Duties of Care and Loyalty Coming to Investments Near You
6/28/19
By: Matthew Jones
The approval of Regulation Best Interest by the Securities and Exchange Commission last month continues to spark debate and controversy, and the future of the Rule remains uncertain. The Rule’s implementation was set for June 30, 2020. …
6/17/19
By: Joseph Suarez
On June 5, 2019, the U.S. Securities and Exchange Commission (“SEC”) approved its Best Interest Rule (the “Rule”) package requiring broker-dealers, and investment advisors, to act in their retail clients’ “best interests.” The SEC states the Rule, …
Protecting Seniors From Investment Exploitation – One Year Later
6/3/19
By: Ryan Baggs
One year after the passage of the Senior Safe Act (the “Act”) the SEC, FINRA, and NASAA continue to emphasize the importance of “covered financial institutions” (“CFIs” or “CFI”) providing adequate training to all relevant employees for …
5/15/19
By: John H. Goselin II
Beginning in August 2016, the ERISA Plaintiffs’ Bar launched a concerted attack on more than 20 major universities across the country filing class action lawsuits for alleged violations of ERISA fiduciary duties under ERISA Section …
4/22/19
By: Jennifer Lee
On April 16, 2019, the U.S. Securities and Exchange Commission (“SEC”) issued a Risk Alert summarizing the findings from the examinations of broker-dealers and investment advisers’ privacy practices and compliance with Regulation S-P.
Regulation S-P, 17 C.F.R. …
Plaintiffs’ Burden to Establish Punitive Damages: Farmers & Merchants Trust Co. v. Vanetik
4/18/19
By: Jennifer Weatherup
A recent decision from the California Court of Appeal has outlined the requirements for establishing a defendant’s financial condition as a prerequisite to an award of punitive damages, and has further emphasized that it is the plaintiff’s …
FINRA Seeks To Simplify Non-Party Discovery
4/9/19
By: Greg Fayard
In January 2019, the Financial Industry Regulatory Authority (FINRA) proposed changes to its rules to give non-parties more time to respond to discovery requests and witness orders from arbitration panels. Currently, non-parties only have 10 calendar days …
3/28/19
By: Jennifer Lee
The Securities and Exchange Commission will be hosting a public forum on distributed ledger technology and digital assets in Washington DC on May 31, 2019. This is a part of the SEC’s increasing efforts to regulate cryptocurrency …
Latest FINRA Rules to Regulate Expungement Actions
2/19/19
By: Margot Parker
FINRA recently announced its approval of enhanced training and guidance for arbitrators hearing expungement requests, an issue under increasing scrutiny as over 90% of such actions are currently granted. The proposal is now under review by the …
Tesla Going Private? Hold the Charge
8/31/18
By: Matt Jones
Elon Musk recently tweeted his plan to take Tesla private at $420/share. He even went so far to say “Funding secured.” Such a tweet was of course met with a mix of emotions and responses. Once that …
8/27/18
By:Ted Peters
The Securities and Exchange Commission, created through the Securities Exchange Act of 1934, is without a doubt one of the most powerful regulatory agencies in the free world. According to its website, the SEC’s mission is …
Supreme Court to Revisit Liability Under Rule 10b-5 – Will Prospective Justice Kavanaugh Weigh In?
7/25/18
By: Ted Peters
Section 10(b) of the Securities Exchange Act, and Rule 10b-5 promulgated under it, makes certain conduct in connection with the purchase or sale of any security unlawful. Specifically, Rule 10b-5(a) prohibits the use of any “device, scheme, …