News & Analysis as of September 18, 2024

Hiring & Firing › Broker-Dealer

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Hiring & Firing refers to the process of recruiting, interviewing and offering employment and the process of evaluating performance and dismissing employees. Hiring & Firing is a highly regulated area and can create tremendous liability for employers who fail to properly adhere to acceptable employment practices. Some of the potential pitfalls in this area stem from discriminatory hiring practices, improper performance evaluations, and retaliatory firings. less -

Recent New York Legislation Highlights Tension Between Employee Privacy and Regulatory Compliance for Broker-Dealers and Advisers

Dechert LLP on 3/13/2024

As of today, March 12, 2024, a New York state statute, in certain circumstances, restricts employers “from requesting or requiring that an employee or applicant disclose any . . . means for accessing a personal account...more

All Eyes on AI: Regulatory, Litigation, and Transactional Developments – Q2 2023

Wilson Sonsini Goodrich & Rosati on 7/28/2023

The firm is pleased to distribute the Q2 2023 edition of All Eyes on AI: Regulatory, Litigation, and Transactional Developments, which closely follows the evolving regulatory landscape for artificial intelligence (AI) in the...more

FINRA’s New Rules Are A Game-Changer, Especially When It Comes To Hiring . . . And Not In A Good Way

UB Greensfelder LLP on 4/21/2021

For many years, FINRA has attempted in several settings to substitute objective criteria for subjective ones, to try and make things easier for itself, and to make things more consistent from district to district and from...more

Form U5 Defamation Claims on the Rise at FINRA: Be Prepared!

Littler on 3/26/2021

Under Financial Industry Regulatory Authority’s (FINRA) rules, whenever broker-dealers, registered investment advisers, or issuers of securities (FINRA member) terminate the employment of a FINRA-registered representative,...more

Will George Babbitt Catch A Break From Dynamex?

Allen Matkins on 6/24/2019

In April, I wrote about AB 5 that is currently pending in the California legislature. The bill would codify the California Supreme Court's adoption a three-factor test, known as the "ABC" test, for determining when a worker...more

California Bill Would Codify ABC Test For Employee Status

Allen Matkins on 4/4/2019

Much to the consternation of employers, the California Supreme Court last year adopted a three-factor test, known as the "ABC" test, for determining when a worker is an employee. Dynamex Operations West, Inc. v. Superior...more

Bridging the Week - November 2016 #3

Katten Muchin Rosenman LLP on 11/22/2016

Federal District Court Approves Flash Crash Spoofer’s US $38 Million Settlement; Federal Appeals Court Appears Sympathetic to Michael Coscia’s Claim That Spoofing Prohibition Is Too Vague - The US federal court handling...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 11/18/2016

On the Hill yesterday, Fed Chair Yellen acknowledged that the recent election would likely mean changes for the economy, but she said it was “too soon” to predict the nature of that economic impact at this time (though that...more

Chris Lazarini Examines Case of Constructive Discharge in Employment Discrimination Case

Bass, Berry & Sims PLC on 11/17/2016

Bass, Berry & Sims attorney Chris Lazarini examined a case where Plaintiff, a 61-year-old female bank employee, sufficiently pleaded constructive discharge in support of her employment discrimination claims where she was...more

Fiduciary Rule FAQs Challenge Back-End Recruitment Bonuses

Morgan Lewis on 11/1/2016

Financial services firms with active recruiting programs should consider immediately how the DOL’s FAQs affect their compensation packages with respect to back-end recruitment awards. To help the financial services...more

Massachusetts Securities Division Searches for Rogue Brokers

Broker-Dealer Compliance + Regulation on 6/8/2016

According to news reports, the Massachusetts Securities Division (the “Division”) recently sent a “sweep letter” to firms asking broker-dealers to report information about their hiring policies and procedures. The Division,...more

SEC Finally Approves FINRA’s Watered-Down Recruitment Broker Bonus Disclosure Rule

Polsinelli on 5/10/2016

Lost in the commotion surrounding the Department of Labor's new fiduciary rule was the Securities and Exchange Commission's approval of FINRA's recruitment bonus disclosure rule, which requires action by broker dealers when...more

New York City Council Passes Ground-Breaking Legislation Limiting the Use of Credit Checks in Employment

Orrick - Employment Law and Litigation on 4/20/2015

On April 16, 2015, the New York City Council, by a vote of 47-3, approved legislation that would prohibit the use of credit checks in employment decisions except in limited circumstances. The bill, which is expected to be...more

Is A Licensed Securities Dealer A “Professional” Under Alabama Law Prohibiting Enforcement Of Nonsolicitation Agreements Against...

Burr & Forman on 5/22/2014

The Alabama Court of Civil Appeals released a slip opinion on May 16, 2014 addressing enforcement of a nonsolicitation agreement against a licensed securities broker. See G.L.S. & Associates, Inc., and G.L. Smith &...more

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Hiring & Firing › Broker-Dealer

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