes to Oregon law and FINRA rules relating to elder abuse prevention and the prosecution of financial services companies for noncompliance . This article focuses on The Elder Abuse...more
Similar to the Oregon legislature's recent changes to ORS Chapter 59, intended to protect "vulnerable persons" against financial exploitation, FINRA has implemented changes to its rules effective February 5, 2018, intended to...more
On February 7, 2018, the Security and Exchange Commission's Office of Compliance Inspections and Examinations announced its 2018 examination priorities. For 2018, OCIE's priorities fit into five broad categories:-
...more
Significant changes are coming to state, regulatory, and federal law with respect to reporting financial abuse of "vulnerable persons." These legal changes will impact the day-to-day operations of financial services...more
Effective October 1, 2017, investment advisers must adhere to amended requirements regarding the investment adviser public disclosure form (Form ADV). The Securities Exchange Commission (the SEC) announced these amendments in...more
Today, April 7, 2017, the Federal Register published the U.S. Department of Labor's (DOL) final rule extending the applicability date of the ERISA Fiduciary Rule from April 10, 2017 to June 9, 2017.
Other delays included...more
On Friday, March 10, 2017, the Department of Labor (DOL) issued a field assistance bulletin (FAB) adopting a temporary enforcement policy regarding compliance with the ERISA Fiduciary Rule. ...more
On Friday, February 3, 2017, the President signed an executive order requiring the re-examination of the final Fiduciary Rule (81 Fed. Reg. 20946 (April 8, 2016)) set to go into effect on April 10, 2017. The Fiduciary Rule,...more