News & Analysis as of

Financial Services Industry Recordkeeping Requirements Broker-Dealer

Davis Wright Tremaine LLP

Broker-Dealer Disciplinary Actions: Takeaways From 2024 (So Far)

The U.S. Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), and the Exchanges were active across a host of regulatory issues impacting fintech companies and broker-dealers during...more

K&L Gates LLP

SEC Expands "Dealer" Definition to Capture Liquidity Providers

K&L Gates LLP on

Introduction - On 6 February 2024, the US Securities and Exchange Commission (SEC) voted 3-2 to adopt two new rules that significantly expand the definitions of a “dealer” and “government securities dealer” in Sections...more

Mayer Brown

WhatsApp All Over Again: The SEC Brings More Recordkeeping Charges Against Broker-Dealers and Investment Advisers for Off-Channel...

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On February 9, 2024, the Securities and Exchange Commission (SEC) announced charges against five broker-dealers, seven dually registered broker-dealers and investment advisers, and four affiliated investment advisers for...more

Cadwalader, Wickersham & Taft LLP

SEC Exempts Brokers and Dealers from Rule 15c2-11 Review and Recordkeeping Requirements for Quotations on 144A Fixed Income...

On October 30, 2023, the Securities and Exchange Commission issued an order (the “Order”) that grants exemptive relief under Rule 15c2-11 under the Securities Exchange Act of 1934 to brokers and dealers that publish...more

Carlton Fields

Regulators Hit Jackpot: Off-Channel Communications

Carlton Fields on

Several years before announcing the first “off-channel” communications enforcement action, the SEC and FINRA cautioned broker-dealers and investment advisers about problematic record-keeping practices involving the use of...more

Morrison & Foerster LLP

The SEC Expands Focus on Cybersecurity Risk to Include Registered Advisers, Broker‑Dealers, and other Market Participants

Last month, the SEC took a big step toward strengthening the cybersecurity of financial systems by proposing regulations that, taken together, will require registered investments advisers, broker‑dealers, and all national...more

Morgan Lewis

SEC Adopts Rule Amendments to Electronic Recordkeeping Requirements

Morgan Lewis on

On October 12, 2022, the US Securities and Exchange Commission (SEC or Commission) adopted amendments (Final Rules) to the electronic recordkeeping requirements applicable to broker-dealers, security-based swap dealers, and...more

Nelson Mullins Riley & Scarborough LLP

Every Buck You Lend, Every Text You Send, the SEC’ll Be Watching You

Take one look at your phone and count how many different message apps you have.  WhatsApp, Facebook Messenger, Snapchat, Telegram, Signal, iMessage.  Those are just some of the most popular messaging applications available...more

Bilzin Sumberg

SEC Probes Recordkeeping Lapses Arising from Use of Personal Emails and Messaging

Bilzin Sumberg on

In the last few weeks, several major U.S. financial institutions have disclosed to investors that the United States Securities and Exchange Commission (“SEC”) and/or the Commodities Future Trading Commission (“CFTC”) are...more

Goodwin

Agencies Launch Digital Identity Tech Sprint

Goodwin on

In This Issue. The Federal Deposit Insurance Corporation (FDIC), the FDIC Tech Lab (FDITECH) and the Financial Crimes Enforcement Network (FinCEN) launched a digital identity Tech Sprint; FinCEN published a 60-day notice to...more

Morgan Lewis

SEC Proposes Amendments to Electronic Recordkeeping Requirements

Morgan Lewis on

While the US Securities and Exchange Commission seeks to modernize electronic recordkeeping requirements in a technology-neutral manner, its proposed amendments are unclear as to the permissible use of the “cloud” or...more

Goodwin

FinCEN Issues Proposed Rule for Beneficial Ownership Information Reporting Requirements

Goodwin on

In This Issue. The Financial Crimes Enforcement Network (FinCEN) announced (1) a notice of proposed rulemaking for beneficial ownership information reporting requirements and (2) a regulatory process for new real estate...more

Morgan Lewis

Outsourcing: FINRA Outlines Onboarding and Supervision Suggestions for Use of Third-Party Vendors

Morgan Lewis on

A recent FINRA regulatory notice recasts existing obligations regarding outsourcing as a procedural roadmap for broker-dealers to “consider” when using third-party vendors. The Financial Industry Regulatory Authority, Inc....more

Goodwin

SEC Finalizes Reforms Under Investment Advisers Act

Goodwin on

In this Issue. The Securities and Exchange Commission (SEC) finalized reforms under the Investment Advisers Act to modernize rules that govern investment adviser advertisements and payments to solicitors, and published a risk...more

BCLP

Financial Professionals Texting Clients? SEC Signals Compliance Failures Can Lead to Significant Penalties

BCLP on

On September 23, 2020, the U.S. Securities and Exchange Commission (“SEC”) entered an Order Instituting Administrative and Cease and Desist Proceedings (“Order”) against a broker-dealer, JonesTrading Institutional Services,...more

Hanzo

Regulatory Compliance on the Web: What Your Website Needs

Hanzo on

Your website is an important part of your business. Chances are, you’re investing both time and money to ensure that it attracts customers and satisfies their needs so that they decide to do business with you. Now that the...more

Hanzo

The Bottom Line on Archiving Online Communications Under SEC Rules 17a-3 and 17a-4

Hanzo on

If you’re in the financial services industry, you’ve got a lot on your plate. You’re researching investments, advising customers, marketing your business, and maintaining strict compliance with a veritable alphabet soup of...more

Eversheds Sutherland (US) LLP

Regulation Best Interest: Implementation Considerations

What happened? On June 5, the US Securities and Exchange Commission (SEC) adopted Regulation Best Interest (Reg. BI), a new rule establishing a “best interest” standard of conduct for broker dealers and their natural...more

Eversheds Sutherland (US) LLP

Form CRS: Implementation Considerations

What happened? On June 5, in a three-to-one vote, the US Securities and Exchange Commission (SEC) adopted a comprehensive package of rulemakings and interpretations governing the standard of conduct applicable to...more

Hanzo

FINRA Regulatory Requirements for Archiving, Recordkeeping, and Supervision in 2019

Hanzo on

The Financial Industry Regulatory Authority's (FINRA) constantly updated record of disciplinary actions contains a mixed bag of run-of-the-mill infractions, unethical behavior, and large-scale corporate misconduct and...more

Hanzo

The Complete Guide to SEC Rule 17a-4 for Compliance Professionals

Hanzo on

Looking for a great weekend read? You could turn to a classic novel, work your way through the list of articles you were too busy to read at work, or curl up with your favorite beverage and reread Securities Exchange...more

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