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Financial Industry Regulatory Authority

FINRA Proposes Amendments to Quantitative Suitability Rules

On April 20, 2018, FINRA issued proposed amendments to Rule 2111’s “quantitative suitability” provisions. According to FINRA, the proposal is designed to more effectively counter the problem of “churning,” or excessive...more

FINRA delays implementation of Rule 4210

Earlier today, the Financial Industry Regulatory Authority, Inc. (FINRA) filed a proposal with the Securities and Exchange Commission (SEC) to further delay the implementation of amendments to its Rule 4210 that were adopted...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The Commission proposed a package of rules and interpretations focused on retail investors. At the center of the package is proposed Regulation Best Choice focused on the relation between brokers and their clients....more

SEC Proposes Rules Addressing Broker-Dealer and Investment Adviser Standards of Conduct

by Dechert LLP on

On April 18, 2018, the U.S. Securities and Exchange Commission (SEC) voted 4-1 to propose a package of rules and interpretations (Proposals) intended to improve the retail investor experience and to provide greater clarity...more

Whiplash: When a Court Finds That the Parties’ Claims Are Within the Scope of a Valid Arbitration Agreement, But It Will Not...

Is there such a thing as an arbitration joke? Here is a test. Two plaintiffs walk into a court, claiming that each was wrongfully terminated by a bank (UBS). The bank moves to compel arbitration by plaintiff one; and it moves...more

Structured Thoughts: News for the financial services community Volume 9, Issue 3

FINAL CANADIAN BAIL-IN RULES: IMPACT ON STRUCTURED NOTES OFFERED IN THE UNITED STATES - In March 2018, the Canadian government released its final regulations relating to “bail-in instruments” issued by Canadian...more

FINRA Enforcement: New Direction for the Regulator

by McGuireWoods LLP on

With new leadership at the helm of the Financial Industry Regulatory Authority (FINRA), the broker-dealer industry’s primary self-regulator, and the FINRA Enforcement Department, there is an opportunity for real and...more

Bridging the Weeks - April 2018 #3

Last week, a broker-dealer was fined US $1.575 million by the Financial Industry Regulatory Authority and other self-regulatory organizations for not complying with market access requirements for gatekeepers, while the...more

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

BROKER-DEALER - Nasdaq Has Proposed a New Rule Change To Modify Its System of Volume-Based Credits - The Nasdaq Stock Market LLC (Nasdaq) has filed with the Securities and Exchange Commission a proposed rule change to...more

FINRA Requires Order Taker Registration

by Carlton Fields on

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

Elder Abuse Prevention And Prosecution Act

by Tonkon Torp LLP on

We previously talked about recent changes to Oregon law and FINRA rules relating to elder abuse prevention and the prosecution of financial services companies for noncompliance . This article focuses on The Elder Abuse...more

Regulatory Update and Recent SEC Enforcement Actions

by Blank Rome LLP on

REGULATORY UPDATES - U.S. Securities and Exchange Commission (“SEC”) Offers Responses to Frequently Asked Questions on New Liquidity Rule - On January 10, 2018, the Division of Investment Management issued responses to...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The Commission issued an investor warning this week, cautioning against impersonators of Government employees who may seek sensitive information. The agency also filed actions which included one centered on an ICO, another...more

Lessons Learned from Recent SEC and FINRA Cases for April 2018

If it walks like a duck, swims like a duck, and quacks like a duck…. Then it just may be a duck. The SEC censured and fined Financial Fiduciaries, LLC, a SEC registered investment advisor and Thomas Batterman for violating...more

Filing Deadlines and To Do List for April for RIAs and BDs

FOR INVESTMENT MANAGERS AND HEDGE/PRIVATE FUND MANAGERS - Form ADV Part 2A: Registered investment advisers are required to distribute to each client an updated Form ADV Part 2A or a summary of material changes with an...more

Continued Individual Liability Under the Bank Secrecy Act: The SEC Targets Two AML Compliance Officers and One CEO for Alleged...

by Ballard Spahr LLP on

A recent anti-money laundering (“AML”) enforcement action reminds us of the increasing risk of individual liability for alleged violations of the Bank Secrecy Act (“BSA”), a key issue about which we have blogged....more

FINRA Requests Comment on Proposed New Outside Business Activities Rule

by WilmerHale on

FINRA is seeking comment on a proposed new rule, FINRA Rule 3290 (the “Proposed Rule”), which governs the outside business activities and private securities transactions of registered persons. The Proposed Rule would replace...more

SEC And FINRA Fine Broker-Dealer, CEO, And Compliance Officer For Failing To File Suspicious Activity Reports

by Shearman & Sterling LLP on

On March 28, 2018, the Securities and Exchange Commission (“SEC”) instituted settled administrative proceedings against broker-dealer Aegis Capital Corporation (“Aegis”), its founder and Chief Executive Officer (“CEO”), and...more

Compelling a Muni Indenture Trustee to Arbitrate Before FINRA

A recent decision out of the federal district court in Nevada, BOKF, NA v. Estes D. Nev. March 2, 2018), addressed the interesting question of whether an indenture trustee for municipal bonds could be compelled to arbitrate...more

SEC Charges of Failure to Supervise by BD Heading For Hearing

by Dorsey & Whitney LLP on

Typically broker-dealers and other regulated entities resolve Commission investigations prior to the institution of any proceedings. A west coast broker-dealer alleged to be a recidivist, however, chose not to resolve failure...more

Federal Court Ruling Recognizes CFTC Jurisdiction over Cryptocurrencies as Commodities

by Dechert LLP on

The U.S. Commodity Futures Trading Commission (CFTC) scored a victory in its effort to assert jurisdiction over portions of the cryptocurrency and initial coin offering (ICO) markets last week, as a federal district judge...more

Banking & Financial Services E-Note - March 2018

by Burr & Forman on

In an article published on February 1 in The Banking Law Journal, Ed Snow expands on the evolution of commercial loan closing mechanics over the last 20 years. Please see full E-Note below for more information. ...more

FINRA updates its Frequently Asked Questions on new mark-up and mark-down disclosure rules for transactions in fixed income...

On March 19, 2018, FINRA updated its guidance on its recent amendments to Rule 2232. The new requirements, which are currently scheduled to take effect on May 14, 2018, apply to transactions with retail customers (not...more

Richard Bistrong: Who’s gaming your compliance program?

Instead of completing compliance training modules on their own, three Credit Suisse bankers had their administrative assistants do the work for them. Originally published on the FCPA Blog, www.fcpablog.com - February 21,...more

Chris Lazarini Provides Insight on Vacatur Motion under FAA

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini provided insight about the timing of vacatur requests under the Federal Arbitration Act (FAA). In this case, citing the FAA, the court denied defendant's vacatur arguments for...more

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Cybersecurity

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