On December 15, 2022, the Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued a lengthy Notice of Proposed Rulemaking to implement beneficial ownership information (“BOI”) access and safeguards...more
On October 13, 2022, the Board of Governors of the Federal Reserve System (“Board”) announced multiple enforcement actions against former employees of several financial institutions because the former employees made false...more
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network, the National Credit Union Administration, and the Office of the Comptroller of the...more
On June 22, 2022, the Financial Crimes Enforcement Network (FinCEN) issued a Statement on Bank Secrecy Act Due Diligence for independent ATM owners and operators. The purpose of the statement is to “provide clarity to banks...more
On June 3, 2022, the Financial Crimes Enforcement Network (FinCen) issued an Advance Notice of Proposed Rulemaking proposing public comment on the enactment of a no-action letter process. This Advanced Notice follows...more
On April 1, 2022, the Board of Governors of the Federal Reserve System issued an Order of Prohibition against Joseph A. Jiampietro, a former managing director of Goldman Sachs’ Financial Institution Group (“GSFIG”),...more
On March 31, 2022, the Federal Deposit Insurance Corporation (FDIC) issued the March 2022 edition of its Consumer Compliance Supervisory Highlights. The publication provides a high-level overview of consumer compliance issues...more
Following a completed arbitration, one or both of the parties involved typically seek judicial review of the arbitral order. The prevailing party may file a petition to confirm the arbitration award (usually required to...more
As we touched on last summer, whether a district court may certify a class action without resolving challenges to the admissibility of fact or expert evidence is still an unsettled question. This question is particularly...more
I. Overview -
Broker-dealers, like most companies, rely on third-party vendors for a wide variety of functions. This common practice of outsourcing does not relieve a broker-dealer of its regulatory compliance and...more
The collapse of a Ponzi scheme usually follows a familiar pattern. When the scheme is exposed, the company created by the schemer—which is usually little more than a sham entity—is placed into receivership or declares...more
Monday, the Supreme Court issued its highly anticipated ruling in Goldman Sachs Group, Inc. v. Arkansas Teacher Retirement System, holding that the generic nature of an alleged misrepresentation may be important evidence of...more
6/24/2021
/ Arkansas Teacher Retirement System v Goldman Sachs Group ,
Burden of Persuasion ,
Burden of Proof ,
Certiorari ,
Class Action ,
Class Certification ,
Conflicts of Interest ,
Corporate Counsel ,
Goldman Sachs ,
Investors ,
Presumption of Reliance ,
SCOTUS ,
Securities Exchange Act ,
Securities Litigation ,
Shareholders
Many companies that transitioned to a work-from-home environment in early 2020 may have reasonably anticipated a return to the normalcy of in-office operations by the end of the year. Yet as 2021 commences, remote work has...more
Financial advisors have long used the Certified Financial Planner designation as an indicator to potential clients that they meet high standards of professionalism and ethics within their field. The Certified Financial...more
On November 9, 2020, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) announced the results of its examination of nearly 40 SEC-registered investment advisers that operate multiple branch offices (the...more
On June 1, 2020, the U.S. Court of Appeals for the 11th Circuit issued Isaiah v. JPMorgan Chase Bank, N.A., a precedential opinion that draws sharp limits on court-appointed receivers’ ability to bring claims against...more
On June 5, 2019, the SEC adopted Regulation Best Interest (“Reg BI”), which requires broker-dealers and associated persons to make recommendations regarding securities transactions (or investments involving securities) that...more
When and how can a defendant in a putative class action defeat a proposed class? Defendants served with class action complaints frequently struggle with this question....more
On May 21, the North American Securities Administrators Association (NASAA)—an organization comprised of 67 securities regulators within the United States (all fifty states as well as districts and territories), Canada, and...more
On April 29, the New York Department of Financial Services (NY DFS)—the state’s principal banking and insurance regulator—announced that it is creating a new Consumer Protection and Financial Enforcement (CPFE) division. The...more
On April 16, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) issued a Risk Alert highlighting Regulation S-P compliance deficiencies and issues it found in recent examinations of broker-dealers and...more
4/25/2019
/ Broker-Dealer ,
Customer Information ,
Cybersecurity ,
Data Protection ,
Data Security ,
Investment Adviser ,
OCIE ,
Personally Identifiable Information ,
Policies and Procedures ,
Privacy Policy ,
Regulation S-P ,
Risk Alert ,
Securities and Exchange Commission (SEC)
On April 15, the New Jersey Bureau of Securities (the “Bureau”) issued a rule proposal to establish a uniform fiduciary duty standard applicable to investment advisers, brokers-dealers and their registered representatives and...more
For 14 years, the Protocol for Broker Recruiting has allowed financial advisors to leave their employer firms and take specific client information with them without fear of a retaliatory lawsuit. Recently, however, the...more
On April 25, the Securities and Exchange Commission announced a settlement with Yahoo that constituted its first enforcement action against a public company for failing to disclose a data breach.
This settlement...more
While the securities industry focused on parsing the Securities and Exchange Commission’s recently proposed best-interest standard and speculating about the ultimate fate of the Department of Labor’s vacated fiduciary rule,...more