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Broker-Dealer Investment Products

BCLP

The SEC’s Division of Examinations Highlights Increased Concerns with Wrap Fee Programs

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Given the continued popularity of recommending wrap fee programs to clients, the Securities and Exchange Commission’s (“SEC”) Division of Examinations (“DOE”) recently released a Risk Alert dated July 21, 2021, wherein it...more

Cadwalader, Wickersham & Taft LLP

SEC Adopts Regulation Best Interest

The Securities and Exchange Commission (the “SEC”) on June 5 adopted Regulation Best Interest: The Broker-Dealer Standard of Conduct (“Reg BI”), which requires that broker-dealers act in the “best interest” of their “retail...more

Kramer Levin Naftalis & Frankel LLP

SEC Adopts Regulation Best Interest and Related Rules and Interpretations

On June 5, 2019, the SEC adopted a package of rules and interpretations (the Adopted Rules) to clarify and further articulate the relationship between retail investors and their broker-dealers or investment advisers....more

Mayer Brown Free Writings + Perspectives

SEC Adopts Final Regulation Best Interest

At yesterday's open meeting, the Securities and Exchange Commission adopted a final Regulation Best Interest, as well as additional guidance. Final action relating to the broker-dealer standard of conduct had been...more

Eversheds Sutherland (US) LLP

Broker-dealers selling annuities: preparing for the best interest standard under New York’s amended Insurance Regulation 187

Broker-dealers selling annuity products in New York will soon need to comply with new best interest requirements imposed by New York’s amended Insurance Regulation 187. These requirements, which will take effect for annuities...more

Burr & Forman

The SEC’s Pair of Settled Cryptocurrency Enforcement Actions

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On September 11, the SEC announced a pair of settled cryptocurrency enforcement actions.  The first was against an unregistered digital-asset hedge fund.  The second shut down an “ICO Superstore” as an unregistered...more

Carlton Fields

SEC Regulation Best Interest: Charting a Course for Securities and Annuity Sales

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In June, we circulated our fifth article on the continuing saga regarding the standard of conduct for sales of securities and annuities — and the efforts of federal and state regulators to impose new conditions on the...more

Dechert LLP

SEC Proposes Best Interest Standard for Broker-Dealers, Related Investment Adviser Guidance and New Customer Relationship Summary...

Dechert LLP on

The U.S. Securities and Exchange Commission on April 18, 2018 published a package of proposed rules and interpretations intended to improve the retail investor experience and to provide greater clarity regarding customers’...more

Ballard Spahr LLP

Investment Management Update

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Regulation BI, Form CRS, Adviser or Advisor, and Fiduciary Duties of Adviser - In a flurry of proposed rulemaking that added up to more than 900 pages of reading material, the Securities and Exchange Commission (SEC)...more

Carlton Fields

FINRA Moves Toward SEC Anti-Churning Proposal

Carlton Fields on

On April 18, the SEC voted to propose major rule changes to reconcile and clarify the standards of conduct that apply to broker-dealers and investment advisers. ...more

Carlton Fields

FINRA Proposes to Ease Regulation of Outside Business Activities

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FINRA has proposed a major paradigm shift for regulating outside business activities (OBAs) and private securities transactions (PSTs) of broker-dealer personnel. ...more

Mayer Brown Free Writings + Perspectives

Components of Regulation Best Interest

On April 18, 2018, the Securities and Exchange Commission (SEC) introduced a package of proposals aimed at enhancing the quality and transparency of investors’ relationships with investment advisers and broker-dealers. The...more

Carlton Fields

SEC Regulation Best Interest: Charting A Course For Securities And Annuity Sales, Avoiding Collision And Potential Regulatory And...

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During the past two years, we have written about potential litigation arising under the Department of Labor’s, first proposed, then adopted fiduciary rule. In the first of those articles, when the Rule was initially proposed,...more

Kramer Levin Naftalis & Frankel LLP

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

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

SEC Proposes to Enhance Protections and Preserve Choice for Retail Investors in Their Relationships with Investment Professionals - On April 18, the Securities and Exchange Commission voted to propose a package of...more

Stinson LLP

SEC Proposes New Broker-Dealer Best Interest Standard

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Last Wednesday, the Securities and Exchange Commission (SEC) proposed a new set of rules under the Securities and Exchange Act of 1934 (Proposed Rules) that would establish a new "best interest" standard by which...more

Carlton Fields

SEC Proposes New Standards Of Conduct For Broker-Dealers And Investment Advisers

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On April 18, the SEC voted four to one to propose new standards of conduct for broker-dealers (BDs) and investment advisers (IAs)....more

Stinson - Corporate & Securities Law Blog

SEC Proposes Regulation Best Interest for Broker-Dealers

The SEC has proposed two rules and an interpretation to address retail investor confusion about the relationships that they have with investment professionals and the harm that may result from that confusion....more

Carlton Fields

FINRA Requires Order Taker Registration

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In late 2017, FINRA pronounced in Regulatory Notice 17-30 that, "Beginning on October 1, 2018, unregistered persons cannot accept an order from a customer under any circumstances. ...more

Ballard Spahr LLP

Colorado Proposes Cybersecurity Rules for Investment Advisers, Broker-Dealers

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The Colorado Division of Securities recently issued proposed rules directed at establishing cybersecurity requirements for broker-dealers and investment advisers. The proposed rules were issued only a month after New York...more

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