This week, the CFTC approved a NFA Interpretative Notice that prohibits a Member from accepting credit card payments from customers to fund retail forex accounts. The NFA recently reviewed how
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Amit Shah
Will There Be A Fiduciary Duty?
By Amit Shah on
The Dodd-Frank Act directed the SEC to study whether broker-dealers should be held to a fiduciary duty standard rather than the lower “suitability” standard. Advocates for the fiduciary standard claim…
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NFA Studies Insuring Customer Segregated Accounts
By Amit Shah on
In the wake of several high profile failures of futures market participants, the NFA and others recently completed a study of how customer asset protection insurance (“CAPI”) would work in…
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SEC Looking At Insider Trading Rules For Commodities Markets
By Amit Shah on
SEC Chairman Mary Jo White recently stated at a Senate Banking Committee hearing that the SEC was examining whether the insider trading rules should be expanded to include the commodities…
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FINRA May Publicly Share Disciplinary Complaints Against Brokers
By Amit Shah on
Much to the disappointment of brokers, the SEC recently approved a proposed rule that allows FINRA to publicly release copies of any disciplinary complaint or decision it issues, including the…
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The SEC Modifies Its Settlement Policy
By Amit Shah on
For decades, the SEC allowed defendants to enter into a settlement agreements where they neither admitted nor denied any alleged wrongdoing. However, in response to political pressure from Senator Elizabeth…
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Self-Funding And The SEC
By Amit Shah on
This has been the week of scandals. With political forces, lobbyist and lots of deep pockets, our government is a breeding ground for scandals. The SEC has certainly not been…
Pleading Scienter Seems To Get Harder And Harder
By Amit Shah on
I do not envy any attorney who attempts plead a Section 10b-5 claim. Courts throughout the country have made pleading scienter extremely difficult, and the benefit of any doubt favors…
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Section 15(a) Registration And Foreign Transactions
By Amit Shah on
A magistrate judge in the Northern District of Illinois recently ruled that Section 15(a) of the Exchange Act does not apply extraterritorially even if a foreign transaction was facilitated by…
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THE SEC AND CFTC WORKING TOGETHER
By Amit Shah on
Over the last several years, Congress and industry insiders have discussed whether it is time to merge the SEC and CFTC. After some high-profile regulatory lapses by both agencies, Congressional…