Analysis of cutting-edge securities industry issues
The SEC’s Division of Corporation Finance has indicated that lawyers for issuers and issuers themselves should focus on and respond to the SEC’ Staff’s comments during the corporate filing review process. …
Continue Reading Lawyers and Issuers Really Need to Listen to SEC Comments Regarding Cyber Security
On January 1, 2013, California joined Maryland and Illinois in restricting securities employers’ access to their employees’ and job applicants’ social media accounts. This new law was announced on Twitter, and…
The North American Securities Administrators Association is exceedingly active, coordinating many broker-dealer examinations by a variety of state regulators.
NASAA has found that the greatest number of violations involved books and records…
Continue Reading What Brokers Need to Know to Make States Happy
In light of the Urban decision, the SEC has indicated it intends on expounding on its views of failure to supervise for legal and securities personnel.
Although several of the federal…
Continue Reading Gallagher Hopes SEC Soon Will Provide Clarity on Failure-to-Supervise Liability
We take a step back and speak directly to attorneys for a change, in particular, those lawyers who may recommend stockbrokers to their clients.
In New York, attorneys are subject to the…
FINRA announced that it is seeking proposed rule changes to make it easier for investors to use BrokerCheck. See http://www.finra.org/Investors/ToolsCalculators/BrokerCheck/.
These proposed amendments to FINRA Rule 2267, Investor Education…
Continue Reading You Should be Concerned With Expanding BrokerCheck
The SEC’s Division of Trading and Markets released guidance on the JOBS Act’s elimination of restrictions on analyst communication and research reports concerning initial public offerings of emerging growth companies.
The…
Continue Reading You Need to Be Concerned About Analyst Communications under the JOBS Act
The SEC Staff issued a report on the handling of confidential information by broker-dealers. See http://sec.gov/about/offices/ocie/informationbarriers.pdfProblems. This report cited various issues, including, but not limited to, the unmonitored viewing of…
Continue Reading Broker-Dealers Really Need to Handle Confidential Information Better. . . Or Else
Recently, a Texas appellate court upheld a common law prohibition against a former registered rep who had moved firms.
The court indicated that this departing broker had a common law…
The FINRA Board of Governors is considering implementing new rules that will require brokers to disclose their compensation when they move firms.
In many respects, this will cause issues for those…
Continue Reading Moving Firms Maybe Getting More Difficult and Possibly Anti-Competitive?
