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SEC Division of Examinations Releases 2024 Priorities

The SEC’s Division of Examinations (EXAMS) published its report on 2024 Examination Priorities on October 16, 2023. The 2024 Examination Priorities continue to reflect an examination program that is vigorous and broad...more

SEC Division of Examinations Publishes Risk Alert Providing Observations from Broker-Dealer Examinations Related to Regulation...

The Securities and Exchange Commission’s Division of Examinations (Division) issued a Risk Alert (Risk Alert) on January 30, 2023 highlighting deficiencies its Staff observed during recent Regulation Best Interest...more

SEC Risk Alert Regarding Reg NMS Rule 606 and Payment for Order Flow Disclosure

Perhaps in anticipation of the Securities and Exchange Commission’s four rulemakings on order execution and handlings, the staff of the SEC’s Division of Examinations (Division) released a risk alert (Risk Alert) on November...more

Happy Holidays: SEC Provides Temporary Rule 15c2-11 Reprieve

In 2021, the staff (the “Staff”) of the Securities and Exchange Commission (the “SEC”) surprised the industry when it issued an interpretation stating that fixed income securities (including asset-backed securities) fall...more

SEC Adopts Amendments to Rule 17a-4 Electronic Recordkeeping Requirement

The Securities and Exchange Commission on October 12, 2022, adopted amendments to the electronic recordkeeping requirements for broker-dealers, security-based swap dealers (SBSDs), and major security-based swap participants...more

SEC Publishes Staff Bulletin on the Standards of Conduct for Broker-Dealers’ and Investment Advisers’ Conflicts of Interest

The Securities and Exchange Commission in 2019 issued significant new rules and interpretations addressing the standards of conduct for broker-dealers, in the form of Regulation Best Interest, and the standards of conduct for...more

Supervisory Liability for CCOs Under FINRA Rule 3110

The Financial Industry Regulatory Authority issued a regulatory notice clarifying the scope of supervisory liability under FINRA Rule 3110 of a broker-dealer’s chief compliance officer (CCO) (Regulatory Notice). FINRA’s Head...more

SEC Proposes T+1 Settlement Cycle and Related Changes

The Securities and Exchange Commission on February 9, 2022 proposed to: shorten the standard settlement cycle for most broker-dealer securities transactions from two business days following the trade date (T+2) to one...more

FINRA Proposes Order Routing Disclosure Requirements for OTC Equity Securities

The Financial Industry Regulatory Authority (“FINRA”) on October 6, 2021, published a regulatory notice (“Notice”) requesting comment on a proposal requiring broker-dealers to publish quarterly order routing disclosure...more

SEC Examinations Division Issues Risk Alert Regarding Digital Asset Securities

The staff of the Securities and Exchange Commission’s Division of Examinations (Staff) on February 26, 2021, published a Risk Alert (Risk Alert)1 regarding digital asset securities.2 The Risk Alert highlights observations...more

SEC Staff Issues No-Action Letter Regarding Digital Asset Securities Trading on ATS Platforms

The Staff of the Securities and Exchange Commission’s Division of Trading and Markets (Staff) issued a no-action letter to the Financial Industry Regulatory Authority on September 25, 2020 (Letter), in which the Staff stated...more

OCIE Publishes Risk Alert on COVID-19 Compliance Risks and Considerations for Broker-Dealers and Investment Advisers

The staff of the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (staff) issued a National Exam Program Risk Alert on August 12, 2020 (Risk Alert). The Risk Alert is intended to share...more

SEC Updates Rule 17H Risk Assessment Thresholds for Certain Broker Dealers

The Securities and Exchange Commission issued an order (Order)1 on June 29, 2020, under Section 17(h)(4) of the Securities Exchange Act of 1934, raising the thresholds for compliance with the recordkeeping and reporting...more

OCIE Publishes Risk Alerts Providing Advance Information Regarding Inspections for Compliance with Regulation Best Interest and...

The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations issued two Risk Alerts (Risk Alerts)1 on April 7, 2020, identifying the scope and content of OCIE’s initial examinations following the...more

FINRA Moves Forward with Proposed Amendments to its Suitability and Non-Cash Compensation Rules

The Financial Industry Regulatory Authority, Inc. filed proposed amendments with the Securities and Exchange Commission on March 19, 2020, to FINRA Rule 2111 (Suitability Rule) and Capital Acquisition Broker (CAB) Rule 211...more

Firms Should Move Full Steam Ahead on Regulation Best Interest and Form CRS

In an April 2, 2020 statement regarding the SEC’s approach to the allocation of resources, oversight and rulemaking in light of the COVID-19 coronavirus, SEC Chairman Jay Clayton discussed Regulation Best Interest (Reg BI)...more

FINRA Issues 2020 Examination Priorities

The Financial Industry Regulatory Authority published its 2020 Risk Monitoring and Examination Priorities Letter (Priorities Letter) on January 9, 2020. The Priorities Letter identifies four core areas on which FINRA will...more

OCIE Releases 2020 Examination Priorities

The 2020 Examination Priorities of the Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission were announced on January 7, 2020, and cover eight broad topics: - Protection...more

Massachusetts Moves Forward With Proposed Fiduciary Duty for Broker-Dealers and Investment Advisers

Massachusetts’ Secretary of the Commonwealth, William F. Galvin, caused the Securities Division to issue, on November 29, 2019, a revised proposed uniform standard of conduct for broker-dealers, investment advisers, and their...more

SEC Staff Extends MiFID II Relief for U.S. Broker-Dealers Accepting Cash Payments for Research

The U.S. SEC’s Division of Investment Management (Staff) has extended, until July 3, 2023, its 2017 temporary no-action letter (2017 NAL) regarding the “investment adviser” status of certain broker-dealers that accept cash...more

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