Dodd-Frank Broker-Dealer
MSRB Advocates Expansion of Volker Rule Exemption
Banking, Broker-Dealer The Municipal Securities Rulemaking Board, or MSRB, urged expansion of the exemption for governmental obligations in the proposed Volker Rule because the MSRB is concerned that a significant class of municipal securities would be excluded from the exemption, resulting in a “bifurcation” of the municipal securities market without benefiting the soundness of the banking system. [...] Read more →
NYSE Announces Further Limitations on Broker Voting
Broker-Dealer, Public Companies and Securities Under New York Stock Exchange Rule 452, certain matters to be voted on at board meetings of NYSE member organizations were designated as “Broker May Vote” by the NYSE in its... Read more →
Progress on Global Legal Entity Identifier Initiative
Banking, Broker-Dealer, Insurance, Public Companies and Securities During the financial crisis, market participants and regulators did not have the information they needed to assess exposures to risky or failing companies globally. In the United... Read more →
GAO Report on Analyst Conflicts of Interest
Broker-Dealer GAO has issued a report under Section 919A of the Dodd-Frank Wall Street Reform and Consumer Protection Act requires that requires GAO to identify and examine potential conflicts... Read more →
Social Media Fraudster Causes Knee Jerk SEC Reaction
Broker-Dealer, Investment Advisers, Litigation, Private Equity The SEC recently commenced an enforcement action against a registered investment adviser who allegedly “offered more than $500 billion in fictitious securities through various... Read more →
FINRA Proposes Amendment to Conform Arbitration to Dodd-Frank
Broker-Dealer, Employment, Litigation FINRA has filed a proposed rule change to amend FINRA Rule 13201 of the Code of Arbitration Procedure for Industry Disputes to align the rule with statutes that invalidate... Read more →
Fed Seeks Comment on Proposal Outlining Procedures for Securities Holding Companies to Elect to be Supervised by the Federal Reserve
Banking, Broker-Dealer The Federal Reserve Board is seeking comment on a proposed rule outlining the procedures for securities holding companies, or SHCs, to elect to be supervised by the Federal... Read more →
SEC Approves PCAOB Rule on Interim Inspections of Broker-Dealers
Broker-Dealer Section 982 of the Dodd-Frank Wall Street Reform and Consumer Protection Act amended the Sarbanes-Oxley Act to give the Public Company Accounting Oversight Board, or PCAOB,... Read more →
FSOC Adopts Final Rule on Designation of Systematically Important Financial Market Utilities
Banking, Broker-Dealer Section 804 of the Dodd-Frank Wall Street Reform and Consumer Protection Act provides the Financial Stability Oversight Council, or FSOC, the authority to designate a financial... Read more →
SEC Issues Interim Rule to Permit Retail Forex
Broker-Dealer Under section 742(c) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”), certain foreign exchange transactions with persons who are not... Read more →