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Securities and Exchange Commission (SEC) Broker-Dealer Appeals

Morgan Lewis

Securities Enforcement Roundup – July 2025

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In this issue of our monthly Securities Enforcement Roundup, we highlight top securities enforcement developments from July 2025. In July 2025: As part of its FINRA Forward program, FINRA CEO Robert Cook announced a new...more

Kohrman Jackson & Krantz LLP

Industry Pushback Against FINRA: A Growing Challenge to Its Authority

Over the last few years, broker dealers and financial advisors have filed a flurry of legal actions seeking both: (1) to strip the Financial Industry Regulatory Authority (FINRA) of its power to adjudicate customer and...more

Katten Muchin Rosenman LLP

A CAT-astrophic Funding Model? Court Sends SEC Back to the Drawing Board

The US Court of Appeals for the Eleventh Circuit (Eleventh Circuit) recently vacated the Securities and Exchange Commission’s (SEC) 2023 funding order for the Consolidated Audit Trail (CAT) (the 2023 Funding Order), stayed...more

Carlton Fields

U.S. Supreme Court Denies Alpine’s Petition Challenging Constitutionality of FINRA Enforcement Proceedings

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On June 2, 2025, the U.S. Supreme Court denied a petition for writ of certiorari filed by Alpine Securities Corp. in Alpine Securities Corp. v. Financial Industry Regulatory Authority. In doing so, the Supreme Court declined...more

Shumaker, Loop & Kendrick, LLP

Client Alert: FINRA Issues Administrative Order and Decision Regarding Alpine Sanctions

On March 25, 2025, the Financial Industry Regulatory Authority (FINRA) issued a 100-page Administrative Order and Decision confirming and modifying its sanctions of Alpine Securities Corporation, which include expulsion from...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

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

Morgan Lewis

Securities Enforcement Roundup – March 2025

Morgan Lewis on

In this issue of our monthly Securities Enforcement Roundup, we highlight top securities enforcement developments and cases from March 2025. In March 2025: US Securities and Exchange Commission (SEC or the Commission)...more

Carlton Fields

Piecing Alpine Together

Carlton Fields on

Is FINRA constitutional? According to the D.C. Circuit’s November 2024 opinion in Alpine Securities Corp. v. FINRA, FINRA proceedings may be unconstitutional in one narrow set of circumstances. ...more

Shumaker, Loop & Kendrick, LLP

Client Alert: FINRA’s Enforcement Arm Under Fire

Recent case developments in Alpine Sec. Corp. v. FINRA before the D.C. Circuit cast further uncertainty on the future of the Financial Industry Regulatory Authority (FINRA)’s enforcement arm....more

Eversheds Sutherland (US) LLP

Dual registrant regulatory roundup - July 2024

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

Seward & Kissel LLP

Home is Where Your Server Is?

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On March 8, 2024, the U.S. Court of Appeals for the Second Circuit reversed and remanded a District Court decision that dismissed all claims by plaintiff crypto investors against Binance, an international electronic exchange...more

Proskauer - Regulatory & Compliance

The SEC’s New Corporate Buy-Back Rules Have Been Formally Vacated By the U.S. 5th Circuit Court of Appeals: Issuers May Suspend...

On December 19, 2023, the Fifth Circuit formally vacated the SEC’s buy-back disclosure rules. While it is unclear what, if any, action the SEC may take in response to this definitive ruling, the realistic options appear to be...more

Cozen O'Connor

Notice of Appeal - A quarterly newsletter reviewing Third Circuit opinions impacting white collar defense lawyers - Fall 2023

Cozen O'Connor on

BACKGROUND- A sugar distributor sought to acquire a sugar producer. The district court determined that the relevant product market included distributors as sources of refined sugar, in addition to sugar producers. The...more

Bracewell LLP

FINRA Facts and Trends: July 2023

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Welcome to the latest issue of Bracewell’s FINRA Facts and Trends, a monthly newsletter devoted to condensing and digesting recent FINRA developments in the areas of enforcement, regulation and dispute resolution. This month,...more

Goodwin

SEC Finalizes Reforms Under Investment Advisers Act

Goodwin on

In this Issue. The Securities and Exchange Commission (SEC) finalized reforms under the Investment Advisers Act to modernize rules that govern investment adviser advertisements and payments to solicitors, and published a risk...more

Sheppard Mullin Richter & Hampton LLP

Third Circuit Reversal a Pyrrhic Win for SEC in Ongoing Statute of Limitations Saga

In Securities & Exchange Comm. v. Gentile, No. 18-1242, 2019 WL 4686251 (3d Cir. Sept. 26, 2019), the United States Court of Appeals for the Third Circuit took up the question of whether Securities and Exchange Commission...more

Dorsey & Whitney LLP

SEC Injunctions: A New Standard?

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The remedy of choice for the SEC Enforcement Division has always been the statutory injunction. For many years  the only remedy available to the Division was the obey-the-law statutory injunction....more

UB Greensfelder LLP

FINRA Touts The Fact That Its Examinations Need Not Be “Fair”

UB Greensfelder LLP on

While I feel I have enjoyed as much success defending respondents in FINRA Enforcement matters as anyone, I am still careful to caution clients who are unwilling to consider any settlement that going toe-to-toe with FINRA at...more

Sheppard Mullin Richter & Hampton LLP

Where is the Love? Exchanges Sue SEC Over Market Access Fee Pilot Program

Three prominent trading exchanges did not exactly show their government overseer the love this Valentine’s week. On February 14, 2019, the New York Stock Exchange (“NYSE”) filed a petition for review to the U.S. Court of...more

Bradley Arant Boult Cummings LLP

The End of the DOL’s Fiduciary Rule - Employee Benefits Alert

On June 21, 2018, the Fifth Circuit Court of Appeals issued a mandate vacating the controversial fiduciary rule issued by the U.S. Department of Labor (DOL) in 2016. The mandate follows the court’s opinion issued on March 15,...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Fiduciary Rule is not dead, but extremely sleepy

So many are celebrating the ruling against the Department of Labor’s (DOL’s) fiduciary rule in the Fifth Circuit without realizing what that really means. A Federal appeals court in New Orleans doesn’t have an impact outside...more

Vedder Price

Investment Services Regulatory Update - September 2017

Vedder Price on

Market and Product Developments - Securities Industry Implements T+2 Settlement Cycle - On September 5, 2017, the securities industry transitioned to a shorter settlement cycle for most broker-dealer securities...more

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