Gone With the Wind?
Closed-End Funds Risk Extinction -
Shares of SEC-registered closed-end funds (CEFs) have long held significant potential advantages for some investors. For example, unlike shares of mutual funds...more
10/16/2024
/ Cybersecurity ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Federal Trade Commission (FTC) ,
Financial Industry Regulatory Authority (FINRA) ,
Insurance Regulations ,
Investment ,
Investment Adviser ,
Investment Management ,
Life Insurance ,
NAIC ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Social Media
For 40 years, the standard of review for agency rulemaking was set forth in the U.S. Supreme Court’s 1984 decision in Chevron U.S.A. Inc. v. Natural Resources Defense Council Inc. Chevron held that when a statute is silent or...more
10/4/2024
/ Chevron Deference ,
Climate Change ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Investment ,
Judicial Review ,
Loper Bright Enterprises v Raimondo ,
National Environmental Policies ,
Proposed Rules ,
Regulation S-K ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Statutory Authority
Much has been said about Chair Gary Gensler's aggressive rulemaking since his arrival at the U.S. Securities and Exchange Commission in April 2021. Certainly, the number of rule proposals has increased: The SEC has proposed...more
FINRA issued its 2024 Annual Regulatory Oversight Report on January 9, 2024, providing a glimpse into FINRA’s current regulatory oversight of member firms and their registered personnel in 27 topic areas....more
1/19/2024
/ Annual Reports ,
Anti-Money Laundering ,
Artificial Intelligence ,
Cryptoassets ,
Cybersecurity ,
Due Diligence ,
Financial Crimes ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
Money Laundering ,
Popular ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC)
On November 3, 2023, the Department of Labor proposed yet another fiduciary rule, the latest in more than a decade of DOL efforts to ensure that every financial professional who sells an investment product to a retirement...more
Funds Not Caged by SEC Names Rule Amendments: Roaming Room Remains -
The SEC recently adopted amendments to its investment company “names” rule that apply to most SEC-registered funds, including underlying funds in which...more
1/11/2024
/ Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Insurance Industry ,
Investment Funds ,
Life Insurance ,
Proposed Rules ,
Putative Class Actions ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Securities Traders ,
Whistleblowers
Regulators Hit Jackpot: Off-Channel Communications -
Several years before announcing the first “off-channel” communications enforcement action, the SEC and FINRA cautioned broker-dealers and investment advisers about...more
10/11/2023
/ Annuities ,
Artificial Intelligence ,
Best Interest Standard ,
Breach of Contract ,
Class Action ,
COBRA ,
Consumer Financial Products ,
Consumer Insurance Products ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employment Litigation ,
Federal Arbitration Act ,
Financial Contracts ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
Health Insurance ,
Insider Trading ,
Insurance Fraud ,
Insurance Litigation ,
Insurance Regulations ,
Interlocutory Appeals ,
Investment Management ,
Life Insurance ,
Money Market Funds ,
Mutual Funds ,
NAIC ,
NLRA ,
NLRB ,
No-Action Letters ,
Non-Compete Agreements ,
NYDFS ,
Regulatory Requirements ,
Retirement ,
Robocalling ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
State and Local Government ,
Wage and Hour
On August 23, 2023, the National Association for Fixed Annuities (NAFA) filed an amicus brief in the case of SEC v. Cutter Financial Group LLC in federal district court in Boston. The brief followed the filing of an amended...more
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
On June 15, 2022, the SEC filed its first complaint alleging violations of the “care obligation” and the “compliance obligation” of Regulation Best Interest, Rule 15l-1(a) under the Securities Exchange Act of 1934 (Reg BI)....more
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
On February 9, 2022, FINRA issued the 2022 Report on FINRA's Examination and Risk Monitoring Program to provide firms with "information that may help their compliance programs." The 2022 report addresses 21 topic areas. For...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
On October 14, the Securities and Exchange Commission (SEC) released its report regarding the GameStop event of January 2021. The report does not fault the actions of any market participants. Instead, it outlines the U.S....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
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
The U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) have been busy of late in efforts to address alleged compliance issues associated with payment for order flow (PFOF),...more