News & Analysis as of

Best Execution

U.S. Courts Of Appeals For The Eighth And Ninth Circuits Each Rules That SLUSA Precludes Alleged Violations Of State Laws Based On...

by Shearman & Sterling LLP on

On December 29, 2017 and January 9, 2018, respectively, the United States Court of Appeals for the Ninth Circuit and the United States Court of Appeals for the Eighth Circuit each affirmed district court dismissals of...more

Undisclosed Fees, Conflicts Yield SEC Sanctions for Adviser

by Dorsey & Whitney LLP on

Undisclosed conflicts, fees and overcharges have become a recurring theme in Commission cases involving investment advisers. Frequently these cases arise out of inspections by OCIE. See, e.g., In the Matter of Credit Suisse...more

MiFID II for Non-EU Fund Managers

by Shearman & Sterling LLP on

The revised EU Markets in Financial Instruments package—known as MiFID II—takes effect on January 3, 2018. New rules on trading inducements, research, best execution, market transparency and the regulation of algorithmic...more

Northern District Of California Dismisses Securities Fraud Class Action, Finding Plaintiffs Had Alleged "Injury In Fact"...

by Shearman & Sterling LLP on

On June 12, 2017, Judge Richard Seeborg of the United States District Court for the Northern District of California dismissed without prejudice a putative securities class action against Charles Schwab & Co. (“Schwab”) under...more

Southern District Of New York Dismisses Putative Class Action, Holding That Claims Are Precluded By SLUSA

by Shearman & Sterling LLP on

On April 1, 2017, District Judge John G. Koeltl of the United States District Court for the Southern District of New York dismissed a putative class action against brokerage firm E*TRADE Financial Corporation and E*TRADE...more

Best Execution Concerns Reiterated by the UK Financial Conduct Authority

by Shearman & Sterling LLP on

The Financial Conduct Authority published a statement on best execution compliance by investment firms. The statement sets out the FCA's findings from supervisory work on how investment managers deliver best execution for...more

FCA issues press releases on best execution and dealing commission

by Ropes & Gray LLP on

The FCA issued two important press releases on 3 March 2017, outlining its findings from its recent supervisory work on firms’ use of dealing commission and firms ensuring effective oversight of best execution....more

MSRB’s Execution Guidance under Rule G-18: Forward with Flexibility

by Butler Snow LLP on

The Municipal Securities Rulemaking Board (“MSRB”) recently released its best execution guidance under MSRB Rule G-18 (the “Rule” or “Rule G-18”). The Rule will be effective as of March 21, 2016. The Rule provides: “The...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The SEC’s apparent preference for administrative proceedings as a venue for its enforcement actions continues to draw criticism. H.R. 3798 is now pending in the House of Representatives. The bill is tilted the “Due Process...more

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Cybersecurity

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