The DOL Fiduciary Rule is Delayed No More
6/1/17
By: Ze’eva Kushner
Broker-dealers and registered investment advisors take note. The Department of Labor’s much anticipated Fiduciary Rule requiring financial advisors to act in the best interests of their clients in retirement accounts became effective on June 9, 2017. As …
The SEC’s Authority Does Not End at the Border
4/18/17
Companies with significant operations in the United States but offering securities in other countries should beware. After almost seven years of uncertainty, it finally has been determined by one court that the Securities and Exchange Commission’s …
The S.E.C.'s Administrative Star Chamber Deemed Constitutional
10/11/16
By: John H. Goselin and Ze’eva Kushner Banks
If you are a broker-dealer, registered investment advisor or an individual associated with an entity regulated by the Securities and Exchange Commission (“S.E.C.”), the deck may be stacked against you. The Dodd-Frank …
Insider Trading Alert – It is Not Just a Wall Street Issue
8/9/16
By: John Goselin and Ze’eva Kushner Banks
Be forewarned! The Securities and Exchange Commission continues to hunt down individuals for improper insider trading. Last week, the S.E.C. announced charges against Doctor Edward Kosinski for violations of the antifraud provisions of …
Disclose! Disclose! Disclose! Says the S.E.C. to a Municipal Advisor
3/28/16
By: John Goselin and Ze’eva Kushner Banks
Earlier this month, the Securities and Exchange Commission announced its first ever enforcement proceeding for breach of fiduciary duty for municipal advisors created by the Dodd-Frank Act of 2010. On March 15, 2016, …
S.E.C. Smacks CFO and CAO for Inadequate Internal Controls
3/23/16
By: John Goselin and Ze’eva Kushner Banks
On March 10, 2016, the Securities and Exchange Commission announced a settlement with Texas-based oil company Magnum Hunter Resources Corporation, its former chief financial officer and its former chief accounting officer arising from …
Can You Hear (or See) Me Now? No, and that May Constitute Spoliation
2/24/16
By: Andy Treese
The Georgia Court of Appeals recently held that a municipality may be subject to sanctions for failure to preserve audio recordings of a police pursuit when the recordings were destroyed in the ordinary course of business before …
S.E.C. Warns Customers and Financial Advisors Regarding Overstated Credentials
6/8/15
They say everybody does it. Embellishing your resume to get a job, attract business or get ahead in this highly competitive world. Well, if you work in the financial services industry and are trying to …
The War Against Pre-Dispute Arbitration Clauses Rages On
4/30/15
By: John H. Goselin, II and Benjamin Keck
On March 10, 2015, the Consumer Financial Protection Bureau (CFPB) released a 728-page “Arbitration Study.” According to the CFPB’s Arbitration Study, which primarily focused on credit card contracts, consumers are generally unaware …
4/28/15
Conflicts, conflicts as far as the eye can see! On April 20, 2015, the Securities and Exchange Commission announced a settlement with BlackRock Advisors LLC and its chief compliance officer arising from a failure to …
2/27/15
The attorney-client privilege is a fixture in American jurisprudence and the oldest recognized privilege. The privilege, however, is not absolute. The Delaware Supreme Court recently adopted an exception to the attorney-client privilege that gives shareholders the …
12/10/14
By: John Goselin
FINRA’s Notice to Members 14-40 revises the regulator’s position on the permissible scope and nature of confidentiality provisions that broker-dealers can agree to relating to the discovery process in legal proceedings or as a term in …
