On December 20, 2024, the Securities and Exchange Commission (SEC) issued a final rule amending SEC rules 15c3-3 (the customer protection rule) and 15c3-1 (the net capital rule). The SEC also amended Form X-17A-5 Part II (the...more
On November 21, 2024, the US District Court for the Northern District of Texas vacated rules adopted by the Securities and Exchange Commission (SEC) in February 2024. Those rules had defined language in the definitions of...more
12/16/2024
/ Broker-Dealer ,
Decentralized Finance (DeFi) ,
Final Rules ,
Government Securities ,
Investment Advisers Act of 1940 ,
Market Participants ,
Proprietary Trading ,
Securities and Exchange Commission (SEC) ,
Securities Dealers ,
Securities Exchange Act ,
Vacated
On October 21, 2024, the Securities and Exchange Commission Division of Examinations published its examination priorities for fiscal year 2025.1 In this alert, we offer ten observations for broker-dealers. Our observations...more
10/31/2024
/ Artificial Intelligence ,
Broker-Dealer ,
Compliance ,
Cryptoassets ,
ETFs ,
Exchange-Traded Products ,
Financial Industry Regulatory Authority (FINRA) ,
Form CRS ,
Information Reports ,
Investment Adviser ,
Regulation BI ,
Regulation S-P ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC) ,
Third-Party Service Provider
Last month, the Securities and Exchange Commission (the SEC or the Commission) unanimously voted to adopt amendments to Regulation S-P (Reg S-P), which is the SEC’s regulation governing the treatment and safeguarding of...more
6/11/2024
/ Amended Regulation ,
Broker-Dealer ,
Compliance ,
Covered Entities ,
Customer Privacy ,
Data Privacy ,
Data Protection ,
Incident Response Plans ,
Investors ,
Personal Data ,
Registered Investment Advisors ,
Regulation S-P ,
Securities and Exchange Commission (SEC) ,
Sensitive Personal Information
On January 9, 2024, the Financial Industry Regulatory Authority published its 2024 FINRA Annual Regulatory Oversight Report. Previously titled Report on FINRA’s Examination and Risk Monitoring Program, the Report is released...more
1/18/2024
/ Artificial Intelligence ,
Best Execution ,
Broker-Dealer ,
Conflicts of Interest ,
Cryptoassets ,
Electronic Communications ,
Equity Securities ,
Financial Industry Regulatory Authority (FINRA) ,
Fixed Income Investments ,
Public Communications ,
Regulation Best Interest ,
Regulation BI ,
Regulation SHO ,
Regulatory Oversight ,
Retail Investors ,
Retail Sales ,
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) proposes to amend Regulation Systems Compliance and Integrity (Reg SCI) to update and expand the regulatory oversight of the core technology of the U.S. securities markets.1 The...more
5/9/2023
/ Alternative Trading System (ATS) ,
Broker-Dealer ,
Clearing Agencies ,
Comment Period ,
Cryptoassets ,
Cybersecurity ,
Data Repositories ,
Proposed Amendments ,
Regulation SCI ,
Securities ,
Securities and Exchange Commission (SEC) ,
Security-Based Swaps ,
Swap Data Repositories ,
Third-Party Service Provider ,
Vendors
On December 14, 2022, the Securities and Exchange Commission (“SEC” or “Commission”) released four sweeping rulemaking proposals that would change market structure as we currently know it and introduce a new federal standard...more
On March 28, 2022, the Securities and Exchange Commission (SEC) proposed new Rules 3a5-4 and 3a44-2 under the Securities Exchange Act of 1934 (Exchange Act) (collectively, the Proposed Rules). The Proposed Rules seek to...more
The Securities and Exchange Commission (SEC) proposed significant changes to the regulation of securities trading systems that use non-firm trading interest and alternative trading systems (ATSs) that trade government...more
On January 14, 2020, the Securities and Exchange Commission’s (“SEC”) Office of Investor Education and Advocacy issued an Investor Alert urging investors to use caution before investing in “initial exchange offerings”...more
1/27/2020
/ Broker-Dealer ,
Digital Assets ,
Due Diligence ,
Initial Coin Offering (ICOs) ,
Initial Exchange Offering (IEO) ,
Investors ,
Offerings ,
Online Platforms ,
Regulation ATS ,
Risk Alert ,
Securities and Exchange Commission (SEC) ,
Unregistered Securities
On June 5, 2019, the SEC adopted a package of rulemakings and interpretations designed to enhance the quality and transparency of investors’ relationships with broker-dealers and investment advisers. The focal point of this...more
9/3/2019
/ Books & Records ,
Broker-Dealer ,
Conflicts of Interest ,
Deadlines ,
Disclosure Requirements ,
Form CRS ,
Investment Adviser ,
Investors ,
Policies and Procedures ,
Regulation BI ,
Retail Investors ,
Risk Management ,
Rulemaking Process ,
Securities and Exchange Commission (SEC)
On October 24, 2016, the Federal Reserve Bank of New York (FRBNY) held a conference on “The Evolving Structure of the US Treasury Market” (Conference). The Conference was a sequel to the first annual such event where...more
The Equity Market Structure Advisory Committee (EMSAC or Committee) held its third meeting at the Securities and Exchange Commission (Commission or SEC) in Washington DC on February 2, 2016. The Committee is considering...more
On November 18, 2015, the Securities and Exchange Commission (“SEC” or “Commission”) proposed significant changes to the regulatory requirements applicable to dark pools and other alternative trading systems (“ATSs”) that...more
On October 27, 2015, the Equity Market Structure Advisory Committee (EMSAC or Committee) held its second meeting at the Securities and Exchange Commission (Commission or SEC) in Washington DC. The Committee is considering...more
11/6/2015
/ Alternative Trading System (ATS) ,
Broker-Dealer ,
Equity Markets ,
Exchange-Traded Products ,
Market Participants ,
Mary Jo White ,
Professional Conferences ,
Publicly-Traded Companies ,
Regulatory Standards ,
SEC Advisory Committee ,
Securities and Exchange Commission (SEC)
In June 2014, the Securities and Exchange Commission (“SEC” or “Commission”) issued an order directing the national securities exchanges and the Financial Industry Regulatory Authority (collectively, the “Participants”) to...more
Overview -
On March 25, 2015, the Securities and Exchange Commission ("SEC" or "Commission") proposed an amendment to Rule 15b9-1 (the “Proposal”) under the Securities Exchange Act of 1934 ("Exchange Act") that, if...more