The authority to open SEC investigations, and therefore to issue subpoenas, was expanded under the Obama Administration to the director of Enforcement, rather than solely to the Commission itself. The Director of Enforcement then delegated that authority to various senior officials, including regional and associate directors and specialized unit chiefs. […]
Commentary, news and links of interest to financial advisers.
The FINRA CRD system, with its BrokerCheck component, has been a thorn in the side of financial professionals since BrokerCheck was created. Expungement is one way to lessen the impact. Form U-4 and Form U-5 were designed to provide important information to regulators, including pending claims and investigations. The Forms […]
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 […]
Every securities broker is required, by law, to file a report of any suspicious transaction relevant to a possible violation of law or regulation. A transaction requires reporting if it involves or aggregates funds or other assets of at least $5,000, and the broker-dealer knows, suspects, or has reason to suspect that […]
There have been many developments in securities whistleblower rulings over the years, but none as compelling as Justice Ginsburg’s opinion in Digital Realty Trust, Inc., vs. Somers which held that an employee who merely reports potential securities law violations internally has not done enough to avail himself of the extensive Dodd-Frank anti-retaliation […]
How you respond to an SEC subpoena makes a difference. Tips from an experienced securities attorney.
Compliance with Regulation Best Interest (Regulation BI) and Form CRS is due on June 30, 2020 for all registered broker-dealers and investment advisers. See Introduction to Regulation Best Interest Regulation Best Interest at FINRA Regulation Best Interest (BI) information at the SEC website
SEC Regulation Best Interest In June of 2019 the SEC approved Regulation Best Interest, which requires broker-dealers to act in the best interest of their retail customers when making recommendations as to securities or investment strategies. In adopting the regulation, the SEC stated that the regulation “enhances the broker-dealer standard […]
False CRD Disclosures can ruin your practice, if not your career. Call Sallah Astarita & Cox, LLC today at 212-509-6544 to learn if your complaints and termination disclosures can be permanently removed from your CRD report, and BrokerCheck. We have been helping brokers across the country to remove false reports […]