The Securities and Exchange Commission (“SEC”) announced a whistleblower award of more than $3 million to a company insider whose information helped the SEC crack a complex fraud. The multi-million … Continue reading SEC Awards Whistleblower Over $3 Million Award
In her opening remarks at the 2015 National Compliance Outreach Program for Broker-Dealers SEC Chair Mary Jo White set the tone for the program, and addressed a number of issues. Most significant was her attempt … Continue reading SEC Chair Mary Jo White Sets the Tone at the Top
Oregon has joined California, Colorado, Connecticut, Delaware, Georgia, Hawaii, Illinois, Maryland, Massachusetts, Minnesota, Nebraska, New Jersey, New Mexico, Rhode Island, Vermont, Virginia and Washington, D.C. in the “Ban the Box” … Continue reading The Impact of “Ban the Box” Legislation on FINRA Broker-Dealers
Senators Jack Reed (D-RI) and Chuck Grassley (R-IA) introduced bipartisan legislation in the Senate to give the Securities and Exchange Commission (SEC) another tool to crack down on violations of securities laws … Continue reading Bill Introduced to Significantly Increase SEC Penalties
The SEC Office of Compliance Inspections and Examinations (OCIE) recently issued a Risk Alert regarding the Targeted Industry Reviews and Examinations Initiative related to retirement accounts. The Risk Alert noted … Continue reading SEC Launches Retirement Targeted Exam Initiative
In April 2014, FINRA announced it would conduct a review of public records available for the entire population of approximately 630,000 active registered representatives (RRs) for financial disclosures that may … Continue reading CRD Public Records Validation Initiative
FINRA is requesting comments in Regulatory Notice 15-22 on a revised proposal to adopt the NASD and Incorporated NYSE rules regarding discretionary accounts and transactions as FINRA Rule 3260 (Discretionary … Continue reading FINRA Requests Comments on Revised Proposal Regarding Discretionary Accounts
The Code of Arbitration Procedure for Customer Disputes (Customer Code) and the Code of Arbitration Procedure for Industry Disputes (Industry Code) (together, codes) govern the payments that FINRA makes to … Continue reading SEC Approves Amendments to the Codes of Arbitration Procedure to Increase the Fees Assessed for Late Cancellation or Postponement of a Hearing
The SEC announced on July 1, 2015 that Deloitte & Touche LLP (Deloitte) was charged by the SEC with violating auditor independence rules when its consulting affiliate, Deloitte Consulting LLP, maintained a … Continue reading Deloitte & Touche Charged With Violating Auditor Independence Rules
Based upon a public statement issued by SEC Commissioner Michael S. Piwowar and Commissioner Kara M. Stein earlier this week, it appears that that the plan to move from a three-day … Continue reading T+2 Trade Settlement on Regulatory Horizon
The U.S. Department of the Treasury (“Treasury Department”) submitted its Semiannual Regulatory Agenda for review by The Office of Management and Budget (“OMB”) in April 2015. The semiannual regulatory agenda … Continue reading FinCEN Re-Proposes AML Rule for Investment Advisers
The last 18 months has found the financial industry in the spotlight for cybersecurity breaches, and as a result, the SEC and FINRA are ramping up their expectations regarding cybersecurity for … Continue reading Financial Industry Cybersecurity Standards Not Modeled After Government Agencies, Thankfully …
The Municipal Securities Rulemaking Board (MSRB) is requesting comment on a proposal to modify the application of the standard of independence for the one public member of its Board of Directors … Continue reading MSRB Requests Comments on Alternative Standard of Independence for Investor Representative on its Board
FINRA’s announced a new ad campaign that is meant to underscore the ease and importance of checking BrokerCheck before investing. In tangent with the print ad released, FINRA plans to … Continue reading FINRA Launches National Ad Campaign
SIFMA’s Economic Advisory Roundtable has issued its semiannual survey of concerning the U.S. economic outlook and rates forecasts. For a summary of the survey and access to the full survey, Click Here.
