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FINRA Reminds Member Firms of Obligations in the Sale of Exchange Traded Products
June 3, 2020 | Blog | By David L. Ward
Are Leveraged Loans Subject To Securities Laws? It Depends…
June 1, 2020 | Blog | By Eric Blythe
Leveraged loans continue to be a topic of interest in the current environment, particularly when they are pooled and securitized as collateralized loan obligations. A recent decision sheds light on whether and when leveraged loans and similar instruments may be classified as securities and, therefore, be subject to securities laws.
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FINRA Shares Best Practices by Firms to Supervise in a Remote Work Environment
May 29, 2020 | Blog | By Pete Michaels, David L. Ward, 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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UPDATED: New York State Stays Evictions and Foreclosures Due to the COVID-19 Pandemic
May 22, 2020 | Blog | By Therese Doherty, Alexandra Calistri
Recent Executive Orders by New York Governor Cuomo and Administrative Orders by the New York State courts effectively have stayed the enforcement of residential and commercial evictions and foreclosures in New York through June 20, 2020, and barred the commencement of any such new proceedings until further order of the courts.
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SEC is Sued to Stop Collection of Personal Data of Retail Investors
May 19, 2020 | Blog | By David L. Ward
The American Securities Association (“ASA”), a financial industry trade association representing regional and small financial services companies, has sued the Securities and Exchange Commission (“SEC”) to prevent the SEC from using the Consolidated Audit Trail (the “CAT”) initiative to gather personal data of retail investors.
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Court Puts COVID-19 Emergency Debt Collection Regulations on Ice
May 15, 2020 | Blog | By Pete Michaels, Michael Pastore
SEC Brings Action Against Company and its CEO for Alleged COVID-19 Scam
April 30, 2020 | Blog | By David L. Ward
In what will likely be the first of many, the SEC brought an action against a company for false and misleading press releases related to the COVID-19 pandemic.
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The CFTC and NFA Issue No-Action Relief to FCMs and Introducing Brokers in Calculating Net Capital After Receiving of Covered PPP Loans under the CARES Act
April 24, 2020 | Blog | By Therese Doherty, Jason Burrell
On April 23, 2020, the CFTC announced a targeted no-action relief to certain market participants from compliance with net capital treatment of covered loans received under the Paycheck Protection Program (PPP) pursuant to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
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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, David L. Ward
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 | By David L. Ward
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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FINRA Issues Guidance on Net Capital Treatment of PPP Loans under the CARES Act
April 17, 2020 | Blog | By Pete Michaels, David L. Ward
In its online forum regarding COVID-19/Coronavirus, FINRA has issued guidance related to PPP loans.
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Massachusetts Attorney General Issues Guidance Clarifying the COVID-19 Emergency Debt Collection Regulations
April 14, 2020 | Blog | By Pete Michaels, Michael Pastore
On the heels of codifying 940 CMR 35.00, the “Unfair and Deceptive Debt Collection Practices During the State of Emergency Caused by COVID-19” (the “Emergency Regulations”), Attorney General Maura Healey issued guidance on April 3, 2020 “to provide clarity with regard to frequently asked questions concerning the Emergency Regulations[.]”
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Fed To Add COVID-19 as Essential New Element to Bank Stress Tests
April 13, 2020 | Blog | By Pete Michaels, David L. Ward
The Federal Reserve (Fed) announced that it is modifying this year's stress test to reflect how banks have performed during the COVID-19 pandemic.
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FINRA Agrees with SEC Regarding Enforcement of Regulation BI in Light of COVID-19
April 10, 2020 | Blog | By David L. Ward
FinCEN Addresses the CARES Act, Suspends Implementation of CTR Filing Changes, and Offers COVID-19 Online Contact Mechanism
April 10, 2020 | Blog | By Therese Doherty, LisaMarie Collins
On April 3, 2020, FinCEN issued its second notice related to the COVID-19 pandemic (Notice).
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Massachusetts Attorney General Sets Her Sights on Debt Collectors in the Wake of COVID-19
April 10, 2020 | Blog | By Pete Michaels, Michael Pastore
On March 27, 2020, the Massachusetts Attorney General, Maura Healy, filed an emergency regulation, aimed at what the office described as “prevent[ing] debt collectors and creditors from harassing our residents.”
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SEC (OCIE) Issues Risk Alerts Concerning Reg. BI
April 9, 2020 | Blog | By David L. Ward
The SEC’s Office of Compliance Inspection and Examinations (OCIE) issued two risk alerts relating to Regulation Best Interest (Reg. BI).
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SEC Says No Reg. BI Extension Despite COVID-19 Concerns
April 6, 2020 | Blog | By David L. Ward
In a Statement on April 2, the Chairman of the Securities and Exchange Commission (SEC), Jay Clayton, announced that the June 30, 2020 timeline for implementation of Regulation Best Interest (“Reg. BI”) will remain.
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The CFTC and NFA Offer Further No-Action Relief to Market Participants in Response to the Unprecedented Conditions Posed by COVID-19
April 3, 2020 | Blog | By Therese Doherty, Jason Burrell
On March 31, 2020, the CFTC extended temporary no-action relief to foreign affiliates of certain futures commission merchants (FCMs) in further response to the COVID-19 pandemic.
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State Securities Regulators Adapt in Response to COVID-19
April 3, 2020 | Blog | By Pete Michaels, Michael Pastore
As financial professionals struggle to adapt during these trying times, securities regulators are also revising their processes and procedures to address the current realities of investor protection in the time of COVID-19 while being fair to the regulated entities.
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