Compliance Tip of the Day: COSO Objective 5 – Monitoring Activities
PODCAST: Williams Mullen's Raising Capital 101: A Securities Podcast - What Laws Affect Securities Offerings?
Payment for Order Flow (PFOF) and Gamification: Your Questions Answered
Summer Enforcement Action Review; Raising Money in a Pandemic - Investment Management Roundtable Discussion
Investment Management and Private Funds Roundtable – June 2020
Videocast: Asset management regulation in 2020 videocast series – FinTech initiatives
Videocast: Asset management regulation in 2020 videocast series – Fiduciary investment advice: The patchwork emerges
Videocast: Asset management regulation in 2020 videocast series – SEC enforcement
Videocast: Asset management regulation in 2020 videocast series – Complying with new SEC rules for broker-dealers
Investment Management Roundtable Discussion – Regulatory and Enforcement Update
Regulation Best Interest Videocast Series: Establishing An Investment Platform Post-Regulation BI
Investment Management Update - Focus on Data Privacy and Cybersecurity
On July 16, TradeStation Securities, Inc., a member firm of the Financial Industry Regulatory Authority (FINRA), submitted a Letter of Acceptance, Waiver, and Consent (AWC) to FINRA’s Department of Enforcement. This AWC...more
One of the most talked about topics in asset management is the possibility of offering Mutual Fund and ETF Classes in the same Fund. It appears that Funds may obtain the Relief necessary to offer these Share Classes in the...more
Welcome to the latest edition of Fenwick’s Securities Law Update. This issue contains updates and important reminders on...more
In the world of outside business activity (OBA) disclosure, many FINRA enforcement actions center on whether a registered person gave, or did not give, prior written notice of those activities to their member firm. These...more
FINRA’s continued focus on account recommendations and rollovers is evident in its 2025 FINRA Annual Regulatory Oversight Report (the Report), Based on the Report, broker-dealers and their registered representatives...more
FINRA has proposed a single, streamlined rule (the Proposed Rule) to replace FINRA Rule 3270 (Outside Business Activities of Registered Persons) and FINRA Rule 3280 (Private Securities Transactions of an Associated Person)...more
The SEC's Rule 10c-1a now mandates the reporting of securities loans, marking a significant regulatory shift. Potential challenges in implementing SLATE, including the need for possible adjustments to data dissemination...more
As generative artificial intelligence (Gen AI) tools rapidly evolve in 2025, FINRA member broker-dealers will be presented with both promising opportunities for investors and challenges in satisfying regulatory obligations....more
On January 28, 2025, FINRA published its annual regulatory oversight report for 2025 (Report), which highlights observations and findings from FINRA’s oversight programs. The Report covers 24 topics, and for each topic it...more
The SEC currently has several notable rule proposals that have received public comment but have not yet been finalized. The potential direction of these proposals is likely to be influenced by the leadership of the new SEC...more
The Investment Company Institute (ICI) has asked the Securities and Exchange Commission (SEC) in a comment letter to delay enforcement of its new short sale disclosure rules (the “Short Sale Final Rules”) until additional...more
On January 2, 2025, the Securities and Exchange Commission (SEC) approved the FINRA Rule 6500 Series (the SLATE Rules), which establishes the Securities Lending and Transparency Engine (SLATE), a new facility for the...more
On January 2, 2025, the Securities and Exchange Commission (the SEC) published an order approving a proposed rule change filed by the Financial Industry Regulatory Authority, Inc. (FINRA) to adopt the new FINRA Rule 6500...more
Last November, Nasdaq proposed a rule change that would lengthen the notification period for companies conducting reverse stock splits from five business days to 10 calendar days. The rule change became effective immediately...more
The year 2024 remained a busy one for state attorneys general (State AGs) and 2025 promises to be even busier. To assist in-house counsel, compliance professionals, and defense lawyers navigate the 2025 State AG enforcement...more
When it comes to disclosing clinical trial data in the biotechnology arena, in particular for public biotech companies, timing is everything. Disclosures are not just about when to reveal the information, but also what is...more
The US Securities and Exchange Commission’s (SEC’s) Division of Examinations released its annual report of examination priorities on October 21, 2024 (the Exam Priorities). The annual Exam Priorities report, which is designed...more
The Financial Industry Regulatory Authority (FINRA) published guidance* to remind parties, attorneys, arbitrators, and mediators that the unauthorized disclosure of a Suspicious Activity Report (SAR) is a violation of federal...more
FINRA, as part of its targeted exam of member firms’ social media practices for gaining new customers, recently announced an $850,000 fine against M1 Finance LLC (“M1 Finance”) stemming from promotional social media posts...more
On March 18, 2024, FINRA announced that it has fined a broker-dealer $850,000 in connection with the firm’s program to pay individuals with followings on social media sites (i.e., “influencers”) to promote the firm in social...more
Joining an emerging trend of legislative and regulatory hostility towards non-compete agreements, on February 28, 2024, the New York City Council introduced three new bills proposing restrictions on non-compete agreements in...more
In this issue, we cover regulatory developments from the fourth quarter of 2023 impacting the investment management sector, including the use of shareholder rights plans as an alternative to state control share statutes....more
FINRA recently published its 90-page 2024 Annual Regulatory Oversight Report (Report) providing member firms with insight into six primary topics: Financial Crimes, Crypto Asset Development, Firm Operations, Communications...more
Promoting securities, cryptocurrency, and other investment opportunities is fraught with legal risks. Individuals who engage in promotional activities must ensure that they have a clear understanding of the federal laws and...more
FINRA has offered a gift to member firms and fund managers just in time for the holiday season — but like a new puppy, the gift comes with a lot of responsibility. FINRA filed a proposed rule change to amend FINRA Rule 2210...more