News & Analysis as of

Broker-Dealer

SEC Staff Announces 2018 OCIE Examination Priorities

by Proskauer Rose LLP on

Last week the staff of the Office of Compliance Inspections and Examinations (OCIE) of the SEC announced its 2018 examination priorities. The 2018 examination priorities include five thematic areas: (i) compliance and risks...more

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

SEC/CORPORATE - SEC Proposes Budget for Fiscal Year 2019 - On February 12, the Securities and Exchange Commission issued a press release announcing its budget request for fiscal year 2019, which represents a 3.5 percent...more

First State Charges Broker-Dealer in Connection with Violations of DOL Fiduciary Rule

On February 15, 2018, the Enforcement Section of the Massachusetts Securities Division (the “Division”) of the Office of the Secretary of the Commonwealth charged a registered broker-dealer (the “Broker-Dealer”) that operated...more

SEC Announces 2018 Examination Priorities

by Ropes & Gray LLP on

The National Examination Program, which is administered by the SEC’s Office of Compliance Inspections and Examinations (“OCIE”), recently published its Examination Priorities for 2018 (the “2018 Exam Priorities”). In the 2018...more

SEC Targets Advisers With New Cooperation Initiative

by Dorsey & Whitney LLP on

The SEC’s Division of Enforcement announced a new cooperation initiative addressed to investment advisers who have failed to disclose conflicts arising from the receipt of 12b-1 fees from mutual funds. In essence, the...more

SEC Exams to Focus on ICOs and Cryptocurrency

by Goodwin on

On February 7, 2018, the SEC’s Office of Compliance Inspections and Examinations (OCIE) announced its 2018 Examination Priorities. In what comes as no surprise, the exam priorities include initial coin offerings (ICOs) and...more

SEC Files Another Action Centered on Trading in Opaque Markets

by Dorsey & Whitney LLP on

The Commission filed another action centered misrepresentations made in opaque trading markets for mortgage backed securities. Unlike its earlier actions in this area, however, the case settled simultaneous with filing....more

Investment Services Regulatory Update - February 2018

by Vedder Price on

New Rules, Proposed Rules, Guidance and Alerts – SEC STAFF GUIDANCE AND ALERTS - SEC Staff Issues Guidance on Cryptocurrency-related Holdings - On January 18, 2018, the staff of the SEC’s Division of Investment...more

The Top Ten Regulatory and Litigation Risks for Private Funds in 2018

With the public equity markets at an all-time high and private equity fund raising setting new records, it might seem counter-intuitive to forecast litigation and regulatory risks. The opposite is true. Disputes typically...more

SEC's Office of Compliance Inspections and Examinations 2018 Examination Priorities

by Bracewell LLP on

On February 7, 2018, the Office of Compliance Inspections and Examinations (“OCIE”) of the U.S. Securities and Exchange Commission (“SEC”) published its 2018 examination priorities. OCIE’s examination priorities are...more

Corporate and Financial Weekly Digest, Featuring Topics on SEC/Corporate, Broker-Dealer, Derivatives and UK/EU Developments

SEC/CORPORATE - SEC Approves NYSE Rule to Facilitate Listing Without an IPO - On February 2, the Securities and Exchange Commissions approved a New York Stock Exchange (NYSE) rule change that facilitates the listing...more

SEC’s Office Of Compliance Inspections Releases Its 2018 Examination Priorities

by Fox Rothschild LLP on

The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) has released its 2018 examination priorities, an annual report outlining the areas of the securities industry its examiners...more

WSGR Fintech Update - February 2018

Wilson Sonsini Goodrich & Rosati is pleased to present the February 2018 issue of the WSGR Fintech Update. This latest edition features an article discussing a letter recently issued by the SEC’s Division of Investment...more

SEC Diversity Assessment Reports on Policies and Practices for Investment Advisers, Private Fund Advisers, Broker-Dealers and...

by Dorsey & Whitney LLP on

Recently, the Securities and Exchange Commission’s Office of Minority and Women Inclusion (“OMWI”) released its Diversity Assessment Report for regulated entities, including investment advisers, private fund advisers and...more

DBO Reports Increase In Adviser Examinations

by Allen Matkins on

The California Department of Business Oversight recently issued its annual Broker-Dealer/Investment Adviser report for the fiscal year ended June 30, 2017. The DBO reports that it had 3,808 investment adviser firms licensed...more

FINRA Issues FAQs on Rules Relating to Financial Exploitation of Seniors and Other Vulnerable Adults

by Dechert LLP on

The Financial Industry Regulatory Authority (FINRA) has published frequently asked questions (FAQs) for complying with new FINRA Rule 2165 (Financial Exploitation of Specified Adults) and amendments to FINRA Rule 4512...more

Standards of Conduct for Investment Advisers, Broker-Dealers Under SEC Review

In the six months since Securities and Exchange Commission (SEC) Chairman Jay Clayton requested public comments on standards of conduct for investment advisers and broker-dealers, industry participants, investors and other...more

Chris Lazarini Analyzes Mandatory Arbitration Rule under FINRA Rule 12200

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini analyzed a case in which defendant Wilson-Davis, a securities firm, sought to enjoin an arbitration brought against it alleging that the firm's failure to supervise its agent caused...more

Brokerage Industry Enhances Measures to Fight Elder Financial Exploitation

by Goodwin on

On February 5, 2018, new FINRA Rule 2165 (Financial Exploitation of Specified Adults) becomes effective, as does an amendment to existing FINRA Rule 4512 (Customer Account Information). Together, these rules will implement...more

Analysis of the SEC’s MiFID II No-Action Relief

by Proskauer Rose LLP on

On October 26, 2017, the Securities and Exchange Commission ("SEC" or the "Commission") staff issued three no-action letters to help broker-dealers, investment advisers and investment companies comply with the European...more

Texas Taking the Lead in State Cryptocurrency Enforcement

by Jackson Walker on

While the SEC has worked over the last several months to provide meaningful guidance around the offer and sale of digital tokens, state securities regulators have now begun to take action, with Texas leading the way. In the...more

FINRA Publishes FAQs on New Measures to Prevent the Financial Exploitation of Seniors

In January 2018, FINRA issued guidance on the provisions of Rule 2165 and the amendments to Rule 4512, which were approved in February 2017. The new requirements are aimed at preventing the financial exploitation of seniors,...more

AML Regulation and Compliance Trends

by Michael Volkov on

Regulators and enforcement agencies continue to pursue aggressive regulations and requirements for financial institutions (a very broad definition under Title 31 of the US Code and regulations). The new administration does...more

More Of An SRO - FINRA Unveils Its Priorities For 2018

On January 8 the Financial Industry Regulatory Authority (FINRA) published its Annual Regulatory and Examination Priorities Letter, which highlights key areas of focus for FINRA in the coming year. ...more

Understanding the Standard of Care for Broker-Dealers and the Department of Labor’s Fiduciary Rule

Until recently, broker-dealers operating in the United States weren’t subject to a fiduciary standard when dealing with their retail clients. The passage of the Dodd-Frank Act in 2010 included a provision enabling the...more

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