Speaking at a PLI Seminar on Broker-Dealer Regulation and Enforcement on October 24, 2012, Finra EVP Susan F. Axelrod had some interesting comments on Complex Investments, the new Suitability Rule 2111, and Know Your Customer Rule 2090. (Axelrod) You can also see our previous coverage on Complex Products here. Below are some extracts. Finra has…
Nathaniel Popper, reporting in the New York Times, has a good piece on how individual investors are plowing into junk bonds just as they are getting more risky. (NYT) This continues the trend of yield chasing we have documented with our coverage of Energy plays in Master Limited Partnerships here. The scenario is simple, the…
Henry Raschen of HSBC Securities, has a short piece at FTSEGlobalMarkets.com about the Dodd-Frank Act (“DFA”). (FTSEGM). Some quick take-aways: The registration requirement applies to US private advisers and non-US private advisers that advise funds with US investors; Many smaller non-US domiciled private advisers may have failed to register correctly; All registered private advisers with…
Clifford Krauss and Eric Lipton continue the excellent New York Times coverage of the shale gas boom and bust. (NYT) There are some fascinating revelations in the article: 1. The drilling companies were forced under contract to keep drilling, even as the price of natural gas collapsed: The land that the natural gas companies had…
S&P CreditMatters TV has put out a video comparing MLP and REIT characteristics. (S&P) At 8:34, it’s not too in-depth, but for those of you wanting a quick introduction, it’s useful.
PwC has some interesting looking material on its Open University Platform. (PwC) It’s all free and most looks to be downloadable in friendly formats. Get some insights as well as CPE credits.
A Finra news release yesterday reported the regulator fined David Lerner Associates $12 million for sales of Apple REIT 10. (Finra) The funds will go towards restitution for the Apple REIT 10 customers. The release quoted Brad Bennett, Executive Vice President and Chief of Enforcement: David Lerner and his firm targeted unsophisticated and elderly customers,…
The SEC recently approved Finra Rule 5123 and will create a private placement filing system under which member firms will be required to file the Private Placement Memorandum, Term Sheet, or other Offering Document for deals they sell. The new rule will go into effect on December 3, 2012. See Finra NTM 12-40 for details.…
As a result of the Dodd-Frank legislation, hedge fund, private equity fund and other fund managers are having to register as Investment Advisors with the SEC. This is a significant development as trillions of assets are now coming under the aegis (and scrutiny) of the SEC. We will have more commentary on this later, but…
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