If enacted, the Unlocking Capital Act would establish two investment professional categories—private placement brokers and finders. The legislation would allow these professionals to engage in many activities that, due to
Continue Reading Proposed Legislation Would Create a Tiered Exemption from Broker Registration
On Dec. 29, 2022, President Biden signed into law H.R. 2617, the “Consolidated Appropriations Act of 2023.” Among the routine federal funding provisions, Title V of the bill, the “Small
Continue Reading Congress Codifies Longstanding M&A Broker Exemption from SEC Registration
On Dec. 14, 2022, Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), released a statement announcing a proposal to establish an SEC rule setting forth a best
Continue Reading SEC Proposes to Establish a New Best Execution Standard
On Sept. 25, 2020, the SEC issued a No-Action Letter to FINRA, in response to a previously issued Joint Statement by the SEC and FINRA. This No-Action Letter detailed how
Continue Reading SEC Issues No-Action Letter Facilitating the Secondary Trading of Digital Assets
FINRA recently issued Notice to Members 17-42, which proposes sweeping changes to the process by which a securities broker may seek to expunge reference to a customer complaint from
Continue Reading FINRA Plans Major Changes to Expungement Rules
In February, President Trump signed an Executive Order directing the U.S. Department of Labor (DOL) to review the fiduciary rule for brokers that President Obama’s Labor Department adopted. The federal
Continue Reading NY Department of Financial Services Proposes its Own Fiduciary Rule in Response to U.S. DOL Delay
On Jan. 12, 2017, the Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission (SEC) issued its annual Examinations Priorities for 2017 (Exam Priorities), which
Continue Reading SEC’s Office of Compliance Inspections and Examinations Releases Annual Examination Priorities
May 6, 2016, the Financial Crimes Enforcement Network of the U.S. Department of the Treasury (FinCEN) finalized regulations that will require banks, securities broker dealers, mutual funds, futures commission merchants,
Continue Reading FinCEN Finalizes Customer Due Diligence Rule
FINRA has issued a regulatory notice (RN 16-18) regarding new Rule 2273, which requires member firms, when hiring a new broker from the competition, to send an “educational communication” to
Continue Reading FINRA Announces Rule 2273, Requiring Broker’s New Firm to Send “Educational Communication” to Broker’s Customers Before Transfer of the Customer’s Assets to the New Firm