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New Rules Securities and Exchange Commission (SEC) Financial Industry Regulatory Authority (FINRA)

Eversheds Sutherland (US) LLP

Dual registrant regulatory roundup - May 2025

Welcome to the Regulatory Roundup. Each month, Eversheds Sutherland Investment Services attorneys review significant regulatory developments (including notable rulemakings and guidance from securities regulators) from the...more

Carlton Fields

SEC Seriously Limits Dealer/Trader Distinction: Betting Window Open Re Federal Court Veto

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On February 6, 2024, the SEC adopted new rules under the Securities Exchange Act of 1934 (Exchange Act), to expand the scope of “dealers” and “government securities dealers” required to register under the Exchange Act, become...more

Latham & Watkins LLP

FINRA Releases Long-Anticipated Guidance on New Work-From-Home Exemption Ahead of Impending COVID-19 Relief Expiration

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FINRA’s guidance sheds further light on the new rule, which will permit firms to elect “non-branch” designation for a private residence where an associated person conducts specified supervisory activities....more

Jones Day

Who Needs Customers, Anyway? New SEC Rules Turn Traders Into Dealers

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The Securities and Exchange Commission (the "SEC" or "Commission") has adopted new rules that further define the phrase "part of a regular business" for purposes of determining whether a person is a "dealer" or "government...more

Latham & Watkins LLP

The SEC’s Definition of a “Dealer” - End of the Road for DeFi, or Just Another Bump?

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The SEC’s ambiguous rule could have a chilling effect both on decentralized finance and on the provision of liquidity to centralized crypto exchanges. The Securities and Exchange Commission (SEC) adopted a new rule on...more

Latham & Watkins LLP

SEC Expands Statutory Definition of “Dealer” and “Government Securities Dealer”

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SEC defines the phrase “as part of a regular business” to capture private funds and other market participants that take on liquidity-providing roles. The Securities and Exchange Commission (SEC) adopted new rules that...more

Goodwin

SEC Expands Dealer Definition to Capture Large Traders Regularly Providing Liquidity to the Markets

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High-frequency traders, private funds, decentralized exchange automated market makers, and even state pension plans should consider whether the expanded dealer definition triggers the need to register as a securities dealer...more

Jenner & Block

Client Alert: FINRA Publishes Supervisory Expectations for Crypto Asset Retail Communications

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In recent guidance, the Financial Industry Regulatory Authority (FINRA) published the results of its targeted examination or “sweep” of crypto assets retail communications distributed or issued by its member firms, finding...more

Akin Gump Strauss Hauer & Feld LLP

SEC Adopts Narrower Version of Dealer Registration Rules

Earlier today, the Securities and Exchange Commission in a 3‑2 vote adopted new Rules 3a5‑4 and 3a44‑2 (together, the Dealer Rules) under the Securities Exchange Act of 1934, as amended (the Exchange Act), that will define...more

Eversheds Sutherland (US) LLP

SEC adopts rules requiring the reporting of securities loans and the disclosure of short sales

On October 13, 2023, the Securities and Exchange Commission (SEC) adopted new Rule 10c-1a under the Securities Exchange Act of 1934, as amended (1934 Act), requiring certain persons to report securities loan information to...more

Burr & Forman

SEC's New Cybersecurity Disclosure Rules Now in Effect

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In September, the Securities Exchange Commission’s new Cybersecurity Rule for reporting public companies became effective. The SEC Cybersecurity Rule applies to public companies and generally requires (1) disclosure of...more

UB Greensfelder LLP

So You Received A Rule 4111 Letter From FINRA Informing You That You’re Presumptively A “Restricted Firm.” Now What??

