In September 2022, the US Securities and Exchange Commission (SEC) announced that it had filed suit against one broker-dealer underwriter and entered into settlements with three other broker-dealer underwriters in cases...more
In June, FINRA reminded broker-dealers of their best execution obligations which are derived from common law agency principles and fiduciary obligations. The best execution obligation is incorporated in applicable MSRB rules...more
Municipal advisors, as well as other regulated entities, should be aware of their general obligations under Federal securities laws and MSRB Rules when formulating advice about securities or products, in particular if it...more
7/23/2021
/ Conflicts of Interest ,
Disclosure Requirements ,
Duty of Care ,
Duty of Loyalty ,
Fiduciary Duty ,
Libor ,
MSRB ,
Municipal Advisers ,
Securities and Exchange Commission (SEC) ,
Suitability Requirements ,
Underwriting
The focus on quantifying LIBOR exposure and related disclosure requirements may be a ‘red herring.’ The real issues are (i) whether the LIBOR transition is merely an excuse to change the effective interest rates of financial...more
7/15/2021
/ Corporate Governance ,
Disclosure Requirements ,
Documentation ,
Dodd-Frank ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Statements ,
Form 20-F ,
Interest Rates ,
Libor ,
MSRB ,
Municipal Securities Market ,
New Guidance ,
Regulation S-K ,
Secured Overnight Funding Rate (SOFR) ,
Securities and Exchange Commission (SEC)
In recent years, the Commodity Futures Trading Commission (CFTC) filed two actions with facts so shocking the reader is forced to ask, ‘can this be how the industry really functions?’
The Complaints -
The most recent...more
2/24/2021
/ CFTC ,
Commodity Exchange Act (CEA) ,
Dodd-Frank ,
Fraud ,
Libor ,
Material Disclosures ,
MSRB ,
Price Manipulation ,
Securities and Exchange Commission (SEC) ,
Suitability Requirements ,
Swaps