News & Analysis as of

Broker-Dealer

Chris Lazarini Examines Case Seeking Rescission of RMBS Trades

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini examined a case in which plaintiffs sued a broker dealer, seeking to rescind the purchase of 12 RMBS certificates. While expressing that it would be difficult to find a broker...more

Private Funds and Managers – Navigating Broker-Dealer Requirements

by Foley & Lardner LLP on

When looking to raise capital, broker-dealer compliance may not be at the forefront of a private fund manager’s mind. However, engaging individuals (including the fund manager’s employees) or firms to identify, introduce or...more

Investment Services Regulatory Update - November 2017

by Vedder Price on

New Rules, Proposed Rules, Guidance and Alerts - SEC STAFF GUIDANCE AND ALERTS - SEC Staff Issues No-Action Letters to Facilitate Cross-Border Compliance with the Research “Unbundling” Provisions of the European...more

SEC Claims Individual, Firm Engaged In Unregistered Dealer Business

by Dorsey & Whitney LLP on

The Commission’s recently released report on the Enforcement Division identified retail investors and cyber as key areas of emphasis for Enforcement under Chairman Clayton. Examples of the retail focus are actions involving...more

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

by Katten Muchin Rosenman LLP on

BROKER-DEALER - FINRA Releases New Targeted Exam Letter Regarding Order Routing Conflicts - On November 10, the Financial Industry Regulatory Authority released the contents of a new Order Routing Conflicts targeted...more

FINRA Rule 4210 is changing: six key questions

by DLA Piper on

Rule 4210 as amended implements requirements on both maintenance margin and mark-to-market (or MTM) losses (sometimes referred to as variation margin). The changes to FINRA Rule 4210 were divided into two phases...more

MiFID II, Research and Extraterritoriality: The SEC, European Commission and FCA Solution

by Shearman & Sterling LLP on

On October 26, 2017, the US Securities and Exchange Commission, European Commission and the UK Financial Conduct Authority released, in a coordinated manner, a series of significant orders and guidance to address some of the...more

So Who Wants To Lie On Their U-4

by Fox Rothschild LLP on

The SEC recently upheld a statutory disqualification that FINRA imposed where the representative filed a false U-4 and falsely answered compliance questionnaires. It appears as though the registered representative failed to...more

FAQ: What Businesses Need to Know About Investment Crowdfunding

by Ward and Smith, P.A. on

What is Crowdfunding? Crowdfunding is a marketing tool that businesses use to obtain capital from a large number of individuals, typically over the Internet....more

Regulation Round Up - October 2017

by Proskauer Rose LLP on

3 October - The Prudential Regulator Authority (PRA) published a policy statement on strengthening accountability in banking and changes to senior managers regime (SMR) forms. The changes to the SMR forms will become live on...more

BrokerCheck – FINRA’s Dread Permanent Record

by Allen Matkins on

Many a school child has received the awful warning to be careful lest some offense be entered on his or her “permanent record”. As required by statute (15 U.S.C. § 78o-3(i)), the Financial Industry Regulatory Authority, Inc....more

SEC provides relief to US firms attempting to comply with EU MiFID II's research "unbundling" provisions

by DLA Piper on

The US Securities and Exchange Commission provided welcome relief for US broker-dealers engaging in securities business with European investment managers when it issued three no-action letters designed to balance the...more

SEC Tackles MiFID II Research Issues

by Morgan Lewis on

But do landmines remain? On October 26, 2017, the staff of the Securities and Exchange Commission (SEC), following consultation with European authorities, issued three coordinated no-action letters to, in the words of one...more

Legislative Update: New Vulnerable Persons and POA Statutes

by Winstead PC on

On October 26, 2017, David F. Johnson presented “Legislative Update Impacting Fiduciaries,” to the Texas Bankers Association’s Advanced Trust & Portfolio Management Forum in San Antonio, Texas. This presentation discussed new...more

Asset Management Regulatory Roundup - November 2017 - Issue 9

by Dechert LLP on

A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details on SEC’s no action letters and Commission’s FAQs on “hard dollar” research payments under...more

Morgan Stanley’s Withdrawal from the Broker Protocol Shocks the Industry

In 2004, the Protocol for Broker Recruiting (the “Protocol”) was established with the goal of furthering “client interest of privacy and freedom of choice in connection with the movement of their Registered Representatives...more

Initial Coin Offerings: Key Considerations You Absolutely, Positively Need to Know About Before Launching an ICO

by K&L Gates LLP on

Initial Coin Offerings (ICOs) have rapidly emerged as the hottest trend in FinTech financing, albeit one that is not without controversy. Put simply, an ICO is a method of fundraising somewhat akin to an initial public...more

SEC Announces Measures to Facilitate Cross-Border Implementation of the European Union’s MiFID II’s Research Provisions

On October 26, 2017, the Securities and Exchange Commission (“SEC”) announced that, “following consultation with European authorities, and in response to concerns that investors could lose access to valuable research, the...more

SEC Sanctions UBS Re Sales Practices

by Dorsey & Whitney LLP on

The Commission has brought a series of cases involving investment advisers, broker-dealers and the fees charges to clients. Typically the clients are disadvantaged by not being informed about or given the opportunity to...more

SEC Staff Solves Section 28(e)-MiFID II Compliance Conundrum—For Now

In a series of three “no-action” letters, the staff of the Securities and Exchange Commission (SEC) published guidance to address concerns by U.S. broker-dealers and investment advisers about how to comply with Markets in...more

MiFID II Research – Relief at Last?

by Latham & Watkins LLP on

US and EU authorities have finally moved to solve the cross-border issues arising from MiFID II rules on research unbundling. Key Points: - The US SEC has published three temporary “no action” letters, which are...more

Well here is where an advisory firm gets in trouble

by Ary Rosenbaum on

A good chunk of my work as an ERISA attorney is working with financial advisory firms in managing their retirement plan practice especially with 401(k) plans. I have many registered investment advisory clients around the...more

FINRA Capital Acquisition Brokers Now Subject to Pay-to-Play Rules

by K&L Gates LLP on

The pay-to-play rules have expanded to FINRA capital acquisition brokers (“CABs”) and the investment advisers who use CABs to solicit governmental entities, which include public pension funds, for investment advisory...more

Investment Services Regulatory Update - October 2017

by Vedder Price on

New Rules, Propsed Rules, Guidance and Alerts - SEC STAFF GUIDANCE AND ALERTS - SEC Staff Extends No-Action Relief on Auditor Independence and the “Loan Provision” - On September 22, 2017, the staff of the SEC’s...more

English Court Rules on Unwinding of Distressed Debt LMA Trades

by Jones Day on

The Situation: The English Commercial Court heard a dispute regarding a back-to-back trade of distressed debt between an upstream seller and a downstream buyer, via a "riskless principal" broker, which contained an express...more

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