In its continued efforts to learn what broker-dealers and their employees are doing in the digital asset space, FINRA has effectively reissued a regulatory notice requesting that broker-dealers keep FINRA apprised of their...more
A joint statement issued by the staffs of the SEC and FINRA provides insight into the issues under consideration regarding broker-dealer custody of digital asset securities, such as initial coin offerings. The SEC and FINRA...more
On July 8, the staffs of the Division of Trading and Markets (TM) of the US Securities and Exchange Commission and of the Office of General Counsel of the Financial Industry Regulatory Authority, Inc. issued a joint statement...more
US Securities and Exchange Commission Chairman Jay Clayton issued a statement on July 3 that should help to rationalize the process for firms seeking waivers from disqualification resulting from certain enforcement actions....more
A recent bill has been introduced again in the US House of Representatives that would make it much tougher for firms subject to SEC enforcement actions to obtain waivers for bad actor disqualifications in federal securities...more
Broker-dealers and investment advisers with clients in Nevada should review the fiduciary obligations contained in new amendments to the Nevada financial planner statute that go into effect on July 1, 2017....more
The respective proposals would require disclosure of price differentials in certain same-day fixed-income transactions that involve retail customers and go beyond existing price differential disclosure requirements in equity...more
On November 19, 2014, the U.S. Securities and Exchange Commission (SEC) unanimously adopted Regulation Systems Compliance and Integrity (Regulation SCI) under the Securities Exchange Act of 1934 (Exchange Act). Regulation SCI...more
SEC Chair Mary Jo White outlined a broad market structure proposal that would require high-frequency traders to register with the SEC as dealers and that could signal the end of the dealer-trader distinction....more
The proposal is consistent with international recommendations and Basel III criteria.
On March 12, the Securities and Exchange Commission (SEC) proposed new rules and rule amendments (the Proposal) that would enhance...more
The guidance addresses expense arrangements, buy-in procedures, free credit balances, sweep programs, and bulk transfers, among other things.
On March 6, the staff of the Securities and Exchange Commission (SEC) issued...more
In two separate letters, the SEC staff addresses operational concerns raised by broker-dealers in connection with sweep program authorizations and the use of certain nonaffiliated U.S. branches of foreign banks....more
SEC staff action may head off congressional action to exempt M&A Brokers from registration.
On February 3, the staff of the Securities and Exchange Commission (SEC) issued a no-action letter that permits an M&A broker...more
The limited exemption will provide broker-dealers with more time to make necessary operational or systems changes.
On October 17, the Securities and Exchange Commission (SEC) issued an order providing a temporary...more
Amendments impact many aspects of broker-dealers' back-office operations and will require changes to a number of existing practices.
On July 30, the Securities and Exchange Commission (SEC) adopted amendments to the...more
The no-action relief provided by the staff of the Division of Trading and Markets is generally consistent with the relief previously provided to foreign options markets.
On July 1, the staff of the Securities and...more
Order grants exemptive relief from Exchange Act requirements; parallel CFTC relief expected soon.
On December 14, the Securities and Exchange Commission (SEC) issued an order granting exemptive relief (Exemptive Order)...more