Trading and Markets Focus on Broker Registration
The Securities and Exchange Commission Division of Trading and Markets is continuing to focus on broker-dealer registration issues in the private fund area. For example, the Staff is focusing on...
View ArticleMore Unaswered/Answered Broker-Dealer Registration Questions
Recently, the SEC’s Division of Trading and Markets Staff issued no action relief allowing those persons and entities specializing in mergers and acquistions (“M&A Broker”) to avoid broker-dealer...
View ArticleWhen in Rome Do as the Romans or At Least Play by the Rules
Usually, we spend a fair amount of time advising our American broker-dealer clients, who do business overseas, that they have to follow the rules of those countries as well. However, the “shoe” may...
View ArticleM&A BROKER RELIEF FROM REGISTRATION
The SEC’s Division of Trading and Markets stated that it would not recommend enforcement action if a “mergers and acquisitions broker” were to engage in the sale or purchase of a privately held company...
View ArticleClik here to view.
Why You Need To Think Twice About That New Hire
Starting July 1, member firms are required to have written procedures to verify the accuracy and completeness of the information in a registered representative’s U-4 within 30 days of the U-4 being...
View ArticleClik here to view.
Who Needs The SEC Anyway
At least one New York City official would answer that question in the negative. The city comptroller released a proposal that would require a financial advisor to clearly state whether he or she must...
View ArticleFINRA’s New EB-5 Disclosure Requirements re: Foreign Finders
New FINRA Rule 2040 became effective late last month, requiring broker-dealers who sell EB-5 securities disclose to investors the amount of finder fee payments to non-registered foreign persons and...
View ArticleClik here to view.
What an amended FINRA Rule 8312 may mean to you.
FINRA has released for comment its proposed amendment to Rule 8312, otherwise known as the BrokerCheck Disclosure rule. As it currently stands, FINRA waits for 15 days before it releases information...
View ArticleClik here to view.
So what does the expedited release of a Form U-5 mean for you
As of December 12, 2015, FINRA will release Form U-5s within three business days of a member firm’s submission, instead of the fifteen days currently provided for under Rule 8312. The current version...
View ArticleClik here to view.
Who still thinks FINRA is not interested in elder investor issues
As you may know, FINRA, last April, launched a senior helpline to address issues pertaining to senior investors. According to recent reports, FINRA received calls on many different issues such as how...
View ArticleClik here to view.
Who wants to know how OBA disclosures can save your firm
Over the years that I have defended broker-dealers and investment advisors, a more robust overview of outside business activity (OBA) disclosures would have gone a long way to disprove a number of...
View ArticleClik here to view.
To be a broker-dealer or not to be; that is the SEC’s question
The SEC recently announced that an equity advisory firm and its owner agreed to pay more than $3.1 million to resolve charges that they improperly engaged in brokerage activity, as well as charging...
View ArticleIf You Want Trouble, Do Not Register as a Broker-Dealer
At Fox Rothschild, we are constantly advising clients regarding the peril of engaging in the securities industry without the proper license. In fact, we have developed materials to provide our clients...
View ArticleLet’s Not Get Too Excited with FINRA’s Proposal on Re-Taking Exams
Most brokers despise the fact that they need to re-take their examinations if they are not employed with a broker-dealer for 2 years or if they are not associated with a member firm. Now, FINRA comes...
View ArticleYOU SHOULD ALWAYS USE YOUR FRIENDLY NEIGHBORHOOD BROKER-DEALER!
Recently, a REIT sought to avoid using a broker-dealer in a distribution. Woe, onto those who seek to avoid the broker-dealer, especially when it leads to a SEC investigation and enforcement action....
View ArticleFox Rothschild’s Securities Industry Group Members Ernie Badway and Alex...
NY State Attorney General Targets Finders and Business Brokers in Pandemic Rule-Making
View Article“A Rose by Any Other Name Would Smell as Sweet,” Not So for BDs and Advisors
Although we are certain that Shakespeare never had to deal with the vagaries of Regulation BI, we do, and, in a series of questions relating to Regulation BI, the SEC Staff made it abundantly clear...
View ArticleTRANSACTION-BASED COMPENSATION REQUIRES REGISTRATION . . . PERIOD
FINRA’s National Adjudicatory Counsel (“NAC”), recently, affirmed a disciplinary panel decision significantly sanctioning a broker-dealer for paying unregistered persons and entities. See...
View ArticleSEC Moves in a Very Different Direction on Finders
In a stark 3-2 vote along political lines, the SEC announced today that it was proposing new rules relating to finders. Essentially, if the proposed rules are, ultimately, approved, the SEC will...
View ArticleClik here to view.
Who still thinks FINRA is not interested in elder investor issues
As you may know, FINRA, last April, launched a senior helpline to address issues pertaining to senior investors. According to recent reports, FINRA received calls on many different issues such as how...
View Article
