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The SJC Shocks Financial Services Industry by Taking Victory Away from Robinhood and Giving it to the Secretary of State

In a widely anticipated decision, the Massachusetts Supreme Judicial Court unanimously upheld the Massachusetts Fiduciary Duty Rule, which imposes a fiduciary duty standard on Massachusetts broker-dealers. The high Court’s...more

Don’t Text and Trade: Regulators Crack Down on the Use of Improper Communication Channels

Registered reps beware: your personal device or messaging account is not the right place to conduct your business affairs, and regulators have made clear that they will not look the other way. In particular, the Financial...more

No More Mr. Nice BI: Reg BI Violation Leads to Expulsion for FINRA Member Firm

The Financial Industry Regulatory Authority (“FINRA”) has acted on its promise to bring Reg BI to life, announcing last week that it has expelled member firm SW Financial, as well as disciplined its CEO and majority-owner,...more

Call it a Comeback: The Likely Return of ESG Investing in ERISA Accounts

Environmental, social, and governance (“ESG”) investing has experienced quite the regulatory roller coaster in recent years. In the most recent turn, Democratic Senators Patty Murray (D-Wash.) and Tina Smith (D-Minn.), along...more

Massachusetts Securities Division Begins Enforcement Of New State Fiduciary Conduct Standard

On September 1, 2020, the Massachusetts Securities Division (“MSD”) began enforcing a new state regulation that holds all broker-dealers and their agents to a fiduciary conduct standard requiring them to “make recommendations...more

Interactive Brokers LLC Submits to SEC, FINRA, and CFTC Penalties Totalling $38 Over Widespread AML Failures

Interactive Brokers LLC (“Interactive Brokers”) recently settled with three separate regulatory entities for a total of $38 million, without admitting or denying the findings. According to the SEC, Interactive Brokers failed...more

FINRA Again Reminds Firms to Beware of Fraud during COVID-19 Pandemic

As we previously discussed, FINRA issued guidance to member firms and their associated persons in April 2020 to remain “vigilant in their surveillance against cyber threats and take steps to reduce the risk of cyber events.”...more

FINRA Fines Broker-Dealer for Sharing Customer Data with Third-Party Vendor

Kestra Investment Services LLC (“Kestra”) was fined $125,000 by FINRA for sharing personal customer data with a third-party vendor. Kestra had engaged the vendor to assist newly hired brokers with the transfer of customer...more

FINRA Issues Guidance to Small Firms on Annual Assessment and Net Capital due to COVID-19

Due to the economic impact of COVID-19, especially on smaller broker-dealers, FINRA will allow small firms more time to pay their Annual Assessment (comprised of the Gross Income Assessment and the Personal Assessment). ...more

Massachusetts Attorney General Issues Guidance Clarifying the COVID-19 Emergency Debt Collection Regulations

On the heels of codifying 940 CMR 35.00, the “Unfair and Deceptive Debt Collection Practices During the State of Emergency Caused by COVID-19” (the “Emergency Regulations”), Attorney General Maura Healey issued guidance on...more

Massachusetts Attorney General Sets Her Sights on Debt Collectors in the Wake of COVID-19

On March 27, 2020, the Massachusetts Attorney General, Maura Healy, filed an emergency regulation, aimed at what the office described as “prevent[ing] debt collectors and creditors from harassing our residents.” The new...more

State Securities Regulators Adapt in Response to COVID-19

As financial professionals struggle to adapt during these trying times, securities regulators are also revising their processes and procedures to address the current realities of investor protection in the time of COVID-19...more

Material Non-Public Information in the Time of COVID-19: SEC Warning on Insider Trading

On March 23, 2020 the SEC issued a statement warning about the risks of insider trading posed by the COVID-19 pandemic. The statement (available...more

Massachusetts Securities Division Rolls Out Final Version of Fiduciary Duty Rule

The Massachusetts Securities Division (the “Division”) has announced that they will begin to apply a fiduciary conduct standard to broker-dealers and agents when dealing with their customers. Once adopted, the Division has...more

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