Our client alert discusses the SEC Division of Examinations risk alert summarizing observations from exams of registered investment advisers and broker-dealers related to compliance with Reg. S-ID, which is generally designed to protect and prevent retail customers from identity theft
SEC “Gift” to the Industry: Four Market Structure Proposals, 3-2 Votes (In Part), but No Partridge in a Pear Tree
Our client alert discuss recent SEC rulemakings covering proposed new “Regulation Best Execution” (new Exchange Act Rules 1100, 1101, and 1102 establishing a best execution standard and requiring robust policies and procedures for firms engaging in certain conflicted transactions with retail
FINRA Reminds Firms of Trusted Contact Person Requirement, Benefits, and Related Effective Practices
Our client alert discuss FINRA Regulatory Notice 22-31 reminding members of their regulatory obligations under Rule 4512 with respect to “Trusted Contact Persons” or “TCPs,” explaining the benefits of designating TCPs, and providing resources to educate customers about the role
Broker-Dealer Compliance With Revamped Recordkeeping Requirements Begins May 3, 2023; FINRA Publishes Chart of “Most Significant Changes”
Our client alert discuss the recent SEC amendments to Exchange Act Rule 17a-4 adopting new recordkeeping requirements for broker-dealers. Most notably, the SEC will no longer require broker-dealers to maintain records in “write once, read many” or “WORM” format. Instead, broker-dealers
FINRA 2023 Examination and Risk Monitoring Report Highlights Numerous Risk Areas for Brokers
Our client alert discusses FINRA’s 2023 Report on its Examination and Risk Monitoring Program, which serves as a resource for firms to use to bolster their compliance programs and provides a roadmap of FINRA’s main areas of examination for 2023.
SEC EXAMS Division Publishes Reg. BI Risk Alert
Our client alert discusses the deficiencies the staff identified during examinations and provides examples of weak practices observed at firms. EXAMS staff intends for the alert to assist broker-dealers in reviewing and enhancing their Regulation Best Interest compliance programs. The
The Texas Supreme Court Affirms A Summary Judgment For A Fiduciary Defendant Based On The Statute Of Limitations And The Duty To Use Reasonable Diligence To Discover Claims
The Court noted that a claim generally accrues when the defendant’s wrongful conduct causes the claimant to suffer a legal injury. Id. The Court also noted that the discovery rule can defer accrual of limitations:
In Marcus & Millichap Real
Labor Supply Disruption Contributes to Recently Filed Securities Suit
In my recent round-up of the top D&O stories of 2022, one of the stories I identified was the contribution of macroeconomic factors to the filings of securities class action lawsuits during the year. Among the macroeconomic factors I identified,
New York Finalizes Commercial Lending Disclosure Regulations
As the regulatory scrutiny facing commercial finance providers continues to increase, many have been closely monitoring developments in state-level disclosure requirements. The New York Commercial Finance Disclosure Law (CFDL), which was originally enacted in 2020, stands out as the most
EBA publishes speech by Jose Manuel Campa at the AFORE’s 7th annual conference on fintech and regulation
On 8 February 2023, the European Banking Authority (EBA) published the keynote speech by Jose Manuel Campa at the AFORE’s 7th annual conference on fintech and regulation.
In his speech, Mr Campa acknowledges the progress made, such as the Digital