On March 3, 2021, the SEC’s Division of Examinations[1] announced its examination priorities for 2021. Noting the effects of the global COVID-19 pandemic, the Division of Examinations reported that during the agency’s 2020...more
3/18/2021
/ Broker-Dealer ,
Compliance ,
Environmental Social & Governance (ESG) ,
Investment Adviser ,
OCIE ,
Private Funds ,
Registered Investment Advisors ,
Registered Investment Companies (RICs) ,
Regulation Best Interest ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC)
On November 5, 2019, the SEC approved changes to FINRA Rule 5130 (Restrictions on the Purchase and Sale of Initial Equity Public Offerings) and Rule 5131 (New Issue Allocations and Distributions). FINRA announced that the...more
1/2/2020
/ Benefit Plan Sponsors ,
Broker-Dealer ,
Charitable Organizations ,
Collective Investment Schemes ,
Corporate Issuers ,
Financial Industry Regulatory Authority (FINRA) ,
Foreign Investment ,
Initial Public Offering (IPO) ,
New Rules ,
Regulation S ,
Regulatory Authority ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Special Purpose Acquisition Companies (SPACs)
On November 4, 2019, the Office of the Chief Counsel of the SEC's Division of Investment Management extended the temporary no-action relief from compliance with the registration and other provisions of the Investment Advisers...more
Remote Non-Branch Office Inspections: Facilitating Home Office Arrangements -
Introduction -
Financial services firms, like other businesses, must address employees' requests for more flexible work arrangements, including...more
On June 5, 2019, the Securities and Exchange Commission voted to adopt a package of rulemakings and interpretations, including (i) a new rule creating a standard of conduct for broker-dealers when recommending securities to...more
6/12/2019
/ Advisors Act ,
Best Interest Standard ,
Broker-Dealer ,
Compliance ,
Duty of Care ,
Duty of Loyalty ,
Fiduciary Duty ,
Form CRS ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
New Rules ,
Regulation Best Interest ,
Retail Investors ,
Securities and Exchange Commission (SEC) ,
Securities Transactions ,
Standard of Conduct
On October 26, 2017, the Securities and Exchange Commission ("SEC" or the "Commission") staff issued three no-action letters to help broker-dealers, investment advisers and investment companies comply with the European...more
1/25/2018
/ Broker-Dealer ,
Enforcement Actions ,
EU ,
Investment Advisers Act of 1940 ,
Investment Company Act of 1940 ,
MiFID II ,
No-Action Letters ,
No-Action Relief ,
Public Comment ,
Securities and Exchange Commission (SEC) ,
SIFMA
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
This special report provides a summary of some of the significant changes and developments that occurred in the past year in the private equity and hedge funds space, as well as certain recommended practices that investment...more
11/16/2016
/ Accredited Investors ,
Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Annual Reports ,
Brazil ,
Broker-Dealer ,
Business Continuity Plans ,
CFTC ,
China ,
Compensation Agreements ,
Constitutional Challenges ,
Cybersecurity ,
Defend Trade Secrets Act (DTSA) ,
Department of Justice (DOJ) ,
EEO-1 ,
Employee Retirement Income Security Act (ERISA) ,
Enforcement Actions ,
Equal Employment Opportunity Commission (EEOC) ,
Estate Planning ,
EU ,
European Securities and Markets Authority (ESMA) ,
Fair Labor Standards Act (FLSA) ,
Filing Requirements ,
Financial Conduct Authority (FCA) ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Markets ,
Foreign Corrupt Practices Act (FCPA) ,
Form ADV ,
Hedge Funds ,
High Net-Worth ,
Hong Kong ,
Insider Trading ,
Insurance Industry ,
Liability Insurance ,
MiFID II ,
Minimum Salary ,
OCIE ,
Over-Time ,
Popular ,
Private Equity Funds ,
Private Investment Funds ,
Proposed Amendments ,
Protecting Americans from Tax Hikes (PATH) Act ,
Regulation AT ,
Regulatory Oversight ,
Required Forms ,
Retirement Plan ,
Rule 506(d) ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC) ,
Separation Agreement ,
Tax Returns ,
UK Brexit ,
Unemployment Benefits ,
Valuation ,
Whistleblowers ,
White-Collar Exemptions
SEC Adopts Registration Rules for Security-Based Swap Entities -
On August 5, 2015, the SEC adopted rules and forms governing the registration process for security-based swap dealers and major security-based swap...more
Foreign Finders -
The longstanding rules on foreign finders – when a brokerage firm can pay transaction-based compensation to a non-registered foreign finder – will be incorporated into new FINRA Rule 2040, effective...more
6/25/2015
/ Adequate Assurances ,
Broker-Dealer ,
Disclosure ,
Disclosure Requirements ,
Financial Industry Regulatory Authority (FINRA) ,
Finders ,
Foreign Investment ,
Investors ,
NASD ,
New Regulations ,
Registration ,
Rule 15a-6 ,
Transaction-Based Compensation
New FINRA Rule 3110(e) streamlines and clarifies members' obligations relating to background investigations of registered persons and adds a requirement to adopt written procedures to verify the accuracy and completeness of...more
The SEC recently sanctioned another foreign bank for conducting cross-border brokerage activities without being registered. Since 2009, the SEC has sanctioned a number of foreign firms for failing either to register as a...more
New FOCUS Reporting Requirement Commences January 2015 -
A new FOCUS reporting requirement designed to enhance FINRA's ongoing monitoring of members' financial condition will take effect for the new year. Beginning...more
Supervising Registered Employees of Foreign Affiliates -
NASD Rules 1021(a) and 1031(a) permit a FINRA member to register or maintain the registration as principal or representative of an individual who is engaged in...more
The SEC recently settled an enforcement action against brokerage firm Monness, Crespi, Hardt & Co. ("MCH") for deficient insider trading procedures. This case is an important reminder of some key elements of effective insider...more