The SEC is asking for comments on how new and novel exchange-traded products should be listed, marketed and traded, as part of an effort to potentially write new rules for the … Continue reading SEC Requests Comments on Exchange-Traded Products
FINRA has requested comments in Regulatory Notice 15-20 on a concept proposal to restructure the current representative-level qualification examination program into a format whereby all potential representative-level registrants would take a … Continue reading FINRA Requests Comments Proposal to Restructure the Representative-Level Qualification Examination Program
FINRA, through the The National Adjudicatory Council (NAC), first published the Sanction Guidelines in 1993. The goal of the Sanction Guidelines was twofold. First, it was intended to familiarize FINRA … Continue reading FINRA Enforcement Sanctions Increased
It appears that the proposed fiduciary rule submitted by the Department of Labor to the Office of Management and Budget is being fast-tracked and may be released today. Megan Leonhardt … Continue reading DOL Fiduciary Rule To Be Released As Early As April 14, 2015
FINRA Notice to Members 15-07 noted that the effective date of Rule 0190 is August 24, 2015. Rule 0190 is based largely on NASD IM-2420-1(a) (Transactions Between Members and Non-Members; … Continue reading FINRA Rule 0190 Effective August 24, 2105
Daniel LeGaye, Managing Partner of the LeGaye Law Firm PC, was quoted in a March 17, 2015 article on the broadening impact on the on-boarding precess of financial firms that … Continue reading LeGaye Law Firm Quoted: Article on Client On-Boarding
National Society of Compliance Professionals Panel Information Date: Tuesday, October 21, 2014 Time: 2:00PM – 3:PM Where: Gayload National Harbor Resort & Convention Center Session 2b BD Conflicts of Interest Conflicts … Continue reading 2014 NSCP National Conference – Washington, DC
2014 SILA National Education Conference – Anaheim, CA General Session – Cyber Security & Data Protection
The FINOP Exchange Announces a Virtual Presentation on Cybersecurity in the Financial Industry by presents virtual cybersecurity. Daniel LeGaye & Michael Schaps of The LeGaye Law Firm will focus on … Continue reading The LeGaye Law Firm Delivers Cybersecurity Presentation
It appears that the Financial Industry Regulatory Authority (“FINRA“) intends to back away from their reliance on FINRA Rule 8210 (the “Rule”) information requests for routine matters. At the Ask FINRA … Continue reading FINRA Backing Away From Reliance on Rule 8210 for Routine Information Requests
FINRA Comment Letter – Regulatory Notice 14-09; Limited Corporate Financing Broker (LCFB) The Financial Industry Regulatory Authority (FINRA) published Regulatory Notice 14-08 (Regulatory Notice) seeking comments on a proposed rule set … Continue reading FINRA Comment Letter – Regulatory Notice 14-09; Limited Corporate Financing Broker (LCFB)
National Society of Compliance Professionals Panel Information Date: Thursday, April 10, 2014 Time: 11:30 – 12:30 Where: Haynes and Boone, LLP, 2323 Victory Avenue, Suite 700, Dallas, Texas 75219 Session … Continue reading 2014 NSCP Southern Regional Meeting – Dallas
In what appears to be a noteworthy departure from the Securities and Exchange Commission’s (“SEC”) long-held view that persons receiving transaction-based compensation in connection with facilitating the acquisition and or … Continue reading M&A Brokers Exempted From SEC Broker-Dealer Registration
The LeGaye Law Firm is happy to announce that they have joined Patten Training and Review’s FINOP Exchange. The FINOP Exchange provides networking opportunities for CFOs and FINOPs of broker-dealer … Continue reading LeGaye Law Firm joins FINOP Exchange
Historically, the enforcement actions brought by the Securities and Exchange Commission (“SEC”) have focused more on fraud and misrepresentation, than books and records violations and not on compliance professionals. It appears … Continue reading SEC Enforcement Agenda Looks to Minor Rule Violations
An article by Daniel LeGaye of the LeGaye Law Firm titled “New Regulatory Guidance for Business Continuity Planning” was cited in a Blog titled “Preparing for disaster: Strategies for extending … Continue reading The LeGaye Law Firm Cited in Blog on Business Continuity
National Society of Compliance Professionals Panel Information Date: Thursday, March 11, 2013 Time: 10:15am – 11:30am Where: Alston + Bird LLP, Atlantic Center Plaza, 1180 West Peachtree St., Atlanta Ga … Continue reading 2013 NSCP Southern Regional Meeting – Atlanta
