SEC Posts Broker Dealer-Compliance Guide on Website
Cadwalader, Wickersham & Taft LLP
The Securities and Exchange Commission's ("SEC") Division of Market Regulation recently posted its Compliance Guide.
Sarbanes-Oxley Should Not Preclude All Broker-Assisted Cashless Option Exercises by Insiders
Robert K. Morris,James J. Barnes and Nelson W. Winter of Reed Smith LLP
Although some law firms have advised public issuers to suspend broker-assisted cashless stock option exercises for executive officers and directors in light of Section 402 of the Sarbanes-Oxley Act, we believe, subject to certain limitations, that such suspension is not necessary.
Yours and Your Broker's Responsibilities
Law Offices of Steve A. Buchwalter
A. Your Broker's Responsibility to You In most states, when a securities broker "hangs out his shingle" he .
Common Scenarios of Stockbroker Misconduct
Law Offices of Steve A. Buchwalter
1. Unsuitable Recommendations. Because stockbrokers serve in a fiduciary capacity, they are obligated to.
Cold Calling Alert
U.S. Securities and Exchange Commission
A brochure from the Securities and Exchange Commission which tells consumers about legal rights, how to deal with cold calls, how to stop them, and how to evaluate any investment opportunity that comes their way over the phone.
SEC's Proposed Regulation B: Complex but More Flexible--What Bankers Need to Know to Comment and Eventually Comply
Melanie L. Fein of Goodwin Procter LLP
The Securities and Exchange Commission's newly proposed Regulation B includes highly detailed provisions that build on the framework created in the SEC's Interim Final Regulations issued in 2001. The Interim Regulations never took effect due to complaints from banks, banking regulators and members of Congress who criticized the regulations as unduly burdensome and inconsistent with the intent of Congress to avoid disrupting traditional banking activities.
SEC Votes To Propose Regulations Implementing Gramm-Leach-Bliley Bank Broker Rules
Goodwin Procter LLP
The SEC voted on June 2, 2004 to publish proposed Regulation B. Proposed Regulation B builds on interim rules that were adopted by the SEC in 2001 but suspended after banks and their regulators raised objections. As a general matter, Proposed Regulation B seeks to further elucidate the eleven statutory exemptions, adds a few new exemptions, and applies them as appropriate to banks and thrifts.
Countdown on Regulation B: New Challenges for Banks
Melanie L. Fein of Goodwin Procter LLP
The Securities and Exchange Commission recently issued proposed Regulation B to implement the bank exemptions from securities broker regulation provided by the Gramm-Leach-Bliley Act in 1999. Regulation B supercedes the SEC's final interim rules adopted in 2001 which were put on hold after banks, banking regulators, and members of Congress objected that those rules would disrupt traditional banking activities contrary to the intent of Congress.
SEC Adopts Final Rule Relating to Analyst Certification
Richard F. Langan of Nixon Peabody LLP
In an effort to promote the integrity of research reports and investor confidence in those reports, on February 20, 2003, the SEC adopted final rules relating to certification of broker-dealer research reports. New Regulation Analyst Certification requires research analysts to certify in research reports for which they are responsible that the views expressed in the report accurately reflect the analyst's personal views and to disclose whether or not the analyst received compensation or other payments in connection with his or her specific recommendations or views.
Subsidiary Legislation Enacted Under Mutual Funds Act
O'Neal, Webster, O'Neal, Myers, Fletcher & Gordon
By notice dated September 3, 1998 the Registrar of Mutual Funds announced that the Governor in Council has approved.
SEC Issues New Interpretation on Expense Sharing
D. Grant Vingoe and Barri Lynn Bogner of Dorsey & Whitney LLP
It is common practice for broker-dealers to enter into expense sharing agreements with their parent companies or affiliates whereby the parent company or affiliate performs administrative functions, as well as providing space, facilities, equipment and other services in exchange for service fees. In recent months, there has been concern expressed by the NASD and the NYSE that some broker-dealers may be incorrectly omitting expenses and liabilities subject to these agreements on the broker-dealer's books and records, resulting in inaccurate disclosure of the broker-dealer's performance and financial condition.
On-Line Brokerage: Keeping Apace of Cyberspace--Summary
Rosenman & Colin LLP
After a series of on-line investing roundtables conducted earlier this year, Securities and Exchange Commissioner .
Securities and Exchange Commission Division of Enforcement Complaint Center
U.S. Securities and Exchange Commission
Publication from the Securities and Exchange Commission (SEC) which explains how to contact the SEC and other agencies about fraud.
SEC Issues No-Action Letter Concerning Pre-Paid Forward Contracts on Equity Securities
Ray Shirazi of Cadwalader, Wickersham & Taft LLP
In recent years, equity securities have become an increasingly important component of the financial portfolios of i.