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Securities Exchange Act › Financial Industry Regulatory Authority (FINRA)

The Securities Exchance Act is a United States federal statute enacted in 1934 to govern the secondary securities trading market. In addition, the Securities Exchange Act established the Securities and Exchange... more +
The Securities Exchance Act is a United States federal statute enacted in 1934 to govern the secondary securities trading market. In addition, the Securities Exchange Act established the Securities and Exchange Commission (SEC), which is the primary regulatory agency enforcing federal securities laws. less -
Morgan Lewis

Modernizing FINRA Rules for Member Workplaces: A Call for Comments

Morgan Lewis on

FINRA previously announced in Regulatory Notice 25-04 that it is launching a broad review to modernize its rules regarding member firms and associated persons and identified the modern workplace as its area of initial focus....more

Davis Wright Tremaine LLP

Writing on a New SLATE – DWT's FINRA Expertise

Davis Wright Tremaine LLP on

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

WilmerHale

SEC Approves FINRA Rules to Establish Securities Lending Reporting Facility

WilmerHale on

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

Eversheds Sutherland (US) LLP

SEC approves FINRA rule 6500 series requiring securities lending reporting

Eversheds Sutherland (US) LLP on

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

Orrick, Herrington & Sutcliffe LLP

FINRA accepts AWC for failure to fingerprint personnel

Orrick, Herrington & Sutcliffe LLP on

On December 6, FINRA accepted a New York-based member firm’s Letter of Acceptance, Waiver, and Consent which addressed allegations of the firm’s failure to take required fingerprints of most associated persons prior to or...more

Orrick, Herrington & Sutcliffe LLP

FINRA accepts AWC for paid influencers

Orrick, Herrington & Sutcliffe LLP on

On November 26, FINRA accepted a Letter of Acceptance, Waiver, and Consent (AWC) from a member firm (the respondent) based in New Jersey. According to the AWC, from January 2020 through November 2024, the respondent engaged...more

Orrick, Herrington & Sutcliffe LLP

FINRA accepts AWC from member firm

Orrick, Herrington & Sutcliffe LLP on

On November 11, FINRA accepted a Letter of Acceptance, Waiver and Consent (AWC) from a member firm (the respondent) based in New York. According to the letter, from June 30, 2020, to May 1, 2023, the respondent allegedly...more

Orrick, Herrington & Sutcliffe LLP

FINRA issues $1.4 million fine and censures member firm

Orrick, Herrington & Sutcliffe LLP on

Recently, FINRA accepted a Letter of Acceptance, Waiver, and Consent (AWC) issued by a large New York-based member firm with a general securities business. The AWC addressed allegations that the firm failed to collect initial...more

Orrick, Herrington & Sutcliffe LLP

FINRA accepts placement agent’s AWC

Orrick, Herrington & Sutcliffe LLP on

On September 16, FINRA accepted a Letter of Acceptance, Waiver, and Consent (AWC) from a member firm, settling alleged rule violations made during its participation as a placement agent in a contingency offering....more

A&O Shearman

CFTC Reaches $48 Million Settlement With Swiss Energy Trader Over Attempted Gasoline Market Manipulation Scheme

A&O Shearman on

On August 27, 2024, the Commodity Futures Trading Commission issued an order filing and simultaneously settling charges against a Swiss energy trader (the “Company”), for allegedly attempting to manipulate the European...more

Orrick, Herrington & Sutcliffe LLP

FINRA fines broker $165K for lack of supervisory controls and market access rule violations

Orrick, Herrington & Sutcliffe LLP on

Recently, FINRA accepted a Letter of Acceptance, Waiver, and Consent (AWC) against a broker providing self-directed, online brokerage services to institutional and retail customers. The broker previously received a $595,000...more

Orrick, Herrington & Sutcliffe LLP

FINRA charges member firm with Regulation Best Interest violations

Orrick, Herrington & Sutcliffe LLP on

On August 5, FINRA accepted a Letter of Acceptance, Waiver, and Consent (AWC) against a member firm for three alleged violations related to the failure to maintain policies and procedures and supervisory systems in compliance...more

Orrick, Herrington & Sutcliffe LLP

FINRA fines securities firm for failing to use an escrow agent

Orrick, Herrington & Sutcliffe LLP on

Recently, FINRA released its letter of acceptance, waiver, and consent (AWC) against a securities firm for allegedly failing to use an escrow agent to custody customer funds. Among other things, the firm deposited investor...more

Orrick, Herrington & Sutcliffe LLP

FINRA imposes censure and $250,000 fine on “influencer” company for misconduct and privacy notice violations

Orrick, Herrington & Sutcliffe LLP on

On June 10, FINRA agreed to a Letter of Acceptance, Waiver, and Consent (AWC) from a company, addressing various regulatory infractions for improper use of social media influencers in promotional activities. From 2020 to...more

Vedder Price

FINRA Proposes Rules Regarding SEC-Mandated Reporting of Securities Lending Transactions

Vedder Price on

On May 1, 2024, the Financial Industry Regulatory Authority (FINRA) proposed a new series of rules—FINRA Rule 6500 Series—regarding reporting of securities lending transactions pursuant to the requirements under new Rule...more

BCLP

Regulators Impose Extraordinary Fine Amounts in Recent Off-Channel Communications Enforcement Actions

BCLP on

The Securities and Exchange Commission (“SEC”) and the Financial Industry Regulatory Authority (“FINRA”) have, in two separate recent settled enforcement actions involving off-channel communications (“OCC”), imposed fine...more

Pagefreezer

Website & Social Media Archiving to Comply with FINRA Books & Records Rules

Pagefreezer on

Investment firms and other financial institutions are subject to the strict recordkeeping and communication regulations laid out by both the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange...more

Jones Day

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

Jones Day on

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?

Latham & Watkins LLP on

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”

Latham & Watkins LLP on

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

Katten Muchin Rosenman LLP

Fact Sheet for Certain Firms That Must Become FINRA Members

Katten Muchin Rosenman LLP on

As background, the SEC adopted amendments to Rule 15b9-1 of the Securities Exchange Act of 1934 (SEA Rule 15b9-1) that require a broker-dealer to become a FINRA member if the broker-dealer effects transactions other than on...more

Goodwin

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

Goodwin on

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

BakerHostetler

SEC Approves Spot Bitcoin ETFs; CFTC Publishes DeFi Report; FINRA Addresses Crypto Assets; Reports Provide Data on Crypto Scams

BakerHostetler on

On January 10, the U.S. Securities and Exchange Commission (SEC) simultaneously approved eleven spot bitcoin Exchange Traded Funds (ETFs) on an accelerated basis based on its Order Granting Accelerated Approval of Proposed...more

Eversheds Sutherland (US) LLP

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

Eversheds Sutherland (US) LLP on

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

BCLP

SEC Division of Examinations Publishes 2024 Examination Priorities

BCLP on

On October 16, 2023, the Division of Examinations (the “Division”) of the U.S. Securities and Exchange Commission (the “SEC”) published its annual Examination Priorities for 2024 (the “Exam Priorities”). Consistent with the...more

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