On August 16, Instinet, LLC (Instinet or the Firm) agreed to pay a $3.8 million fine to settle an enforcement action with the Financial Industry Regulatory Authority (FINRA) regarding its alleged failure to comply with...more
A DC Circuit Court of Appeals challenge to a recent Financial Industry Regulatory Authority (FINRA) enforcement action brings into question whether FINRA should be held accountable to constitutional restrictions on state...more
SEC Advertising Rules – Client Resource Center -
November 4 was the compliance date for the new rule governing advertising and solicitation activities by investment advisers. The new rule substantially revises decades old...more
11/14/2022
/ Advertising ,
Cybersecurity ,
Electronic Communications ,
Enforcement Actions ,
Financial Industry Regulatory Authority (FINRA) ,
Human Resources Professionals ,
Investment Adviser ,
New York ,
Outsourcing ,
Pay Transparency ,
Recordkeeping Requirements ,
Securities and Exchange Commission (SEC) ,
WhatsApp
Recent alleged recordkeeping failures resulted in aggregate fines in excess of $1.8 billion levied against 11 Wall Street financial institutions and many of their affiliated entities by the Securities and Exchange Commission...more
On July 27, 2022, FINRA filed a proposed rule change with the SEC to make it easier for brokers to work from home. The proposed rule will add a category termed a “Residential Supervisory Location” under FINRA Rule 3110...more
8/16/2022
/ Acquisitions ,
Broker-Dealer ,
Compliance ,
Enforcement Actions ,
Financial Industry Regulatory Authority (FINRA) ,
FinTech ,
Investment Adviser ,
Investment Funds ,
Mergers ,
Registered Investment Advisors ,
Securities and Exchange Commission (SEC) ,
Spoofing ,
UK
Almost all proprietary trading firms that are currently registered as broker-dealers with the Securities and Exchange Commission (SEC) would likely be required to join the Financial Industry Regulatory Authority (FINRA) under...more
The importance of investment advisers and broker-dealers to comply with obligations under Regulation Best Interest and Form CRS was highlighted by the recent filing of 27 enforcement actions by the Securities and Exchange...more
The Financial Industry Regulatory Authority (FINRA) recently issued a Regulatory Notice (Notice) reminding firms of their obligations with respect to best execution and payment for order flow....more
BROKER-DEALER -
FINRA Publishes 2021 Industry Spotlight -
On May 25, the Financial Industry Regulatory Authority (FINRA) published the 2021 FINRA Industry Spotlight (Industry Spotlight), which is FINRA’s annual...more
BROKER-DEALER -
Notice of Filing of a Proposed Rule Change to Adopt a Supplemental Liquidity Schedule -
The Securities and Exchange Commission is seeking comments on a Financial Industry Regulatory Authority (FINRA)...more
BROKER-DEALER -
Gary Gensler Names Initial Senior Staff Members -
On April 19, the Securities and Exchange Commission announced the appointments of SEC Chair Gary Gensler’s senior staff, who will be responsible for...more
SEC/CORPORATE -
SEC Corp Fin Staff Issues Statement on SPAC Transactions -
On March 31, the staff of the Division of Corporation Finance (the Staff) of the Securities and Exchange Commission issued a staff statement...more
BROKER-DEALER -
FINRA New Rule 3241 Becomes Effective February 15 -
On February 15, Financial Industry Regulatory Authority (FINRA) new Rule 3241 — “Registered Person Being Named a Customer’s Beneficiary or Holding a...more
2/8/2021
/ Broker-Dealer ,
Compliance ,
Department of Justice (DOJ) ,
Enforcement Actions ,
EU ,
False Claims Act (FCA) ,
Federal Trade Commission (FTC) ,
Financial Industry Regulatory Authority (FINRA) ,
HM Treasury ,
Investment Adviser ,
Securities and Exchange Commission (SEC) ,
UK
The Securities and Exchange Commission issued a proposed order that, if adopted, would provide an exemption to certain "finders," persons who connect potential buyers and sellers of securities for a fee, from broker-dealer...more
BROKER-DEALER -
FINRA Requests Comments for Proposed Amendments to FINRA Rule 2165 -
On October 5, the Financial Industry Regulatory Authority (FINRA) issued Regulatory Notice 20-34, which requests comment on proposed...more
SEC/CORPORATE -
SEC Amends the Definitions of “Accredited Investor” and “Qualified Institutional Buyer” -
On August 26, the Securities and Exchange Commission adopted amendments to the definitions of “accredited...more
Key Points -
- This Katten Advisory focuses on the impact of the COVID-19 outbreak on regulatory compliance obligations of financial firms operating in the United States, with a focus on securities and derivatives industry...more
3/21/2020
/ Business Continuity Plans ,
Centers for Disease Control and Prevention (CDC) ,
CFTC ,
Coronavirus/COVID-19 ,
Enforcement ,
Enforcement Actions ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
National Futures Association ,
Relief Measures ,
Securities and Exchange Commission (SEC) ,
World Health Organization
SEC/CORPORATE -
Federal Court Rules Investment Fund is 10 Percent Owner in Section 16 Case -
On August 20, a federal magistrate judge in the Eastern District of New York granted a motion for summary judgment in a...more