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Investment Management › Securities › Broker-Dealer

Davis Wright Tremaine LLP

FINRA Proposes a Unified Rule for Outside Business Activities and Private Securities Transactions

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FINRA proposes a new rule to simplify requirements in Rules 3270 and Rule 3280, aiming to reduce unnecessary burdens. The structure of Proposed FINRA Rule 3290 requires prior written notice for investment-related activity...more

K&L Gates LLP

Federal Court Vacates SEC’s Expanded Dealer Definition

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On 21 November 2024, the US District Court for the Northern District of Texas (Court) ruled against the US Securities and Exchange Commission (SEC) in two separate cases, vacating its rule which expanded the definition of...more

Seward & Kissel LLP

August 30 Deadline for TIC Form SHL

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Memorandum to our Investment Management Clients and Friends - The Quinquennial Report of Foreign-Resident Holdings of U.S. Securities (“TIC Form SHL”) is a benchmark report used by the U.S. Department of the Treasury to...more

Katten Muchin Rosenman LLP

The SEC Remains in Search of and Is Looking for Finders

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Much has been written on the topic of finders and arrangers of securities transactions, including when a person or entity acting as a finder (i.e., someone who merely makes an introduction) has crossed the line and engaged in...more

Morgan Lewis

FINRA Rule 5130 Evolves Further to Address Non-US Investors and Securities Offerings

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FINRA and its predecessor NASD have long worked to promote fairness in the allocation of new issues of equity securities by prohibiting allocations to broker-dealers and persons who, among other things, own or control,...more

Stinson LLP

SEC Proposes Shortening Broker-Dealer Settlement Cycle to T+2

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On September 28, 2016, the U.S. Securities and Exchange Commission (SEC) submitted a proposal to shorten the settlement cycle for broker-dealer transactions to two days after the trade date (T+2). The proposal would amend...more

Carlton Fields

FINRA to Assess Member Firms’ Culture

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Speaking at the Brookings Institution this April, FINRA head Richard Ketchum emphasized the importance of a broker-dealer having a "culture" that favors the firm’s customers when their interests conflict with those of the...more

Carlton Fields

Broker-Dealers File Suspiciously Few Suspicious Activity Reports

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Speaking at an anti-money laundering (AML) conference in February, SEC Director of Enforcement John Ceresney warned attendees that broker-dealers were under-filing suspicious activity reports (SARs). He said that...more

Dorsey & Whitney LLP

This Week In Securities Litigation

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The question of forum selection by the SEC was a key issue this week. While to date suits challenging the SEC’s right to bring an action as an administrative proceeding rather than in federal court have had little success –...more

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