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Massachusetts Securities Division Begins Enforcement Of New State Fiduciary Conduct Standard
September 2, 2020 | Blog | By Pete Michaels, Michael Pastore
On September 1, 2020, the Massachusetts Securities Division (“MSD”) began enforcing a new state regulation that holds all broker-dealers and their agents to a fiduciary conduct standard requiring them to “make recommendations and provide investment advice without regard to the financial or any other interest of any party other than the customer”.
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Executive Orders, Administrative Court Orders, and Legislation: The Ever-Changing NY Landscape on Foreclosures, Evictions, and Out-of-State Travel [Updated August 25, 2020]
August 26, 2020 | Blog | By Therese Doherty, Alexandra Gallo-Cook
The landscape for foreclosures and evictions in New York State is constantly evolving. With the entire State of New York in Phase 4 of New York Forward, the courts have begun to reopen (at least virtually) and certain foreclosure proceedings have resumed. Eviction proceedings remain stayed as against those commercial and residential tenants who demonstrate COVID-related hardship.
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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
SEC Risk Alert Addresses COVID-19 Compliance Risks and Considerations
August 14, 2020 | Blog | By Jason Burrell
CFPB Solicits Assistance in Combatting Credit Discrimination
August 11, 2020 | Blog | By Pete Michaels, Michael Pastore
FINRA Will Look at “Good Faith Efforts” of Firms on Reg. BI Enforcement
July 9, 2020 | Blog | By Jason Burrell
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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New NYC Legislation Prohibits Enforcement of Personal Liability Provisions in Commercial Leases
June 4, 2020 | Blog | By Therese Doherty, Alexandra Gallo-Cook
On May 26, 2020, Mayor de Blasio signed into effect N.Y.C. Council Int. No. 1932-A (2020). The law amends NYC administrative code by rendering unenforceable provisions in commercial leases providing for personal guaranties by individuals where the tenant’s business was negatively impacted by COVID-19.
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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, 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 Gallo-Cook
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
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
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
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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FINRA Issues Guidance on Net Capital Treatment of PPP Loans under the CARES Act
April 17, 2020 | Blog | By Pete Michaels
In its online forum regarding COVID-19/Coronavirus, FINRA has issued guidance related to PPP loans.
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