The Department of Justice and the SEC have jointly issued a guide to the U.S. Foreign Corrupt Practices Act. (USFCPA) For the uninitiated, there is a nice explanation of both DOJ and SEC resolutions beginning at page 74. Fenwick & West LLP has a good summary, which can be found here.
Finra Executive Vice President, Thomas M. Selman, spoke at the Investment Program Association Fall Conference on November 15, 2012 and made some interesting comments. (IPAFC) I have extracted some of the better parts below. Here’s another pitch for Finra (and not the SEC) to regulate Investment Advisors: Despite the longstanding faith in the SRO model,…
Finra has published guidance for Investment Advisors at non-member firms who wish to utilize the Finra Dispute Resolutions platform. (Finra) You can see our previous coverage of this here. The full text is below: FINRA Dispute Resolution has received inquiries from lawyers who represent investors and those who represent investment advisers (IAs) which are not…
The SEC has joined Finra in offering regulatory relief to entities affected by Hurricane Sandy. (SEC) See our coverage of the Finra relief efforts here and here.
While Finra’s One Liberty Plaza office in downtown Manhattan remains closed in the wake of Hurricane Sandy, the Self-Regulatory Organization is offering regulatory relief to member firms affected by the hurricane. Finra just issued NTM 12-45 “Regulatory Relief” explaining their efforts. (12-45) The executive summary states: Due to the impact from Hurricane Sandy, FINRA is…
In the better-late-than-never file, Finra is reminding members of their obligations for business continuity plans. (Finra) Finra Rule 4370 covers these requirements. (4370) Here’s the overview: (a) Each member must create and maintain a written business continuity plan identifying procedures relating to an emergency or significant business disruption. Such procedures must be reasonably designed to…
Dealbook, at the New York Times, reports that the Federal Energy Regulatory Commission (“FERC”) has launched investigations into many Wall Street firms for manipulating energy markets. (NYT) The Federal Energy Regulatory Commission, the government watchdog overseeing the oil, natural gas and electricity business, has lately taken aim at three major banks suspected of manipulating energy…
Bruce Kelly, of InvestmentNews, reports that Finra will soon open its dispute resolution arbitration platform to registered investment advisors. (IN) This is good news for RIA investors because those arbitrations have typically been heard in AAA or JAMS forums, which are much more expensive. RIA firms may also welcome the lower costs. Finra Dispute Resolution…
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…
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…
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