FinReg + Policy Watch

The SEC recently solicited public comment on digital engagement practices (DEPs) used by some broker-dealers and investment advisers, including predictive data analytics, differential marketing, and behavioral prompts (such as gamification).  The public comment window closes October 1, 2021.  Comments letters
Continue Reading SEC Seeks Input on BD and RIA Digital Engagement Practices

FINRA recently amended its rules in order to strengthen its tools to respond to brokers with a significant history of misconduct and the firms that employ them.  Firms must comply with the changes by September 1, 2021.  Our recent Client
Continue Reading FINRA Adds Continuing Membership Application Requirement to Address Brokers With a History of Misconduct

On April 16, 2021, the staff of the SEC Division of Trading and Markets reminded broker-dealers borrowing fully paid and excess margin securities from their customers (FPL programs) that they are obligated to comply with Exchange Act Rule 15c3-3 (Customer
Continue Reading Time’s Up! Broker-Dealers Must Comply with the Customer Protection Rule When Borrowing Customer Securities

On March 23, 2021, the Predatory Loan Prevention Act (the “PLPA”) was signed into law by Illinois Governor J.B. Pritzker. The PLPA imposes a 36% military annual percentage rate (“MAPR”) cap on all loans made to Illinois consumers. It applies
Continue Reading Illinois Imposes 36% MAPR Rate Cap on Consumer Loans; Takes Aim at Fintech-Bank Partnerships and Secondary Market Transactions