
Financial Institution Litigation
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It’s Going to be a Big Year for FINRA
March 21, 2023 | Blog | By Pete Michaels, Alyssa C. Scruggs
Request for Good Faith Finding in New York Article 77 Proceedings May Not Waive Privilege
March 8, 2023 | Blog | By Keith Kollmeyer, Alyssa C. Scruggs
Priorities, Priorities – FINRA Publishes Its Annual Report of Focus Areas for 2023
February 1, 2023 | Blog | By Michael Pastore
Massachusetts Securities Division Lawsuit a Bullseye for Robinhood
April 5, 2022 | Blog | By Pete Michaels, Alyssa C. Scruggs
Federal Jury Concludes Cryptocurrency Products NOT Securities
November 4, 2021 | Blog | By Sean T. Prosser, Edmund P. Daley
A Connecticut federal jury just answered one of the biggest questions on the minds of cryptocurrency investors, developers, and regulators – are cryptocurrencies securities? The jury concluded that Paycoin and several cryptocurrency mining-related assets are not securities.
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FinCEN Identifies First National AML/CFT Policy Priorities
October 7, 2021 | Blog | By Randy Jones
On June 30, 2021, the Financial Crimes Enforcement Network (“FinCEN”) issued national priorities for the anti-money laundering and countering the financing of terrorism (“AML/CFT”) policy (the “Priorities”).[i]
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SPACS and Scams: FINRA Announces New Sweep Exams
July 26, 2021 | Blog | By Pete Michaels
The DOJ’s Fraud Section 2020 Annual Review: Financial Enforcement Focused on Major Corporate Resolutions and Emerging COVID-19 Fraud
March 12, 2021 | Blog | By Eoin Beirne, Grady Campion
Substantial AML Reforms Enable Regulators to “Follow the Money”
January 21, 2021 | Blog | By Pete Michaels, Cory S. Flashner, Laura E. Martin
On January 1, 2021, Congress enacted the National Defense Authorization Act for Fiscal Year 2021 (the “NDAA”), after overriding a presidential veto. Within the NDAA is the Anti-Money Laundering Act of 2020 (the “AMLA”), which introduces substantial reforms to U.S. anti-money laundering (“AML”) and counter-terrorism financing (“CFT”) laws.
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NASAA’s COVID-19 Task Force Uncovers Investment Scams Related to the Pandemic
August 26, 2020 | Blog | By Jason Burrell
In response to the COVID-19 pandemic, the North America Securities Administrators Association (NASAA) put together a task force in April 2020 specifically targeted to use “online investigative techniques to identify websites and social media posts that may be offering or promoting fraudulent offerings, investment frauds, or improper unregistered regulated activities” which were related to any aspect of COVID-19.
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Interactive Brokers LLC Submits to SEC, FINRA, and CFTC Penalties Totalling $38 Over Widespread AML Failures
August 19, 2020 | Blog | By Pete Michaels, Michael Pastore
CFPB Solicits Assistance in Combatting Credit Discrimination
August 11, 2020 | Blog | By Pete Michaels, Michael Pastore
FINRA Revises Rule 4530 Problem Codes for Regulation Best Interest
June 22, 2020 | Blog
FINRA recently issued Regulatory Notice 20-17 (“Reg. Notice 20-17”) addressing changes to FINRA Rule 4530 due to the impending implementation of Regulation Best Interest (“Reg. BI”). Rule 4530 requires member firms to report, among other things, statistical and summary information regarding written customer complaints, as well as specified criminal actions, civil complaints and arbitration claims.
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SEC Whistleblower Complaints Swell to a Flood: How to Find the High Ground of Sound Compliance
June 9, 2020 | Alert | By Adam Sisitsky, Megan Gates
This article lists five best practices that employers can adopt to improve their compliance efforts and reduce the risk of a substantiated SEC whistleblower complaint.
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FINRA Shares Best Practices by Firms to Supervise in a Remote Work Environment
May 29, 2020 | Blog | By Pete Michaels, Michael Pastore
FINRA, through its most recent Regulatory Notice 20-16 , shares certain common practices they have seen taken by member firms to enhance supervision in the remote work environment due to the COVID-19 pandemic.
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FINRA Again Reminds Firms to Beware of Fraud during COVID-19 Pandemic
May 6, 2020 | Blog | By Pete Michaels
As we previously discussed, FINRA issued guidance to member firms and their associated persons in April 2020 to remain “vigilant in their surveillance against cyber threats and take steps to reduce the risk of cyber events.”
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FINRA Fines Broker-Dealer for Sharing Customer Data with Third-Party Vendor
April 30, 2020 | Blog | By Pete Michaels
Kestra Investment Services LLC (“Kestra”) was fined $125,000 by FINRA for sharing personal customer data with a third-party vendor.
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FINRA Issues Guidance to Small Firms on Annual Assessment and Net Capital due to COVID-19
April 23, 2020 | Blog | By Pete Michaels
Due to the economic impact of COVID-19, especially on smaller broker-dealers, FINRA will allow small firms more time to pay their Annual Assessment (comprised of the Gross Income Assessment and the Personal Assessment).
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FINRA Provides Guidance on Client Communications and Supervision During COVID-19 Pandemic
April 21, 2020 | Blog
Because they are working from home and are not able to meet clients face-to-face due to COVID-19 restrictions, many registered representatives are communicating with clients via live audio or video conference meetings.
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