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SEC to Streamline Disclosures for Public Companies, Investment Companies and Investment Advisers

The United States Securities and Exchange Commission (SEC) voted in open meeting on October 11, 2017 to propose amendments to its regulations to modernize, streamline and simplify disclosure requirements for public companies,...more

Florida Emergency Order Suspends Securities Branch-Office Regulations

Florida’s state securities regulator, the Office of Financial Regulation (OFR), is historically strict about licensing of branch offices of securities dealers, issuer/dealers and investment advisers. Under Sections 517.012(5)...more

Curing Consumer Finance Overreach

A legacy of the financial crisis a decade ago, Congress enacted the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (“SAFE Act”), which gave states one year to pass legislation requiring licensure of mortgage...more

Florida Regulator Promises Revision of Investment Adviser Rules – New Industry Group Forms

Officials from the Florida Office of Financial Regulation (“OFR”) met with representatives of the securities industry last month to discuss reform of regulations applicable to state-covered investment advisers. ...more

Securities Fraud Class Actions are Here to Stay, For Now

On June 23, 2014, the Supreme Court of the United States rendered its opinion in Halliburton Co. v. Erica P. John Fund, No. 13-317, 134 S. Ct. 2398 (2014), unanimously declining to overturn a 26-year-old precedent that...more

Florida Securities Regulator Announces Rule Development to Address Industry Concerns

On October 14, 2011, at the invitation of the Florida Office of Financial Regulation (OFR), the Florida Securities Dealers Association (FSDA) recommended 20 changes to the administrative rules governing OFR’s Division of...more

Florida Regulator to Overhaul Securities and Investment Adviser Regulations

Pamela P. Epting, Director of the Division of Securities in the Florida Office of Financial Regulation, has announced a major reorganization and revision of the Division’s administrative rules and invited suggestions for...more

3/12/2014  /  Compliance , Investment Adviser

Will Securities Fraud Class Actions Fade Into History?

The U.S. Supreme Court’s grant of certiorari in Halliburton Co. v. Erica P. John Fund, No. 13-317, suggests a dramatic change in private securities litigation is possible. On November 15, 2013, the Court accepted...more

Securities Update: Florida Allows Notice Filing for Branch Offices

Under a new law aggressively advocated by the Florida Securities Dealers Association (“FSDA”) and Financial Services Institute (“FSI”) Florida recently streamlined its regulation of securities broker-dealers and state-covered...more

Bill Seeks to Strip Securities Regulator of Power to Deny New Branch Offices to Broker-Dealers and Investment Advisers

A hallmark of Florida's notoriously strict regulation of investment professions may soon be no more. Florida is one of only eight jurisdictions in the United States that require securities broker-dealers and investment...more

United States Supreme Court Extends Class Certification “Rigorous Analysis” to Damages Evidence

The Supreme Court recently applied its “rigorous analysis” standard to class-wide damages evidence and reversed class certification. See Comcast Corp. v. Behrend, No. 11-864 (Mar. 27, 2013) (slip opinion). The “rigorous...more

Controversial FINRA Decision Invalidates Rules Against Class Action Waiver in Arbitration Agreements

A hearing panel of the Financial Industry Regulatory Authority (“FINRA”) recently issued a decision that has been lauded and decried as the death knell for class actions by securities investors. In 2011, Charles Schwab & Co....more

3/12/2013

Supreme Court Eases Burden for Securities Class Action Plaintiffs

The U.S. Supreme Court recently rejected the need for plaintiffs to prove materiality at the class certification stage in federal securities fraud class actions, thus allowing shareholders of Amgen to proceed as a class in a...more

Florida Securities Regulator Warns Investment Advisers of State Law Requirements

Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. 111-203, “mid-sized” registered investment advisers (“RIAs”), those with more than $25 million of their customers’ assets under management, but less...more

1/8/2013  /  Dodd-Frank , Investment Adviser
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