Analysis of cutting-edge securities industry issues
The SEC recently completed the Dodd-Frank mandated study on financial literacy for retail investors and it revealed, not shockingly, an absence of basic financial literacy. The study also found that…
Continue Reading If Your Client Does Not Understand Your Recommendation, You Need To Do More
A few years ago, I defended a financial advisor over a bee sting.
The customer wanted to take the cash value out of a life insurance policy to buy a…
Continue Reading If You Are Lucky, A Bee Sting Will Only Be A Bee Sting
There is a general sentiment that arbitrations favor the defense. In fact, several years ago, there were several House and Senate bills supported by the trial lawyers that sought to…
Continue Reading Do FINRA Arbitrations Really Benefit The Industry?
On August 24, 2012, FINRA filed a proposed rule change with the SEC relating to when industry parties seek the appearance of witnesses or the production of documents from FINRA…
Continue Reading FINRA Proposes Rule Changes Relating To Subpoenas In Customer And Industry Disputes
Recently, SEC Commissioner Daniel Gallagher stated that he was not in favor of allowing the Commission to retroactively impose a collateral bar.
Although there certain administrative proceedings have looked into…
Continue Reading SEC Commissioner Comes Out Against Retrospective Collateral Bars
The SEC Enforcement Division’s chief accountant has gone on record as saying that, in every SEC accounting case, the SEC Staff reviews auditor conduct.
The chief accountant stated that the SEC Staff…
In its continuing enforcement onslaught on firms emanating from China, the SEC filed another action in the United States District Court for the Western District of Louisiana against a Chinese…
Just a few short weeks ago, the SEC launched an administrative action against an on-line futures and options brokerage and clearing agency, as well as its senior executive for engaging…
Recently, the SEC Enforcement Director was promoting the SEC’s successes, offering credit to the restructuring and hiring of securities specialists that he undertook.
The Enforcement Director also indicated that the 37 cooperation…
In its January 2011 study, the SEC recommended the enhancement of BrokerCheck, a resource available on FINRA’s web page for the public to review information pertaining to brokers, registered representatives…
