On May 22, 2024, the U.S. House of Representatives (the “House”) passed the Financial Innovation and Technology for the 21st Century Act (“FIT21” or the “Bill”) with bipartisan support by a vote of 279-136. FIT21 provides for...more
6/3/2024
/ CFTC ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Assets ,
Financial Regulatory Reform ,
Legislative Agendas ,
New Legislation ,
Popular ,
Regulatory Agenda ,
Regulatory Reform ,
Securities and Exchange Commission (SEC) ,
Stablecoins ,
U.S. House
On May 16, 2024, the U.S. Securities and Exchange Commission (“SEC”) adopted amendments to Regulation S-P (“Reg S-P”) that are intended to help protect investors’ privacy from the “expanded use of technology and corresponding...more
5/29/2024
/ Broker-Dealer ,
Compliance ,
Customer Information ,
Incident Response Plans ,
Investment Adviser ,
Investors ,
Notice Requirements ,
Personal Information ,
Policies and Procedures ,
Privacy Laws ,
Recordkeeping Requirements ,
Regulation S-P ,
Securities and Exchange Commission (SEC)
On December 13, 2023, the Securities and Exchange Commission (the “SEC” or “Commission”) adopted rule amendments (the “Amendments”) under the Securities Exchange Act of 1934 that will, in effect, require direct participants...more
The issue of how firms should pay for investment research continues to be a controversial topic in the financial markets. The U.S. has maintained the approach it adopted before the mid-2000s, which is to permit investment...more
7/3/2023
/ Broker-Dealer ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Markets ,
Financial Services Industry ,
Investment Adviser ,
Market Research ,
MiFID II ,
Securities and Exchange Commission (SEC) ,
UK
On January 10, 2023, the Financial Industry Regulatory Authority (“FINRA”) issued its 2023 Report on FINRA’s Examination and Risk Monitoring Program (the “Report”). The Report, which is a more comprehensive version of FINRA’s...more
On December 17, 2021, the U.S. Securities and Exchange Commission (“SEC”) staff (“Staff”) issued a statement (the “Statement”), which summarizes certain observations made by the SEC’s Standards of Conduct Implementation...more
On October 7, 2020, the U.S. Securities and Exchange Commission (SEC) proposed an order (the “Proposed Order”) that would allow natural persons to engage in limited activities assisting issuers in raising capital without...more
Proposed Amendments to Form 13F Would Increase the Reporting Threshold from $100 Million to $3.5 Billion, Among Other Changes
On July 10, 2020, the U.S. Securities and Exchange Commission (SEC) issued a proposed rule (the...more
On July 1, 2020, the U.S. Financial Industry Regulatory Authority, Inc. (FINRA) issued Regulatory Notice 20-21 (the “Regulatory Notice”), which provides guidance to broker-dealers on compliance with FINRA Rule 2210...more
As the financial markets react to the COVID-19 pandemic, broker-dealers are increasingly looking for mechanisms to increase liquidity. Complicating matters is the fact that broker-dealers seeking liquidity must comply with...more
On April 16, 2020, the North American Securities Administrators Association (NASAA) released a chart detailing each state’s regulatory response to the COVID-19 pandemic. While the Securities and Exchange Commission (SEC) has...more
On April 7, 2020, the SEC’s Office of Compliance Inspections and Examinations (OCIE) issued two Risk Alerts: one focused on examinations of compliance with Regulation Best Interest (“Regulation BI”); and one focused on...more
On June 5, 2019, the U.S. Securities and Exchange Commission (SEC) adopted Regulation Best Interest (Regulation BI). The goal of Regulation BI is to improve investor protection by: (1) enhancing the obligations that apply...more
The COVID-19 outbreak and the breakdown of negotiations between oil producers have contributed to a fall in the stock market, ending the longest bull market in history and bringing about a period of volatility. As of March...more
In light of the threats posed by natural disasters, pandemics and civil disorder, among other events, businesses of all types must formulate responses to address significant business disruptions (“SBDs”) and the safety of...more
3/5/2020
/ Best Practices ,
Broker-Dealer ,
Business Continuity Plans ,
Business Disruption ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
Health and Safety ,
MSRB ,
Natural Disasters ,
Remote Working ,
Securities and Exchange Commission (SEC) ,
Third-Party Service Provider ,
Vendor Contacts
On June 5, 2019, the U.S. Securities and Exchange Commission (the “SEC”) adopted Regulation Best Interest (“Regulation BI”) to improve investor protection by establishing a standard of conduct for broker-dealers making...more
On June 5, 2019, the U.S. Securities and Exchange Commission (SEC) adopted Regulation Best Interest (“Regulation BI”). The goal of Regulation BI is to improve investor protection by: (1) enhancing the obligations that apply...more