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It’s always exciting to watch something that you just know will be deemed by later generations to be an historic event. I mean, I distinctly remember watching Neil Armstrong on TV taking his first steps on the moon, or the...more

UB Greensfelder LLP

FINRA’s Fixation On Unpaid Arbitration Awards Has Morphed Into Something More Dangerous

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Shortly, I hope to get around to drafting a blog post about FINRA’s latest demonstration of abasement to PIABA and claimants’ counsel everywhere, namely new Rule 4111. But, that rule is such a monstrosity that it will take a...more

Goodwin

SEC Proposes Rules to Include Certain Significant Market Participants as “Dealers” or “Government Securities Dealers”

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In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed rules to include certain significant market participants as “dealers” or “government securities dealers” to essentially eliminate the trader exclusion...more

Goodwin

FINRA Adopts New Rules to Address Firm Misconduct

Goodwin on

In This Issue. The Financial Industry Regulatory Authority (FINRA) adopted new rules to address firms with a significant history of misconduct; the Securities and Exchange Commission (SEC) issued an order approving rule...more

BCLP

Through the Issuance of New Rules Aimed at Recidivist Brokers and the Firms That Hire Them, FINRA Loudly Exclaims to its...

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Key Takeaways:  ..After years of warning firms of the need for enhanced diligence in retaining or hiring brokers with a significant history of misconduct, FINRA has adopted new rules to address such brokers. ..As set...more

Coblentz Patch Duffy & Bass

SEC Expands Accredited Investor Definition to Increase Participation in Private Offerings

On August 26, 2020, the Securities and Exchange Commission (SEC) adopted new final rules intended to modernize the existing rules, and provide additional flexibility for certain entities and individuals the SEC deems...more

Sullivan & Worcester

SEC Amends Definitions of "Accredited Investor" and "Qualified Institutional Buyer"

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The Securities and Exchange Commission has adopted amendments to its current rules under the Securities Act of 1933 relating to the definitions of an "accredited investor" and a "qualified institutional buyer." The amendments...more

UB Greensfelder LLP

Goodbye Suitability, Hello Best Interest. But What Does That Mean, Practically Speaking?

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After having proudly served for decades, and surviving a dramatic face-lift in 2012 (when old NASD Rule 2310 was replaced by shiny new FINRA Rule 2111), it seems that the “suitability rule,” as we’ve come to know it, has, at...more

UB Greensfelder LLP

Update on the FINRA Expungement Process

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Earlier this month, the SEC approved the first of several rule changes that FINRA has proposed for the process governing the expungement of customer complaints from a broker’s record. The approved rule change will make it...more

UB Greensfelder LLP

FINRA’s New MAP Rules Put Customers’ Interests Ahead Of Everything, Including Logic

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Two years ago, when it was just an ugly rule proposal, I blogged about FINRA’s intent to modify its MAP rules to “Incentivize Payment of Arbitration Awards.” Sadly, FINRA once again showed it spinelessness by pushing these...more

Mintz - Securities & Capital Markets...

SEC Says No Reg. BI Extension Despite COVID-19 Concerns

In a Statement on April 2, the Chairman of the Securities and Exchange Commission (SEC), Jay Clayton, announced that the June 30, 2020 timeline for implementation of Regulation Best Interest (“Reg. BI”) will remain, asserting...more

Eversheds Sutherland (US) LLP

Videocast: Asset management regulation in 2020 videocast series – Complying with new SEC rules for broker-dealers

FINRA has identified several items in the SEC’s Regulation Best Interest (Reg BI) that it will examine for in the first half of 2020 as firms prepare for Reg BI compliance. In this Bottom Line videocast, Susan Krawczyk and...more

Proskauer Rose LLP

Changes to FINRA Rules 5130 and 5131 Go Effective – Considerations for Private Fund Managers

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On November 5, 2019, the SEC approved changes to FINRA Rule 5130 (Restrictions on the Purchase and Sale of Initial Equity Public Offerings) and Rule 5131 (New Issue Allocations and Distributions). FINRA announced that the...more

UB Greensfelder LLP

What You Can, And Should, Be Doing To Prepare For Reg BI

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Just before the Holidays, I attended FINRA’s one-day Reg BI seminar in Washington D.C., where member firms and regulators (but primarily the SEC) discussed the new rule and what they hoped it meant for the industry. As you...more

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