Financial Adviser Legal Information Center

Featured Books

Securities Law in a Nutshell is an excellent introduction to the United States securities law.

Broker-Dealer Regulation in a Nutshell  is a similar introduction, and while the laws regulating broker-dealers are complex, this book provides an overview of the concepts and regulations.

Investment Adviser Regulation: A Step-by-Step Guide to Compliance and The Law  is an excellent starting point for understanding the regulation of investment advisers.


Recent Blog Posts

SEC Charges Hertz’s Former CEO With Aiding and Abetting Company’s Financial Reporting and Disclosure Violations

The Securities and Exchange Commission today charged former Hertz CEO and Chairman Mark Frissora with aiding and abetting the company in its filing of inaccurate financial statements and disclosures.  Frissora has agreed to settle the charges and… Read the Full Press Release Have a securities law question? Call Sallah Astarita & Cox at 212-509-6544. from SECLaw.com

Advisory Firm Settles Charges of Defrauding Investors, Agrees to Refund Allegedly Ill-Gotten Gains to Harmed Clients

The Securities and Exchange Commission today announced that SCF Investment Advisors, Inc. (SCF) has agreed to settle charges that it selected mutual funds and cash sweep money market funds for clients that provided undisclosed revenue to the firm’s… Read the Full Press Release Have a securities law question? Call Sallah Astarita & Cox at 212-509-6544. from SECLaw.com

SEC Charges Issuer and CEO With Misrepresenting Platform Technology in Fraudulent ICO

The Securities and Exchange Commission today announced charges against Virginia-based Boon.Tech and its chief executive officer Rajesh Pavithran for fraud and registration violations in connection with a $5 million initial coin offering (ICO) of digital… Read the Full Press Release Have a securities law question? Call Sallah Astarita & Cox at 212-509-6544. from Blogger https://bit.ly/3fT5N5p

Deputy Chief Accountant Marc Panucci to Leave SEC

The Securities and Exchange Commission today announced that Marc Panucci, Deputy Chief Accountant, plans to leave the agency later this month. Since he was appointed Deputy Chief Accountant in 2016, Mr. Panucci has managed and led the activities of the… Read the Full Press Release Have a securities law question? Call Sallah Astarita & Cox at 212-509-6544. from ...

Court Orders Uber to Classify Drivers as Employes

In a ruling that may impact the independent BD model, as least in California, Uber and Lyft were ordered by a California court to reclassify their drivers in the state as employees, marking the latest escalation in an ongoing legal battle over a new law impacting much of the on-demand economy. In response to the order, ...

Featured Articles

Customer Claims in Arbitration

I have been representing customers and brokers in securities arbitration matters since 1982. In those 35 years I have handled over 700 securities arbitration cases. Since securities arbitration is such ...

Expungement of Customer Complaints

You can remove derogatory reports from your CRD Report. Call 212-509-6544 to discuss the process with a securities law attorney. The problems associated with FINRA‘s CRD Disclosure System are well known ...

Insider Trading – The Legal and Illegal

Illegal insider trading is a serious securities law violation which carries potential civil and criminal penalties. Civilly, the penalties can be as large as three times the gross profit on ...

Introduction to State Securities (Blue Sky) Laws

Mark Astarita, Esq. is a nationally recognized securities attorney who represents investors, financial professionals, issuers and financial firms in a wide variety of matters involving federal and state securities laws. ...

Federal Securities Law, a Securities Lawyer Guide

The SEC, FINRA, the States, and much more Mark J. Astarita is a nationally known securities attorney with over 30 years of experience representing investors and financial professionals across the country ...

Securities Arbitration Hearing Overview

 Just What Happens at an Arbitration? By Mark J. Astarita, Esq. Past columns have touched on arbitration hearings, and have raised the question just what happens during an arbitration hearing. It seems ...

Finders Explained – Be Careful

  A question I am often asked is what is the definition of a finder, or questions that lead to that question. The issue arises when an unregistered person or entity ...

Cold Calling Rules

Compliance with securities regulations is only the beginning By Mark J. Astarita, Esq. Introduction Cold calling is a method of marketing a service or product by calling prospective clients “cold” – that is, ...

Churned or Traded?

Mark J. Astarita is a nationally known securities attorney who represents investors and financial professionals in arbitration, compliance and regulatory matters. If you have a question, email him at mja@sallahlaw.com. Churning ...

Responding to an 8210 Request

By Mark J. Astarita, Esq. FINRA Rule 8210 FINRA Rule 8210 (Provision of Information and Testimony and Inspection and Copying of Books) is the starting point of virtually every FINRA Wells Notice ...

Introductory Materials

Introduction to the Federal Securities Laws – written by securities lawyer Mark Astarita, an overview of the federal regulatory scheme for the financial markets. Written for the non-lawyer, with links to more detailed information

Introduction to the Blue Sky Laws (State Securities Laws) – In addition to the Federal Securities Laws, each state has its own securities laws. Those laws vary from state to state, and require registration or notification of securities offerings, and registration of brokers and brokerage firms. Each state has a regulatory agency which administers the law, typically known as the state Securities Commissioner. This introduction provides an overview of the regulatory scheme. A list of state securities commissioners and their addresses is available in our Guide to State Securities Regulators.

Introduction to Securities Arbitration – In general, and in the securities industry, a party cannot be compelled to arbitrate a dispute unless he has contractually bound himself to do so. Registered representatives and their firms are contractually bound to arbitrate their disputes with their customers, even in the absence of a written contract with the customer. The contractual obligation arises, not from a customer agreement, but their registration with FINRA. For customers and financial professionals, an introduction to the process, from start to finish.

Introduction to the Initial Public Offering Process – in the Corporate Finance section, an introduction to the public offering process

Introduction to Private Placements – in addition to public offerings, many companies raise money by selling securities in a private offering. There are many restrictions and caveats to the process.

Introduction to Insider Trading – there is legal insider trading and illegal insider trading. When investors, regardless of their relationship to the company, trade on material, non-public information, there is a risk that the trading is illegal.

Registration of Investment Advisors – one of our featured articles, an introduction to becoming an investment adviser and what you need to know to start an advisory firm

Guide to Broker-Dealer Registration an updated version of the SEC’s original guide is now online.