For broker-dealers distributing and selling variable annuities, examinations will test for compliance with Reg BI and FINRA Rule 2330 because both standards apply to variable annuity sales. Firms distributing and selling...more
In December, the U.S. Securities and Exchange Commission issued four rule proposals that would fundamentally transform our nation’s equity markets.
The comment period ends March 31, and while the final rules may take...more
In June 2022, the U.S. Securities and Exchange Commission (SEC) filed its first complaint alleging violations of both the care and compliance obligations of Regulation Best Interest, or Reg BI. In SEC v. Western International...more
2/2/2023
/ Broker-Dealer ,
Conflicts of Interest ,
Fiduciary Duty ,
Investment Adviser ,
Investment Management ,
Regulation Best Interest ,
Retail Investors ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Securities Transactions ,
Standard of Conduct
In June, the U.S. Securities and Exchange Commission filed its first complaint alleging violations of the care obligation and the compliance obligation of Regulation Best Interest, or Reg BI....more
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
This podcast details why payment for order flow and gamification are in the news, and how regulators and the industry in general are addressing related issues and concerns.
The episode features Brattle Senior Consultant...more
The Securities and Exchange Commission (SEC) will soon release its report and recommendations regarding the GameStop event last January and related equity market structure issues. In testimony before a Senate committee on...more
The SEC and FINRA have been busy of late in efforts to address issues associated with payment for order flow (PFOF) and the consequences of the trading halt in GameStop shares last January. PFOF has potentially significant...more
In January 2021, the GameStop trading halt exploded across the headlines. Consumer advocates and the financial press pointed fingers at a number of industry players, paying particular attention to the model of “payment for...more