US and EU authorities have finally moved to solve the cross-border issues arising from MiFID II rules on research unbundling.
Key Points:
- The US SEC has published three temporary “no action” letters, which are...more
SEC’s investigative report sends clear message that virtual transactions using innovative technologies are subject to the application of securities laws.
Introduction -
On July 25, 2017, the US Securities and Exchange...more
7/28/2017
/ Blockchain ,
Distributed Ledger Technology (DLT) ,
Enforcement Actions ,
FinTech ,
Initial Coin Offering (ICOs) ,
Market Participants ,
Popular ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Token Sales
The proposal represents a major step in what promises to be a full-scale overhaul of FINRA’s Capital Formation Rules -
On April 12, 2017, the Financial Industry Regulatory Authority, Inc. (FINRA) published Regulatory...more
The safe harbor would offer relief from certain requirements of FINRA’s research rules, but significant compliance obligations and questions remain.
On April 12, 2017, the Financial Industry Regulatory Authority, Inc....more
Regulators responded to a narrow question about trading bitcoin-based securities, with orders that should not limit innovation in bitcoin technologies.
On March 10, 2017, the US Securities and Exchange Commission (SEC)...more
The proposed consolidated rules bifurcate the representative-level examination program and introduce greater flexibility in obtaining and maintaining registrations.
On March 8, 2017, the Financial Industry Regulatory...more
Amendment to FINRA Communications Rule would put member firms on a more equal footing with investment advisers.
In February 2017, the Financial Industry Regulatory Authority, Inc. (FINRA) announced a proposed amendment...more
Placement agents to private funds who seek investments by state and local pension plans must comply with restrictions on political contributions and related activities.
On August 25, 2016, the Securities Exchange...more
While the new rules may provide a measure of relief to certain entities that engage in a limited subset of broker-dealer activities, significant compliance requirements continue to apply.
On August 18, 2016, the U.S....more
The action underscores the need for investment advisers and broker-dealers to maintain robust policies and controls when utilizing third-party contractors.
On May 27, 2016, the Securities and Exchange Commission (SEC)...more
The action may have significant implications for PE advisers performing brokerage services; highlights SEC’s focus on advisers receiving transaction-based compensation.
On June 1, 2016, the Securities and Exchange...more
6/29/2016
/ Broker-Dealer ,
Investment Advisers Act of 1940 ,
Management Fees ,
Neither Admit Nor Deny Settlements ,
Offsets ,
Portfolio Companies ,
Private Equity ,
Private Funds ,
Registration Requirement ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Transaction-Based Compensation
Broker-dealers with historical or ongoing instances of non-compliance with the SEC’s Customer Protection Rule are encouraged to self-report by November 1, 2016.
On June 23, 2016, the Securities and Exchange...more
6/29/2016
/ Broker-Dealer ,
Compliance ,
Cooperation ,
Customer Protection Rule ,
Financial Industry Regulatory Authority (FINRA) ,
Individual Accountability ,
OCIE ,
Section 15(c) ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Self-Reporting
The BIC Exemption to the new DOL Fiduciary Rule offers some relief, but at a potentially prohibitive cost.
The US Department of Labor (the DOL) recently forced the most significant change to the investment community...more
6/23/2016
/ Best Interest Contract Exemptions ,
Best Interest Standard ,
Conflicts of Interest ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Final Rules ,
Individual Retirement Account (IRA) ,
Notice Requirements ,
Recordkeeping Requirements ,
Required Documentation
The plan would create a single database to enable regulators to track all trading activity in the US equity and options markets.
On April 27, 2016, the Securities and Exchange Commission (SEC) published for public...more
Final rule reflects some concessions, but its broad scope and compliance costs will cause financial services advisers to re-evaluate their business models.
On April 6, 2016, the US Department of Labor (the DOL) released...more
5/5/2016
/ Best Interest Contract Exemptions ,
Best Interest Standard ,
Broker Commissions ,
Broker-Dealer ,
Conflicts of Interest ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fees ,
Fiduciary Duty ,
Final Rules ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
PTEs ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
SIFMA
If adopted, the Proposed Rule would have a significant impact on compensation practices at covered institutions.
On April 21, 2016, the National Credit Union Administration (the NCUA) issued a proposed rule regarding...more
5/5/2016
/ Board of Directors ,
Clawbacks ,
Comment Period ,
Compensation Committee ,
Corporate Executives ,
Disclosure Requirements ,
Dodd-Frank ,
FDIC ,
Federal Reserve ,
FHFA ,
Financial Crisis ,
Financial Institutions ,
Forfeiture ,
Incentive Compensation ,
NCUA ,
OCC ,
Proposed Regulation ,
Recordkeeping Requirements ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Vesting
What is cryptocurrency?
There is no one standard definition of cryptocurrency. At the most basic level cryptocurrency—or digital currency or virtual currency—is a medium of exchange that functions like money (in that it...more
The new MSRB rule represents another significant milestone in the MSRB’s development of the comprehensive regulatory framework for municipal advisors mandated under the Dodd-Frank Act.
On December 23, 2015, the...more
Cryptocurrency is on the rise...and so are enforcement actions.
In less than a decade, cyptocurrencies have grown from a novelty reserved for those dealing in the illicit into a robust platform embraced by financial...more
12/9/2015
/ Anti-Money Laundering ,
Bitcoin ,
BitLicense ,
CFTC ,
Cryptocurrency ,
Dodd-Frank ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
FinCEN ,
Popular ,
Securities and Exchange Commission (SEC) ,
Young Lawyers
The proposal would subject ATSs that effect transactions in listed stocks to significant new disclosure and transparency requirements.
On November 18, 2015, the US Securities and Exchange Commission (SEC) proposed rules...more
The amendments require FINRA members to update their retail websites to include readily apparent references and hyperlinks to BrokerCheck.
On October 8, 2015, the Securities and Exchange Commission (SEC) approved a...more
The new rules retain many of the current rules’ core requirements, but expand certain obligations and impose requirements on debt research activities for the first time.
On August 26, 2015, the Financial Industry...more
8/28/2015
/ Conflicts of Interest ,
Debt Securities ,
Disclosure Requirements ,
Due Diligence ,
Equity Securities ,
Financial Analysts ,
Financial Industry Regulatory Authority (FINRA) ,
General Solicitation ,
Information Reports ,
NASD ,
New Regulations ,
Securities and Exchange Commission (SEC)
Despite the July 31, 2015 compliance date, the SEC will not enforce the third-party solicitation ban until corresponding FINRA/MSRB Rules take effect.
On June 25, 2015, the Securities and Exchange Commission (SEC)...more
As amended, Regulation A now provides an exemption from registration for certain issuers offering up to US$50 million of securities in a 12-month period.
On March 25, 2015, the Securities and Exchange Commission (SEC)...more
A summary of a private equity firm’s compliance obligations, a discussion of notable developments in 2014 and highlights of the SEC’s examination priorities for 2015.
US federal laws and regulations, as well as the...more
2/26/2015
/ Chief Compliance Officers ,
Compliance ,
Dodd-Frank ,
Fund Managers ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Funds ,
Private Equity ,
Private Equity Funds ,
Regulation D ,
Securities and Exchange Commission (SEC)