Morrison & Foerster LLP - Broker-Dealer Compliance + Regulation

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Firm Profile: Morrison & Foerster LLP
1290 Avenue of the Americas
New York, NY 10104-0050, United States
Phone: (212) 468-8000
Fax: (212) 468-7900
Areas of Practice
  • Finance & Banking
  • Litigation
  • Securities Law
Locations
Other U.S. Locations
  • California
  • Colorado
  • D.C.
  • New York
  • Virginia
Other Countries
  • Belgium
  • China
  • Hong Kong
  • Japan
  • United Kingdom
Number of Attorneys
1,000+ Attorneys

Open-End Fund Converts to Closed-End Fund

In what has been reported as a market first, the independent directors and shareholders of an open-end fund (mutual fund) agreed to convert an approximately $1 billion open-end fund to an exchange-listed, closed-end fund…more
 /  Business Organizations, Finance & Banking, Securities Law

SEC Chairman Clayton Addresses Senate Committee

On September 26, 2017, SEC Chairman Jay Clayton delivered to the U.S. Senate Committee on Banking, Housing and Urban Affairs his first testimony as Chairman…more
 /  Business Organizations, Finance & Banking, Securities Law

The Fiduciary Rule Poll

The US Department of Labor’s (DOL) fiduciary standard rule has been befuddling the financial services industry for the past seven years. In its simplest form, it increases accountability for the brokers, planners and insurance…more
 /  Finance & Banking, Labor & Employment Law

Form ADV Amendments: Ready to Go?

As summer recedes and we head into the autumn, investment advisers are in the home stretch of preparations for Form ADV reporting and disclosure changes that become effective October 1, 2017. The amendments, which were adopted…more
 /  Business Organizations, Finance & Banking, Securities Law

California Court Applies “Tracing” Requirement to ETF Shareholders Who Sue under Section 11

A California state court held that shareholders of exchange-traded funds (ETFs) have standing to sue under Section 11 of the Securities Act of 1933 (“1933 Act”) for an alleged prospectus misstatement only if they can trace their…more
 /  Business Organizations, Finance & Banking, Securities Law

Auditor Independence No-Action Relief Extended

In a letter dated September 22, 2017, the SEC staff agreed to extend previous relief that enables registered fund groups to fulfill regulatory requirements under Regulation S-X if the accounting firm auditing the funds’…more
 /  Business Organizations, Finance & Banking, Securities Law

NASAA Survey Finds Seniors Are Most Vulnerable to Financial Fraud

On August 21, 2017, the North American Securities Administrators Association (“NASAA”) released a survey on senior citizens and financial exploitation. The survey of the state securities regulators highlighted, among other…more
 /  Consumer Protection, Finance & Banking, Securities Law

OCIE Spots Issues and Alerts Registered Advisers on Most Frequent Advertising Compliance Problems

On September 14, 2017, the National Exam Program of the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) published a Risk Alert outlining registered investment adviser compliance issues relating to Rule 206(4)-1…more
 /  Finance & Banking, Securities Law

DOL Proposes to Defer Full Implementation of its Fiduciary Rule Until July 1, 2019

In April 2016, the U.S. Department of Labor (DOL) adopted a rule that significantly expands the category of persons deemed fiduciaries when providing investment recommendations to most retail retirement accounts (the “Fiduciary…more
 /  Commercial Law & Contracts, Labor & Employment Law, Securities Law

Replacing Familiar Benchmarks: Preparations to Phase Out the IBORs

Long a mainstay of the financial world, the floating “IBOR” rates, based on the rates of actual or purported interbank offered loans, are now being swept slowly into the dustbin of history. The quantity, in both number and size,…more
 /  Business Organizations, Commercial Law & Contracts, Finance & Banking, Securities Law

FINRA Fines Broker-Dealers for Sales of Non-Traditional ETFs

In August 2017, FINRA entered into a consent agreement with a Georgia-based broker-dealer arising from improper practices and procedures relating to its sales of leveraged ETFs. The sales included ETFs that were leveraged,…more
 /  Business Organizations, Finance & Banking, Securities Law

Division of Investment Management Eases Compliance Deadline for New ADV Filing Requirement

Currently pending amendments to Form ADV have a compliance date of October 1, 2017 and, as of that date, an adviser filing an initial Form ADV or an amendment to an existing Form ADV must use the revised Form ADV. In an August…more
 /  Business Organizations, Finance & Banking, Securities Law

FAQs about Liability of Public Companies and Companies in Registration for Website and Social Media Content

Understanding a Company’s Potential Liability under the Securities Laws for Website Content - These FAQs address the ways in which company websites and social media platforms can give rise to securities law liability, and…more
 /  Business Torts, Communications & Media Law, Science, Computers, & Technology, Securities Law

FAQs about the FINRA Communication Rules

Understanding Financial Industry Regulatory Authority, Inc. Rule 2210, Communications with the Public - What is Rule 2210, and what does it require? - Rule 2210 governs three categories of “communications” by FINRA member…more
 /  Business Organizations, Communications & Media Law, Finance & Banking, Science, Computers, & Technology, Securities Law

The Guide to Social Media and the Securities Laws

The growing use of social media has created challenges for federal securities regulators, who must enforce antifraud rules that were written at a time when the prevailing technology was the newspaper. This Guide provides…more
 /  Business Organizations, Commercial Law & Contracts, Communications & Media Law, Finance & Banking, Securities Law
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