... with investment advisers and broker-dealers. Design/Methodology/Approach The article provides legal analysis for and historical context of the requirements of the SEC’s adopted rules, Regulation Best Interest and Form CRS in addition to the two separate interpretations under the Investment Advisers Act...

... liability for broker-dealers and investment advisers, and highlights key takeaways from the SEC’s recent enforcement resolution that may be applied in establishing compliance procedures relating to internal investigations going forward. Findings The article concludes that the SEC appears to expect...

...Wendy E. Cohen; Richard D. Marshall; Allison C. Yacker; Lance A. Zinman Purpose To explain actions the US Securities and Exchange Commission (SEC) brought on August 27, 2018, against a group of affiliated investment advisers and broker-dealers for what the SEC considered misleading...

... professionals. The three proposals included: interpretation regarding the standard of conduct of investment advisers under the Investment Advisers Act of 1940; Form CRS which both registered investment advisers and registered broker-dealers would have to provide to retail investors; and proposed regulation best...

... of financial exploitation no longer exists).”[ 17 ] Brant K. Brown can be contacted at: bkbrown@willkie.com © 2018 Wilkie Farr & Gallagher LLP. 2018 2018 Wilkie Farr & Gallagher LLP. Licensed re-use rights only Financial Industry Regulatory Authority (FINRA) Broker-dealers...

...@sidley.com © 2018 Sidley Austin LLP. 2018 2018 Sidley Austin LLP. Licensed re-use rights only Financial Industry Regulatory Authority (FINRA) Regulatory US Securities and Exchange Commission (SEC) Broker-dealers Registered representatives Securities enforcement On February 23 and 24...

... Authority (FINRA) Seniors Broker-dealers Registered representatives Financial exploitation On March 30, 2017, the SEC approved the adoption of new FINRA Rule 2165 (Financial Exploitation of Specified Adults). (See www.finra.org/sites/default/files/Regulatory-Notice-17-11.pdf and our related blog...

...Bradley J. Bondi; Charles A. Gilman; Kimberly C. Petillo-Décossard; John J. Schuster; Sara Ortiz Purpose To explain a recent US Securities and Exchange Commission (SEC) administrative proceeding targeting a broker-dealer as part of the Commission’s continuing efforts to enforce anti-money...

.... Findings As in recent years, there is a significant overlap in priorities between the two regulators on issues of elderly investors, recidivist representatives, product suitability, and cybersecurity, among others. Practical implications Registered investment advisers and broker-dealers should note...

... describes the impact of the new “fiduciary” rule on broker-dealers, banks and other financial organizations who will, for the first time since the passage of ERISA, be subject to ERISA’s fiduciary standards and remedies when providing investment and asset management recommendations to individual retirement...

...Brian Rubin; Amy Xu Purpose To analyze how the US Securities and Exchange Commission (SEC) has sanctioned broker-dealers (BDs) and registered investment advisers (RIAs) when cybersecurity breaches have occurred and to discuss whether the SEC is imposing a strict liability approach. Design...

... adopted by the SEC for certain capital market transactions in connection with determining whether a person is a large trader. Findings The SEC extended the April 30, 2012 compliance date under Rule 13h‐1 for registered broker‐dealers by 12 months to May 1, 2013; however, broker‐dealers that are either...

... identification number (“LTID”) and provide the LTID to each US‐registered broker‐dealer through which it effects transactions in NMS securities. The Rule also requires US‐registered broker‐dealers to provide to the SEC, on request, data on large traders' transactions in NMS securities by the morning after...

... markets Securities markets United States of America Credit default swaps Securities trading Broker‐dealers Record‐keeping Social media Effective date: July 16, 2011. FINRA Rule 4240 established an interim pilot program (the Interim Pilot Program) with respect to margin requirements...

.... Both the US Securities and Exchange Commission (SEC) and FINRA have recently brought actions against broker‐dealers alleging their failure to establish and enforce policies and procedures to prevent the misuse of material, non‐public information (MNPI). These regulatory actions should serve...