News & Analysis as of

Broker-Dealer

SEC Sanctions Broker-Dealer, Clearing Firm and Chief Compliance Officer for AML Violations

by Ballard Spahr LLP on

On May 16, 2018, the Securities Exchange Commission (“SEC”) announced it had settled charges against a registered broker-dealer, its clearing firm, and its chief compliance and anti-money laundering (“AML”) officer brought...more

Regulation Best Interest Obligates Broker-Dealers, Excuses RIAs

On May 9, 2018, the SEC released its much-anticipated proposed rule (“Regulation Best Interest”), which is intended to set the standard of conduct for broker-dealers and displace the DOL Fiduciary Rule....more

Bridging the Weeks - May 2018 #3

The Securities and Exchange Commission and the Financial Industry Regulatory Authority collectively fined a broker-dealer over US $6.1 million for not having an anti-money laundering program reasonably designed to detect and...more

Is the SEC’s Proposed “Best Interest” Standard for Broker-Dealers in Anyone’s Best Interest?

by Latham & Watkins LLP on

Proposal seeks to clarify and enhance obligations applicable to a broker-dealer’s retail customer interactions, but may raise more questions than answers. The Securities and Exchange Commission (SEC) proposed for public...more

SEC Proposes Rules of the Road for Brokers Giving Advice to Retail Investors

by Morgan Lewis on

This LawFlash analyzes the key aspects and questions raised by proposed Regulation Best Interest, including its impact on broker-dealers from disclosure, compliance, and operational perspectives....more

Texas Enforcement Sweep Finds Widespread Fraud in Cryptocurrency Offerings

by Jones Day on

The surge in cryptocurrency activity has led to an increase in attention from enforcement authorities at both the state and national levels. The Texas State Securities Board launched an investigation into cryptocurrency...more

The DOL Rolls Over, Fiduciary Rule Effectively Dead

by Ary Rosenbaum on

The Department of Labor (DOL) said it’s not going to pursue enforcement actions against investment advice fiduciaries “who are working diligently and in good faith to comply” with requirements of the fiduciary rule that was...more

Recent Developments Toward A Fiduciary Standard For Brokers

by Womble Bond Dickinson on

Much has happened since we last reported on the Department of Labor’s Fiduciary Rule. The compliance deadline was extended 18 months to July 1, 2019. A federal appellate court vacated the Fiduciary Rule in its entirety. The...more

US Securities and Exchange Commission Proposes Broker-Dealer Standard of Care and Guidance on Investment Advisers’ Fiduciary...

by Shearman & Sterling LLP on

The U.S. Securities and Exchange Commission published three proposed rules with request for public comment that would seek to enhance and clarify the standards of care applicable to broker-dealers and investment advisers when...more

SEC Proposes Fiduciary Rule for Broker-Dealers

On April 18, concurrently with its publication for comment of a proposed set of enhanced investment adviser regulations, the Securities and Exchange Commission (SEC) published a separate proposal related to the conduct...more

Truly RIA-Friendly Broker-Dealers on the Horizon?

FINRA recently proposed a rule (the “Proposed Rule”) addressing FINRA-registered broker-dealer’s (“Broker-Dealers”) responsibilities to supervise the outside business activities of their registered representatives...more

Capital Markets Alert – Public Market Advocacy Groups Release Guidance

On April 27, 2018, the Securities Industry and Financial Markets Association (SIFMA), the U.S. Chamber of Commerce and Nasdaq, along with certain technology and biotechnology groups, released a policy paper titled “Expanding...more

Ding Dong - The Amended Fiduciary Rule Is (Almost) Dead

by Dechert LLP on

Fiduciary rule, we hardly knew ya. The death knell for the DOL’s amended rule appears to be sounding this week with the expected mandate from the Fifth Circuit effectuating the vacatur of the amended rule in the case of...more

SEC Proposes New Best Interest Standard for BDs, Conduct Standards for RIAs, Warns Advisers about Bad Billing Practices, and the...

SEC Proposes “Regulation Best Interest” for Broker-Dealers: In an attempt to “enhance the quality and transparency of investors’ relationships with investment advisers and broker dealers,” the SEC has proposed and is...more

SEC Proposes New Interpretation of Fiduciary Duty

On April 18, 2018, the Securities and Exchange Commission (SEC) proposed a new interpretation (the “Proposed Interpretation”) of the fiduciary duties of investment advisers under the Investment Advisers Act of 1940, as...more

Will "Best Interest" Preempt Fiduciary Duties?

by Allen Matkins on

Last month, the Securities and Exchange Commission proposed to established a standard of conduct for broker-dealers when making a recommendation of any securities transaction or investment strategy involving securities to a...more

SEC Proposal to Enhance Protections and Preserve Choice for Retail Investors in Their Relationships With Investment Professionals

by Goodwin on

On April 18, 2018, the Securities and Exchange Commission (SEC) voted to propose a package of rulemakings and interpretations designed, in the words of the accompanying press release, “to enhance the quality and transparency...more

SEC Addresses Standards of Care for Investment Advisers and Broker-Dealers in Proposed Rules

The Securities and Exchange Commission (“SEC”) has released a set of proposed rules governing relationships between investment professionals and their clients. The proposed rules—a hefty 1,000 pages with 1,800 footnotes— seek...more

Corporate & Financial Weekly Digest, Featuring Topics on Broker/Dealer, CFTC and UK/EU Developments

BROKER-DEALER - FINRA Seeks Comment on Rule Proposal Regarding High-Risk Brokers - On May 30, the Financial Industry Regulatory Authority published Regulatory Notice 18-16, which seeks comment on proposed rule...more

Retail Client Confusion Regarding Broker-Dealers and Investment Advisers: Call Me by Your Name

In a speech on May 2, 2018 regarding the SEC’s recent proposed broker-dealer standard of conduct, Jay Clayton, Chair of the Securities and Exchange Commission (SEC), commented as follows on retail investor confusion over...more

SEC Proposes Conduct Standards for Investment Advisers

On April 18, concurrently with its publication for comment of a proposed fiduciary rule for brokers,1 the Securities and Exchange Commission (SEC) took several actions that broadly implicate investment advisers....more

Filing Deadlines and To Do List for May 2018

FOR INVESTMENT MANAGERS - Form 13F: Form 13F quarterly filing is due for Q1 2018 within 45 days after the end of the calendar quarter. Due date is May 15, 2018....more

SEC Proposes Simplified Relationship Summary for Broker-Dealers and Investment Advisers to Use with Retail Investors

by Morrison & Foerster LLP on

In the third release comprising part of the package of proposed rules and forms related to broker-dealers’ and investment advisers’ standards of conduct, the Securities and Exchange Commission (the SEC or the “Commission”)...more

SEC Proposals – Form CRS Client Relationship Summary for Advisers and Broker-Dealers; Best Interest Standard of Conduct for...

by Ropes & Gray LLP on

On April 18, 2018, the SEC released three sets of proposals that the SEC press release stated were “designed to enhance the quality and transparency of investors’ relationships with investment advisers and broker-dealers.”...more

SEC Proposes Enhanced Investment Adviser and Broker-Dealer Standards of Conduct

On April 18, the Securities and Exchange Commission (SEC) proposed a trio of rules and interpretations designed to enhance the quality and transparency of investors’ relationships with investment advisers (IAs) and...more

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Cybersecurity

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