News & Analysis as of

Brokers

Bitcoin Futures Trading Kicks Off; CFTC to Monitor Risk

CBOE Global Markets Inc. (CBOE) began trading CFTC-approved bitcoin futures on December 10th, and CME Group Inc. (CME) will begin trading them on December 18th. Bitcoin futures have generated significant attention as the...more

Chris Lazarini Discusses Fraudulent Transfers During Broker Bankruptcy Filing

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini discussed a case involving an arbitration award and bankruptcy filing. The court ruled that where a bankruptcy action has been closed, the bankruptcy trustee's exclusive authority to...more

The Broker Protocol: End of an Era?

by Womble Bond Dickinson on

Morgan Stanley and UBS – two of the largest wirehouses in the United States – recently withdrew from the Protocol for Broker Recruiting Agreement, commonly referred to as the “Broker Protocol.” This move has raised much...more

Pre-Action Disclosure – Moving Beyond the U.K.'s Borders

by Faegre Baker Daniels on

A weapon of value to litigants in England is the ability to seek disclosure of documents from a likely party to litigation before proceedings begin. The benefits of such disclosure are numerous; the applicant can obtain...more

Are Financial Services Firms Reconsidering The Protocol?

by Seyfarth Shaw LLP on

The Protocol for Broker Recruiting (“Protocol”) allows for reciprocal poaching of brokers. More specifically, if a broker leaves one Protocol firm for another Protocol firm, the broker can a) take certain account information...more

Recht op courtage? (Dutch)

by Dentons on

We regularly litigate about whether a broker is entitled to brokerage (read: wages). The starting point is that a broker is entitled to brokerage once an agreement between his client and the third party has been established...more

A Protocol On Life Support – Financial Industry Assesses The Aftermath Of Major Defections From Broker Recruitment Pact

by Jackson Lewis P.C. on

In the fourth quarter of 2017, two major financial firms dropped out of an industry-wide Protocol for Broker Recruiting (the “Protocol”), an agreement designed to reduce litigation surrounding the movement of stockbrokers...more

Does George Babbitt Need a Broker-Dealer License (Part IV)

by Allen Matkins on

Today's post picks up where I left of more than seven years ago with the question of whether a licensed real estate broker must be licensed as a broker-dealer under the California Corporate Securities Law of 1968. See Does...more

Un-Vacated: Arbitration Awards Get Whiplash

Two cases recently fit in one of my favorite categories: those awards that get “un-vacated.” These cases went through arbitration, had that arbitration award vacated by a district court, only to have the award later...more

Failure to Supervise Selling Away Arbitrable as “Connected with Business”

by Burr & Forman on

The Sixth Circuit recently affirmed that failure-to-supervise claims against a brokerage firm over outside business activities it knew nothing about nevertheless were arbitrable under FINRA Rule 12200(2) as “arising in...more

The Protocol for Broker Recruiting Suffers Major Defections—and May Suffer More

Three prominent financial services companies recently announced their withdrawal from the Protocol for Broker Recruiting, an agreement among securities firms regulating the conduct of stockbrokers changing jobs and curtailing...more

Chris Lazarini Discusses Challenge to Dischargeability of Claim Against Broker in Bankruptcy

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini discussed an adversary proceeding brought against a broker by a plaintiff seeking recovery of investment losses. After the plaintiff filed a FINRA arbitration, the broker filed a...more

National Futures Association Issues New Virtual Currency Notification and Reporting Requirements

by Morgan Lewis on

Registered futures commission merchants, introducing brokers, commodity pool operators, and commodity trading advisors should implement procedures to comply with the new requirements....more

New FINRA Rules Address Elderly Abuse

by Burr & Forman on

On February 5, 2018, FINRA will enact two rules to assist brokers with addressing financial exploitation of the elderly. Statistically, the elderly have a 1 in 20 chance of being a victim of financial exploitation. ...more

Customer Fails To Satisfy Burden To Vacate FINRA Arbitration Award In Favor Of Its Broker

by Carlton Fields on

A federal district court in California confirmed a FINRA arbitration award last month in a lawsuit by Global eBusiness against its broker for alleged mishandling of Global’s margin account. Overall, the court found that...more

Broker Protocol – Broken?

by Hodgson Russ LLP on

At the end of October 2017, Morgan Stanley announced it was withdrawing from the Protocol for Broker Recruiting. That decision sent shock waves through the financial services industry. ...more

Another Shoe Drops: UBS Withdraws from the Broker Protocol

Only one month after Morgan Stanley withdrew from the Protocol for Broker Recruiting (the “Protocol”), a second major brokerage firm has announced its intention to withdraw effective December 1st. UBS says it is withdrawing...more

Chris Lazarini Provides Insight on Broker's Employment Retaliation Claims

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini provided insight on a case in which a former commodities broker claimed her former employers retaliated against her for filing a civil rights complaint by causing her new employer to...more

Bill to Make Private Offerings Easier Has Momentum

by Barley Snyder on

The U.S. House of Representatives recently passed a bill directed at making private offerings easier. The bill – the Fair Investment Opportunities for Professional Experts Act – now moves to the U.S. Senate Committee on...more

Morgan Stanley Abandons Broker Industry Recruiting Pact

by Genova Burns LLC on

In a major blow to the Protocol for Broker Recruiting, which limited restrictive covenants in the broker industry and resulting litigation, according to Reuters (October 30, 2017), Morgan Stanley has decided to withdraw from...more

Morgan Stanley Exits, Slams Protocol as "Unsustainable"

by Burr & Forman on

Morgan Stanley announced October 30 that it would exit the Protocol for Broker Recruiting, as part of strategy “to refocus [recruiting] resources on existing talent.”...more

SFC Highlights Deficiencies in Asset Management Industry

• The SFC has identified nine common areas of non-compliance in managing funds and discretionary accounts. • The SFC urged licensed corporations to review their existing internal control procedures and operational...more

Insurance Regulators and Startups Discuss Pitfalls and Engagement at InsureTech Connect 2017

• Recent shifts in insurance regulation are driven by consumer demand. • Traps for the unwary mean that insurtech startups should engage with regulators early and often. • Brokers need to know how to navigate the...more

The Fiduciary Rule Poll

The US Department of Labor’s (DOL) fiduciary standard rule has been befuddling the financial services industry for the past seven years. In its simplest form, it increases accountability for the brokers, planners and...more

New Avenue for Motor Carriers and Brokers to Remove Cases to Federal Court

by Sands Anderson PC on

Earlier this year in Desiree Luccio and Reed Frerichs v. UPS Co., the Southern District of Florida brought good news for motor carriers and brokers. This case involved UPS’ intrastate transportation of frozen embryos. The...more

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