News & Analysis as of

Broker-Dealer Best Practices

Bass, Berry & Sims PLC

SEC Settlement against Auditing Firm Serves as Reminder of Important Independence Rules

On February 29, the Securities and Exchange Commission (the SEC) announced that it settled an administrative proceeding against Lordstown Motors Corps’ former auditor, Clark Schaefer Hackett and Co. (CSH)—the same day that...more

Bressler, Amery & Ross, P.C.

Regulation BI: Key Perspectives from Recent Report by State Regulators

The North American Securities Administrators Association (NASAA) recently released a report prepared by its Broker-Dealer Section Committee (Committee) presenting the findings of Phase II (B) of its National Examination...more

Goodwin

OCC Seeks Feedback on Principles for Climate-Related Financial Risk Management

Goodwin on

In this Issue. The Office of the Comptroller of the Currency (OCC) is seeking feedback on principles for climate-related financial risk management for large banks; the Department of Justice’s Antitrust Division is seeking...more

Goodwin

SEC Staff Provides Form CRS Observations, Expectations, and Best Practices

Goodwin on

On December 17, 2021, the staff of the U.S. Securities and Exchange Commission issued a statement regarding Form CRS disclosures required of SEC-registered broker-dealers and investment advisers who offer services to retail...more

Moore & Van Allen PLLC

CFTC's first release in SOFR First Transition Initiative series on LIBOR and SOFR swaps

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In a press release on June 8th, the Commodity Futures Trading Commission (the “CFTC”) published its first release in a series called the “SOFR First Transition Initiative” as a best practice. One goal for this sort of “best...more

BCLP

FINRA Reminds Broker-Dealers of their Obligations to Safeguard Customer Information and to Build Controls Designed to Protect...

BCLP on

Key Takeaways: ..According to FINRA, the number of reported instances involving broker-dealer fraudulent account takeovers (ATO) and related theft is on the rise. ..As set forth in recently released FINRA Regulatory...more

Mayer Brown Free Writings + Perspectives

COVID-19: FINRA Addresses U.S. Broker-Dealer Preparedness and Regulatory Relief in Regulatory Notice 20-08

On March 9, 2020, the Financial Industry Regulatory Authority (FINRA) published Regulatory Notice 20-08 (Notice) with respect to business continuity planning in connection with the recent coronavirus (COVID-19) outbreak. ...more

A&O Shearman

Significant Business Disruptions: Considerations for Broker-Dealers

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In light of the threats posed by natural disasters, pandemics and civil disorder, among other events, businesses of all types must formulate responses to address significant business disruptions (“SBDs”) and the safety of...more

Rumberger | Kirk

Minimizing Liability Under the SEC’s Reg-BI

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Litigation Risks Posed by the SEC’s Regulation Best Interest - Pete Tepley and Meredith Lees highlight litigation risks posed by the SEC’s Regulation Best Interest (Reg-BI), litigation risks that may arise from Reg-BI’s...more

Perkins Coie

SEC Scrutiny of Advisers’ Share Class Selection, Revenue Sharing and Disclosure Practices Continues Apace

Perkins Coie on

Over the past several years, U.S. Securities and Exchange Commission (SEC) enforcement activity has eroded the stability of the once-standard lineup of share classes available to mutual fund investors. Starting with...more

BCLP

In Finding a Failure to Reasonably Supervise, SEC Highlights Responsibilities of Firms to Create Clear, Written Investigatory...

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A recent Securities and Exchange Commission (“SEC”) order imposed sanctions on a financial institution for failing to reasonably supervise a representative’s conduct. In its findings, the SEC highlights the institution’s...more

Proskauer Rose LLP

Regulation Round Up - November 2017

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3 November - The Financial Conduct Authority (FCA) published an alert setting out key considerations for principals who have appointed representatives or introducer appointed representatives. Among other things, the alert...more

Carlton Fields

OCIE Lessons From Cybersecurity 2 Initiative

Carlton Fields on

On August 7, the SEC’s Office of Compliance Inspections and Examinations (OCIE) issued a risk alert containing observations from its Cybersecurity 2 Exam Initiative. As a follow-up to the 2014 Cybersecurity 1 initiative, the...more

Dechert LLP

The Good and the Bad from OCIE’s Cyber Examinations and What Firms Should Do Next

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The Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission (SEC) released a National Examination Program Risk Alert (Risk Alert) on August 7, 2017 regarding observations from...more

King & Spalding

Our Modern Markets: SEC Enforcement Focuses On Market Structure In Response To Rapidly-Changing Equity Markets

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On Monday, November 2, 2015, Andrew Ceresney, Director of the SEC’s Division of Enforcement, gave a speech at the SIFMA Compliance & Legal Society New York Regional Seminar in which he sought to address what he views as the...more

Perkins Coie

SEC’s Increased Cybersecurity Enforcement and How to Reduce Your Risks

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The SEC announced last week that an investment adviser had agreed to settle charges that it failed to take required steps to protect against and respond effectively to a cybersecurity breach. The action comes on the heels of...more

K&L Gates LLP

OCIE’s 2015 Cybersecurity Examination Initiative

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On September 15, 2015, the Securities and Exchange Commission’s (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”) released a Risk Alert (the “2015 Risk Alert”) that announced its second round of cybersecurity...more

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