The Law of the Financial Markets from Top Securities Lawyers
Thursday, April 25, 2024
Commentary, news and links of interest to financial advisers.
With only 4% of customer complaints being expunged, FINRA is bowing to pressure, presumably from the customer attorneys’ bar, to again make it more difficult to remove false claims from a broker’s public record. FINRA’s recent proposed amendment seeks to make expungement an even more extraordinary remedy by preventing anyone […]
Nov. 17, 2022 — The Securities and Exchange Commission today charged Jeffrey K. Galvani, Stuart A. Jeffery, and two New York-based entities they controlled with operating as unregistered broker-dealers that facilitated more than $1.2 billion of securities trading, primarily in penny stocks. The SEC’s complaint alleges that Galvani and Jeffery […]
The Securities and Exchange Commission today voted to propose amendments to Form PF, the confidential reporting form for certain SEC-registered investment advisers to private funds. The amendments, which the Commodity Futures Trading Commission (CFTC) is concurrently considering to propose jointly with the SEC, are designed to enhance the Financial Stability […]
Oct. 26, 2022 — The Securities and Exchange Commission today adopted rules to require securities exchanges to adopt listing standards that require issuers to develop and implement a policy providing for the recovery of erroneously awarded incentive-based compensation received by current or former executive officers. The final rules require a […]
Oct. 26, 2022 — The SEC proposed a new rule and rule amendments under the Investment Advisers Act of 1940 to prohibit registered investment advisers from outsourcing certain services and functions without conducting due diligence and monitoring of the service providers. “Registered investment advisers — more than 15,000 of them […]
After years of appealing the arbitrators’ decision, UBS finally pays. The appeals of the original arbitration award increased the amount UBS had to pay by a reported $3 million. According to AdvisorHub, in his arbitration complaint filed in June 2018, the compliance officer alleged UBS defamed him on his U5 […]
Morgan Stanley may have violated ERISA rules when it cancelled certain deferred compensation assets for brokers who left the firm. We are investigating claims for Morgan Stanley advisors who were denied their deferred compensaton payments when they left the firm. There is a proposed class action pending, but individual advisors […]
AdvisorHub is reporting that FINRA issued an alert on Friday warning about the compliance obligations triggered due to sanctions the U.S. government has imposed on individuals and entities in response to Russia’s invasion of Ukraine. The FINRA alert noted that following a White House Executive Order, the Department of […]
The SEC has proposed cybersecurity risk management rules for registered investment advisers, and registered investment companies and business development companies (funds), as well as amendments to certain rules that govern investment adviser and fund disclosures. “Cyber risk relates to each part of the SEC’s three-part mission, and in particular to […]
SEC enforcement investigations cover a wide range of targets and witnesses, from the big investment banks and their employees, to public companies to private companies who are soliciting investments, small companies. The SEC conducts its investigations privately, and does so by requesting voluntary cooperation or issuing subpoenas for documents and […]
