News & Analysis as of

State and Local Government Broker-Dealer

Faegre Drinker Biddle & Reath LLP

Florida Court Decision’s Impact on Rollover Advice

The Department of Labor (the DOL) expanded its interpretation of fiduciary advice in its guidance issued in connection with Prohibited Transaction Exemption (PTE) 2020-02. As a result, many more broker-dealers and registered...more

Faegre Drinker Biddle & Reath LLP

Recent State Fiduciary and Best Interest Developments

To date, 27 states have adopted rules that follow the Suitability in Annuity Transactions Model Regulation issued by the National Association of Insurance Commissioners (NAIC). Recent additions reflected in the following...more

Faegre Drinker Biddle & Reath LLP

Recent State Fiduciary and Best Interest Developments: New Mexico Becomes the 20th State to Adopt an NAIC Best Interest Model

Joining the growing number of states who are implementing the National Association of Insurance Commissioners’ (NAIC) model regulation concerning suitability in annuity transactions, New Mexico has issued its best interest...more

Faegre Drinker Biddle & Reath LLP

State Fiduciary and Best Interest Developments: Texas, Virginia and Montana

Texas, Virginia and Montana are the latest states to enact legislation or rules setting forth a best interest standard for annuity producers in recommending annuities to their customers. Each state has designed its rule to...more

Faegre Drinker Biddle & Reath LLP

Robinhood vs. Massachusetts’ Secretary of the Commonwealth: A Battle for the Ages over Massachusetts’ New Strict Fiduciary Duty...

Massachusetts’ Secretary of the Commonwealth, William Galvin, is taking on Robinhood for violating Massachusetts’ new fiduciary duty rule for broker-dealers. In December 2020, Galvin filed a 24-page regulatory complaint,...more

Foley Hoag LLP - Public Companies & the Law

“Finders” Operating in Massachusetts Should Beware the SEC’s Proposed Relief

• The SEC recently proposed to exempt certain finders from federal requirements to register as a broker - • Massachusetts regulators are opposed to the relief and retain state remedies for unregistered broker activity - ...more

Holland & Hart LLP

10th Circuit Affirms FINRA Arbitration Award—Adopts Face-of-the-Award Rule

Holland & Hart LLP on

On April 14, 2020, the 10th Circuit U.S. Court of Appeals adopted the “face-of-the-award” rule for dealing with arbitrator errors in damage calculations under Section 11(a) of the FAA, affirming the district court’s refusal...more

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden's 2019 Insights: Political Law: What to Consider When Providing Investment Fund Services to US State and Local Government...

With heightened attention to investment and depository rules as well as increased enforcement of federal and state pay-to-play rules, registered investment advisers (RIAs) and broker-dealers should address the unique legal...more

Carlton Fields

New Jersey Fiduciary Rule Pre-Proposal

Carlton Fields on

On October 15, the New Jersey Bureau of Securities (Bureau) requested public comments on the concept of amending the New Jersey Blue Sky regulations “to require that broker-dealers, agents, investment advisers, and adviser...more

Skadden, Arps, Slate, Meagher & Flom LLP

Post-Election Issues (Inaugurations, Transitions, and Special Elections)

Now that the 2018 midterm elections are over, we must contend with legal issues that arise from activities related to federal, state and local inaugural and transition committees, as well as recounts and runoff elections. As...more

Dechert LLP

Activist States Move Forward with Fiduciary Standards for Broker-Dealers and Investment Advisers

Dechert LLP on

Although the U.S. Securities and Exchange Commission (SEC) staff is currently drafting proposed rules relating to the standard of conduct for broker-dealers and investment advisers, several states have decided not to wait for...more

Proskauer on Privacy

Colorado and Vermont Adopt Cybersecurity Rules Covering Broker-Dealers and Investment Advisers

Proskauer on Privacy on

State financial regulators in Colorado and Vermont recently adopted cybersecurity rules that apply to broker-dealers and investment advisers regulated by those states as well as certain other “securities professionals” in...more

Pillsbury Winthrop Shaw Pittman LLP

A Limited Exception - California enacts new rules governing exemption for finders in securities transactions

The California Department of Business Oversight has enacted final rules to implement an exemption from broker-dealer registration licensing requirements in California for individuals acting as “finders” in securities...more

Proskauer on Privacy

New York Department of Financial Services Provides Guidance on Cybersecurity Regulation; Colorado Financial Regulator Proposes...

Proskauer on Privacy on

In April 2017, the New York Department of Financial Services (the “DFS”) released guidance on interpreting 23 NYCRR Part 500, its recently promulgated regulation that requires banks, insurance companies and other financial...more

Cozen O'Connor

MSRB Rule G-20: Recent Amendments Become Effective on May 6, 2016

Cozen O'Connor on

On November 6, 2015, the U.S. Securities and Exchange Commission (SEC) approved amendments by the Municipal Securities Rulemaking Board (MSRB) to MSRB Rule G-20 regarding gifts, gratuities and non-cash compensation. The...more

Skadden, Arps, Slate, Meagher & Flom LLP

Privacy & Cybersecurity Update - September 2015

Adviser to European Court of Justice Says US-EU Safe Harbor Should Be Declared Invalid - An advisory opinion issued by the advocate general to the European Court of Justice states that the U.S.-EU Safe Harbor should be...more

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