On March 21, 2019, in Whitaker v. Wedbush Securities, an Illinois appellate court for the first time addressed the liability of a futures commission merchant (FCM) or broker-dealer (BD)
Continue Reading When Can Futures Commission Merchants and Broker-Dealers Be Deemed Banks?

FINRA recently sent a sweep letter (or targeted exam letter) to select broker dealers, inquiring about those firms’ sale of non-traded Business Development Companies (BDCs).  BDCs are SEC-registered investment companies
Continue Reading FINRA Sends Targeted Exam Letter Concerning the Sale of Non-Traded Business Development Companies