SEC Comment Letter – JOBS Act – Crowdfunding Set forth below are our comments related to Title III of the JOBS Act. The JOBS Act focused on increasing American job … Continue reading SEC Comment Letter – JOBS Act – Crowdfunding
FINRA Comment Letter – Regulatory Notice 12-34 Crowdfunding The Financial Industry Regulatory Authority (FINRA) published Regulatory Notice 12-34 (Regulatory Notice) seeking comments on proposed regulation of Crowdfunding Activities by FINRA member … Continue reading FINRA Comment Letter – Regulatory Notice 12-34 Crowdfunding
ERISA Section 408(b)(2) Fee Disclosures Are Due 6/30/2012 ERISA Section 408(b)(2) This is a reminder that all covered service providers to ERISA qualified plans (“ERISA Plan”) are required to deliver a fee … Continue reading ERISA Section 408(b)(2) Fee Disclosures Due 6/30/2012
John F.Roth, SEC SEC Compliance, Regional Center Selection, posted a blog posted titled “Securities Law and Finder’s Fees in the EB-5 Field”, in which The LeGaye Law Firm’ s article … Continue reading The LeGaye Law Firm Cited in Article
National Society of Compliance Professionals Panel Information Date: Thursday, April 11, 2011 Time: 3:45 – 5:00 Where: The Belo Mansion & Pavilion, 2101 Ross Avenue, Dallas, Texas 75201 BD Ethics – Code … Continue reading 2011 NSCP Southern Regional Meeting – Dallas
FINRA Comment Letter – Rule 5122 Member Participation in Private Placements On January 11, 2011, the Financial Industry Regulatory Authority (FINRA) published Regulatory Notice 11-04 (Regulatory Notice) seeking comments on its … Continue reading FINRA Comment Letter – Rule 5122 Member Participation in Private Placements
Compliance Date for Delivery to Clients of the New Form ADV Part 2B Supplements Extended by SEC As a result of the efforts of the Securities Industry and Financial Markets … Continue reading Compliance Date for Form ADV Part 2B Extended by SEC
Department of Labor Imposes Significant Disclosure Obligations On Broker-Dealers and Investment Advisers The Department of Labor (“DOL”) recently issued interim final regulations under Section 408(b)(2) (the “Rule”) of … Continue reading DOL Imposes Disclosure Obligations
The Securities and Exchange Commission’s (SEC) position on the payment of finder’s fees to non-registered broker-dealers has been further clarified in a request for a No-Action Letter, which was denied … Continue reading SEC Further Limts Use of Finders Fees
After years of speculation regarding when the proposed changes to the Form ADV Part II would be implemented, the Securities and Exchange Commission (SEC) unanimously adopted the proposed changes on … Continue reading Form ADV Amendments Approved by the SEC
6/23/2010 White Paper – RIA Registration and Regulatory Issues Companies and individuals who provide investment advice to others are generally subject to regulation by federal and or state securities regulators. Therefore, … Continue reading White Paper – RIA Registration and Regulatory Issues
As the financial services industry has evolved, the supervision of registered persons that are dually registered or affiliated, either with another broker-dealer, an investment adviser or other financial services firm … Continue reading White Paper – Dual Registration and FINRA Supervision
Impact on FINRA Member Firms While new NASD Rule 1032(i) (the “Rule”) is currently recognized by FINRA, a number of states have not yet amended statutes and rules which incorporate … Continue reading State Law Conflicts with FINRA Investment Banking Registration
In response to the difficulties faced by the Securities and Exchange Commission (SEC) in 2009 related to the market crisis, the Ponzi schemes perpetrated by Bernard Madoff and Stanford Financial, … Continue reading SECs Expanded Enforcement Tool Box
As a result of the increased use of social media websites, such as blogs or social networking sites for business and personal communications, the Financial Industry Regulatory Authority (FINRA) issued … Continue reading Blogs, Social Media Networking Sites, and Supervision
Financial industry veteran Michael R. Schaps has joined The LeGaye Law Firm as Director of Regulatory Compliance. Schaps brings over 20 years of real world business experience in dealing with … Continue reading Michael R. Schaps joins LeGaye Law Firm
January 2010 FINRA Rule Changes Related To Anti-Money Laundering and Business Continuity Plans With the New Year having arrived, it is important to note that FINRA has already commenced … Continue reading FINRA AML & BCP Rule Changes