News & Analysis as of

Securities & Exchange Commission Financial Industry Regulatory Authority

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 -

Chris Lazarini Analyzes Case Alleging Conspiracy Against FINRA and an Email Archiving Vendor

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini analyzed a case in which Plaintiffs, attempting to overcome an earlier dismissal of their claims, alleged a conspiracy between an email archiving vendor and FINRA in support of their...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

Structured Thoughts: News for the financial services community, Volume 8, Issue 8

Sales of VIX-Linked ETPs – Back to Basics for FINRA - FINRA used a misselling case to remind member firms of certain fundamentals, including the importance of implementing a new product approval process, reasonable...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

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

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

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

FINRA Capital Acquisition Brokers Now Subject to Pay-to-Play Rules

by K&L Gates LLP on

The pay-to-play rules have expanded to FINRA capital acquisition brokers (“CABs”) and the investment advisers who use CABs to solicit governmental entities, which include public pension funds, for investment advisory...more

The Impact of Kokesh On FINRA Remedies

by Dorsey & Whitney LLP on

Kokesh v. SEC, 137 S.Ct. 1635 (June 5, 2017) held that the statute of limitations in Section 2462 of Title 28 applies to requests for disgorgement by the Commission. Those payments constitute a penalty within the meaning of...more

D.C. Circuit Opinions Call into Question FINRA’s Ability to Impose “Capital Punishment” on the Securities Industry

by K&L Gates LLP on

The D.C. Circuit on October 13, 2017, issued an order remanding to the SEC a question involving an application of the Supreme Court’s recent decision in Kokesh v. SEC: whether FINRA’s imposition of a lifetime bar on a...more

Financial Services Weekly News - October 2017

by Goodwin on

Editor's Note - Swimming Against the Tide. As discussed below, the Trump administration’s plans for financial regulatory reform are beginning to take shape, especially in agencies, such as the Securities and Exchange...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

If Netflix is to be believed (and, you know, it is a public company), there’s a LOT more Stranger Things and House of Cards on the way... Turns out Nelson Peltz’s failed quest for a P&G board seat was crazy close. As in,...more

Regulatory Update and Recent SEC Enforcement Actions

by Blank Rome LLP on

Investment Firm VanEck Launches Bitcoin Exchange Traded Fund (“ETF”) One Week after Calling Bitcoin a “Fad” - On August 10, 2017, Joe Foster, portfolio manager and strategist for the money management firm VanEck, expressed...more

Treasury Issues Report and Recommendations on Capital Markets

by Shearman & Sterling LLP on

On October 6, 2017, the US Department of the Treasury released a 220-page report on reforming the US regulatory system for the capital markets (Capital Markets Report). The Capital Markets Report includes 91 recommendations...more

FINRA revises and restructures registration and exam requirements

by DLA Piper on

In a long-awaited move, the Securities and Exchange Commission recently approved a set of new rules proposed by the Financial Industry Regulatory Authority (FINRA) that revise and streamline the number and types of...more

Pay-to-Play – SEC Expands Scope of Rule to CABs

The SEC’s pay-to-play rule has given advisers reason to worry about potential foot faults since its adoption. As we have noted in prior posts, the rule is filled with landmines and is therefore difficult to navigate. As was...more

Investment Management Special Report - 2017-18 Compliance Developments & Calendar for Private Fund Advisers

Introduction - Despite an anticipated de-regulatory push, there are significant new regulatory concerns for investment advisers to address in connection with their annual review of their compliance manuals....more

FINRA Delays Required Collateralization of TBAs and Other MBS Forwards

by Morrison & Foerster LLP on

Late last month the Financial Industry Regulatory Authority, Inc. (“FINRA”) filed with the Securities and Exchange Commission (“SEC”) a proposed rule change to delay until June 2018 the implementation date of certain...more

Treasury Issues Plan to Streamline Capital Markets Regulation

Pursuant to Executive Order 13772, the Treasury Department has issued a report that identifies laws, treaties, regulations, guidance, reporting and record keeping requirements, and other government policies that promote or...more

FINRA Fines Morgan Stanley For Supervision Failures

by Dorsey & Whitney LLP on

The Commission has brought a series of enforcement actions against investment advisers centered on fees. In a number of instances the issue was whether the clients were put into programs where the fees charged were the most...more

NASAA Survey Finds Seniors Are Most Vulnerable to Financial Fraud

On August 21, 2017, the North American Securities Administrators Association (“NASAA”) released a survey on senior citizens and financial exploitation. The survey of the state securities regulators highlighted, among other...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The Commission became a cybersecurity headline this week, not for brining a case or writing a rule in the area but for an intrusion into its systems. The Chairman issued a statement on the subject....more

SEC, USAO Charge Tech Company Founder With Insider Trading

by Dorsey & Whitney LLP on

Most of the discussion about insider trading these days is dominated by debates about whether there is a personal benefit, a gift, the application of the Supreme Court’s opinion in Salman last term or the split opinion in...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The Commission filed another in a series of actions against an investment adviser who put wrap fee program clients into more expensive mutual fund shares that benefited the adviser and disadvantaged the client. Two more...more

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