...Holly Smith Purpose To explain how the U.S. Securities and Exchange Commission (SEC), in its Digital Asset Securities Release, issued on December 23, 2020, laid out its vision for how broker-dealers can comply with the custody requirements of Rule 15c3-3 under the Exchange Act (the Customer...

...Laura S. Pruitt; David P. Bergers; Eric A. Love Purpose The purpose of this paper is to summarize and analyze the 2019 broker-dealer examination priorities of the Financial Industry Regulatory Authority (“FINRA”) and the US Securities and Exchange Commission’s (“SEC”) Office of Compliance...

...John J. Sikora Jr.; Stephen P. Wink; Douglas K. Yatter; Naim Culhaci Purpose To analyze the settled order of the US Securities and Exchange Commission (SEC) against TokenLot LLC (TokenLot), which was the SEC’s first action charging a seller of digital tokens as an unregistered broker-dealer...

...Scott R. Anderson; James Audette; Kate S. Poorbaugh Purpose To summarize the Municipal Securities Rulemaking Board’s 2017 Compliance Advisory for brokers, dealers and municipal securities dealers. Design/methodology/approach Summarizes several Municipal Securities Rulemaking Board (MSRB) rules...

... as unchanged from previous years, and highlights new areas of focus for FINRA. Findings FINRA plans a number of organizational improvements over the next year which could facilitate positive dialogue between firms and FINRA examiners, helping to reduce the burden on broker-dealers and possibly avoid low...

...Nikiforos Mathews; Jonas Robison Purpose To summarize for registered broker-dealers and their customers upcoming margin requirements for “to-be-announced” (TBA) transactions on mortgage-backed securities pursuant to recently-amended FINRA Rule 4210. Design/methodology/approach This article...

...Russell Sacks; Jennifer Morton; Jenny Jordan; Steven Blau; Sean Kelly Purpose In April 2017, FINRA issued a regulatory notice addressing the use of social media and digital communications by broker-dealers. The notice expanded on previous FINRA guidance on these topics. This article provides...

...James R. Burns; James E. Anderson; Kimberly Beattie Saunders; Charles F. Gyer Purpose To describe the steps taken by the SEC to shorten the standard settlement cycle for most broker-dealer transactions from three business days to two business days after the trade date. Design/methodology...

... be contacted at: Larry.Bergmann@mmlawus.com © 2017 Murphy & McGonigle P.C. 2017 2017 Murphy & McGonigle P.C. Licensed re-use rights only Broker-dealer US Securities and Exchange Commission (SEC) Bona-fide market making Regulation SHO As is often the case, the practical...

... discusses Rule 15c3-3 under the Securities Exchange Act of 1934, related interpretative guidance, and the Customer Protection Rule Initiative announced in June 2016 by the SEC. Findings This article concludes that broker-dealers should take advantage of the Customer Protection Rule Initiative’s self...

...Daniel A. Nathan Purpose To analyze FINRA’s focus on broker-dealer culture in its 2016 annual priorities letter and the application of the concept in FINRA disciplinary proceedings, to explain how that focus will affect FINRA’s examinations of firms, and to provide recommendations as to how a firm...

... – including, for many firms, registration as an investment adviser, broker-dealer, or both. Originality/value Practical regulatory guidance regarding SEC registration requirements that may reach non-US firms from experienced financial services lawyers specializing in asset management. 1. See...

... while not being registered as a broker dealer, making undisclosed use of fund assets, and failing to adopt policies and procedures designed to prevent the alleged violations. Design/methodology/approach Describes the services provided by the investment adviser, the compensation paid, and the SEC’s...

... at: michael.foley@kattenlaw.com © 2016 Katten Muchin Rosenman LLP. All rights reserved. 2016 Katten Muchin Rosenman LLP. (2016) Licensed re-use rights only Financial Industry Regulatory Authority (FINRA) Algorithmic trading Broker-dealer Registration Automated trading Recently approved...

...Juliet H. Huang; James C. Burr; Richard A. Cosgrove; Nathan H.B. Odem Purpose To alert lenders, broker-dealers and municipal advisors to a joint regulatory notice from the Municipal Securities Rulemaking Board (“MSRB”) and the Financial Industry Regulatory Authority (“FINRA”) regarding direct...

...Scott R. Anderson; Kate S. Poorbaugh Purpose To summarize the Municipal Securities Rulemaking Board’s 2016 Compliance Advisory for brokers, dealers and municipal securities dealers. Design/methodology/approach Summarizes several Municipal Securities Rulemaking Board (MSRB) rules...

.... Michael T. Foley can be contacted at: michael.foley@kattenlaw.com © Authors 2015 Financial Industry Regulatory Authority (FINRA) Registration Broker-dealer Algorithmic trading Automated trading As part of its ongoing market structure initiatives related to, among other things...

...Brian Rubin; Andrew M. McCormick Purpose – To analyze the cases and sanctions FINRA reported in 2014 and prior years to evaluate what issues may be important for broker-dealers and their representatives in the future. Design/methodology/approach – This article discusses the overall...

...Bruce Bettigole; Charlie Kruly Purpose – To highlight the insufficient guidance offered by a recent Securities and Exchange Commission settlement regarding a broker-dealer’s obligation to inquire into its customers’ sales of unregistered securities. Design/methodology/approach – Discusses...

...Daniel A. Nathan; Tiffany Rowe Purpose – To alert broker-dealers to Securities and Exchange Commission charges brought against a broker-dealer for ineffective controls over employee use of confidential information and to provide guidance regarding development and implementation of controls...