News & Analysis as of

Securities & Exchange Commission Broker-Dealer

The United States Securities and Exchange Commission was created in 1934 in response to the Great Stock Market Crash of 1929. The Commission was created to protect investors, ensure fairness in the market, and... more +
The United States Securities and Exchange Commission was created in 1934 in response to the Great Stock Market Crash of 1929. The Commission was created to protect investors, ensure fairness in the market, and encourage capital formation. The Commission is headed by five presidentially-appointed Commissioners who oversee the Commission’s five divisions: Division of Corporation Finance, Division of Trading and Markets, Division of Enforcement, Division of Investment Management, and the Division of Risk, Strategy and Financial Information.  less -

AML Regulation and Compliance Trends

by Michael Volkov on

Regulators and enforcement agencies continue to pursue aggressive regulations and requirements for financial institutions (a very broad definition under Title 31 of the US Code and regulations). The new administration does...more

Understanding the Standard of Care for Broker-Dealers and the Department of Labor’s Fiduciary Rule

Until recently, broker-dealers operating in the United States weren’t subject to a fiduciary standard when dealing with their retail clients. The passage of the Dodd-Frank Act in 2010 included a provision enabling the...more

Four Key Takeaways from the SEC’s Bitcoin and Cryptocurrency Statement

Over the past few months, there has been a great deal of excitement among investors about Bitcoin and other cryptocurrencies. This excitement intensified in recent weeks as Bitcoin values rose 1800% and the Chicago Mercantile...more

New Chairman And Board Members Appointed To The SEC Board Created By The Sarbanes-Oxley Act Of 2002

by Jackson Lewis P.C. on

The Securities and Exchange Commission recently announced the appointment of William D. Duhnke III as Chairman and J. Robert Brown, Kathleen M. Hamm, James G. Kaiser, and Duane M. DesParte as board members of the Public...more

DOL Again Delays Implementation of ERISA Fiduciary Rule

The department extends non-enforcement policy until July 1, 2019 and plans to propose a new streamlined class exemption under the Fiduciary rule. The DOL finalized its delay of certain portions of the Fiduciary rule until...more

Preparing for the 2018 Public Company Reporting Season

by Perkins Coie on

In anticipation of the upcoming annual report and proxy season, we are highlighting new requirements and trends for public companies in 2018....more

Broker-Dealer Beat - December 2017

by Proskauer Rose LLP on

Unbundling research and execution costs for money managers subject to MiFID II means that US broker-dealers can expect to receive hard dollars or other separately identified payments for research, at least from EU managers....more

SEC Provides Relief For Global Investment Advisers To Comply With EU Markets In Financial Instruments Directive II

In three no-action letters, the SEC has provided some relief for investment advisers in complying with the European Union's overhaul of its securities regulations. Commonly referred to as MiFID II, which is set to take effect...more

Disclosure Considerations and Tax Reform

by Bracewell LLP on

The impact of tax reform is on the minds of many. While there are currently many unknowns, municipal issuers and conduit borrowers (collectively, “obligated persons”) should consider whether changes in tax law could impact...more

The FAIR Act: Providing a Safe Harbor for ETF Research Reports

by K&L Gates LLP on

Investor demand for transparent, diversified, low-cost, passive investment products has accelerated over the last decade, and exchange-traded funds (“ETFs”) have been among the primary beneficiaries of this demand. Assets...more

Private Funds and Managers – Navigating Broker-Dealer Requirements

by Foley & Lardner LLP on

When looking to raise capital, broker-dealer compliance may not be at the forefront of a private fund manager’s mind. However, engaging individuals (including the fund manager’s employees) or firms to identify, introduce or...more

Investment Services Regulatory Update - November 2017

by Vedder Price on

New Rules, Proposed Rules, Guidance and Alerts - SEC STAFF GUIDANCE AND ALERTS - SEC Staff Issues No-Action Letters to Facilitate Cross-Border Compliance with the Research “Unbundling” Provisions of the European...more

SEC Claims Individual, Firm Engaged In Unregistered Dealer Business

by Dorsey & Whitney LLP on

The Commission’s recently released report on the Enforcement Division identified retail investors and cyber as key areas of emphasis for Enforcement under Chairman Clayton. Examples of the retail focus are actions involving...more

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

by Katten Muchin Rosenman LLP on

BROKER-DEALER - FINRA Releases New Targeted Exam Letter Regarding Order Routing Conflicts - On November 10, the Financial Industry Regulatory Authority released the contents of a new Order Routing Conflicts targeted...more

FINRA Rule 4210 is changing: six key questions

by DLA Piper on

Rule 4210 as amended implements requirements on both maintenance margin and mark-to-market (or MTM) losses (sometimes referred to as variation margin). The changes to FINRA Rule 4210 were divided into two phases...more

MiFID II, Research and Extraterritoriality: The SEC, European Commission and FCA Solution

by Shearman & Sterling LLP on

On October 26, 2017, the US Securities and Exchange Commission, European Commission and the UK Financial Conduct Authority released, in a coordinated manner, a series of significant orders and guidance to address some of the...more

So Who Wants To Lie On Their U-4

by Fox Rothschild LLP on

The SEC recently upheld a statutory disqualification that FINRA imposed where the representative filed a false U-4 and falsely answered compliance questionnaires. It appears as though the registered representative failed to...more

FAQ: What Businesses Need to Know About Investment Crowdfunding

by Ward and Smith, P.A. on

What is Crowdfunding? Crowdfunding is a marketing tool that businesses use to obtain capital from a large number of individuals, typically over the Internet....more

BrokerCheck – FINRA’s Dread Permanent Record

by Allen Matkins on

Many a school child has received the awful warning to be careful lest some offense be entered on his or her “permanent record”. As required by statute (15 U.S.C. § 78o-3(i)), the Financial Industry Regulatory Authority, Inc....more

SEC provides relief to US firms attempting to comply with EU MiFID II's research "unbundling" provisions

by DLA Piper on

The US Securities and Exchange Commission provided welcome relief for US broker-dealers engaging in securities business with European investment managers when it issued three no-action letters designed to balance the...more

SEC Tackles MiFID II Research Issues

by Morgan Lewis on

But do landmines remain? On October 26, 2017, the staff of the Securities and Exchange Commission (SEC), following consultation with European authorities, issued three coordinated no-action letters to, in the words of one...more

Asset Management Regulatory Roundup - November 2017 - Issue 9

by Dechert LLP on

A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details on SEC’s no action letters and Commission’s FAQs on “hard dollar” research payments under...more

Initial Coin Offerings: Key Considerations You Absolutely, Positively Need to Know About Before Launching an ICO

by K&L Gates LLP on

Initial Coin Offerings (ICOs) have rapidly emerged as the hottest trend in FinTech financing, albeit one that is not without controversy. Put simply, an ICO is a method of fundraising somewhat akin to an initial public...more

SEC Announces Measures to Facilitate Cross-Border Implementation of the European Union’s MiFID II’s Research Provisions

On October 26, 2017, the Securities and Exchange Commission (“SEC”) announced that, “following consultation with European authorities, and in response to concerns that investors could lose access to valuable research, the...more

SEC Sanctions UBS Re Sales Practices

by Dorsey & Whitney LLP on

The Commission has brought a series of cases involving investment advisers, broker-dealers and the fees charges to clients. Typically the clients are disadvantaged by not being informed about or given the opportunity to...more

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