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Broker-Dealer › Materiality

Holland & Knight LLP

SEC Feels the Heat

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Earlier this year, the U.S. Court of Appeals for the First Circuit vacated and remanded a $93 million district court judgment entered against a broker-dealer and investment adviser for allegedly inadequate disclosures of...more

Foley & Lardner LLP

First Circuit’s Reversal of Summary Judgment Clarifies Materiality Standard for Advisory Conflicts

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A recent ruling may raise the bar for the Securities and Exchange Commission (SEC) in charging registered investment advisers for omissions of potential conflicts and seeking disgorgement, giving the defense bar additional...more

Eversheds Sutherland (US) LLP

SEC v. Commonwealth: a win for the securities industry

Eversheds Sutherland (US) LLP on

On April 1, 2025, the First Circuit Court of Appeals vacated a nearly $95 million judgment against our client Commonwealth Financial Network related to the sufficiency of Commonwealth’s revenue-sharing disclosures. The First...more

Troutman Pepper Locke

First Circuit Questions Materiality in SEC's Case Against Commonwealth Equity Services

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On April 1, the U.S. Court of Appeals for the First Circuit vacated a summary judgment ruling in favor of the Securities and Exchange Commission (SEC) against Commonwealth Equity Services, LLC, also known as Commonwealth...more

Morgan Lewis

First Circuit Vacates $93 Million Judgment for SEC, Including $65 Million Disgorgement Award

Morgan Lewis on

On April 1, the US Circuit Court of Appeals for the First Circuit vacated a $93 million judgment for the SEC against Commonwealth Financial, including a $65 million disgorgement award. The three-judge panel concluded that the...more

UB Greensfelder LLP

When It Comes To GPB, FINRA Looks At Things Quite Differently Than The SEC And The DOJ

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Among the criticisms I have leveled against FINRA are (1) that it is increasingly acting like a claimant’s arbitration attorney, by taking every possible opportunity to blame member firms for losses incurred by investors when...more

UB Greensfelder LLP

FINRA’s New Rules Are A Game-Changer, Especially When It Comes To Hiring . . . And Not In A Good Way

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For many years, FINRA has attempted in several settings to substitute objective criteria for subjective ones, to try and make things easier for itself, and to make things more consistent from district to district and from...more

Bass, Berry & Sims PLC

Chris Lazarini Analyzes Link Between Alleged Fraud and Economic Harm to Shareholders

Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini analyzed a case in which a group of shareholders claimed misleading statements in a press release caused them to sell stock early and lose money in a subsequent bidding war. The...more

Bracewell LLP

Disclosure Considerations and Tax Reform

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The impact of tax reform is on the minds of many. While there are currently many unknowns, municipal issuers and conduit borrowers (collectively, “obligated persons”) should consider whether changes in tax law could impact...more

Foley & Lardner LLP

Recent MCDC Settlements Provide Guidance Concerning Scope of Materiality in Continuing Disclosure Obligations

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In responding to the Securities and Exchange Commission’s recent Municipalities Continuing Disclosure Cooperation (MCDC) initiative, the unanswered question for many municipalities and broker-dealers was determining whether...more

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