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November 22, 2013

The Art and Science of Selling Your Business

November 1, 2013

SEC Amends Financial Responsibility Rules, Customer Asset Protection, the Early Notification Rule and the Books & Records Rules for Broker-Dealers

During the last five years, the securities and futures industry has been rocked by highly publicized insolvencies of several major broker-dealers and futures commission merchants. These events have highlighted deficiencies in the customer asset protection schemes of both the Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”). On July…

February 2, 2013

MF Global: A Comparison of the Trustee’s Report Recommendations and the House Staff’s Report Recommendations

The MF Global, Inc.1 (“MFGI”) bankruptcy shocked the ﬁnancial service world and raised a signiﬁcant number of regulatory and other issues that will shape the future world of ﬁnancial service regulation, including securities, futures and derivatives.

February 1, 2013

2013 Estate And Income Tax Laws

Even though Washington addressed part of the “fiscal cliff” by permanently extending several tax-saving provisions, tax planning remains very important. This article lists reasons for tax planning and provides a brief summary of current tax laws.

May 1, 2012

Expiring Tax Saving Opportunities

Did you know that on January 1, 2013 (just ten months from now), our tax laws in the U.S. will be changing? Based on the increases required under the Patient Protection and Affordable Care Act passed in 2010 and expiring Bush tax cuts, our taxes will change dramatically.

January 1, 2012

Recent Changes to Illinois’ Estate Tax Laws

On December 16, 2011 Governor Quinn signed legislation that will increase the Illinois’ estate and generation-skipping transfer tax exemptions. What this means is that one can leave more money to one’s family and friends ($1.5 million more next year and $2 million more in 2013) without incurring any Illinois estate or GST tax.

December 1, 2011

Outside Business Activity*, Practical Compliance and Risk Management for the Securities Industry

The Financial Industry Regulatory Authority (“FINRA”)1 has adopted and proposed important changes to the current regulatory scheme and obligations relating to notice and supervision of outside business activities and private securities transactions. For a number of years, the National Association of Securities Dealers, Inc. (“NASD”) rules 3030, 3040 and 3050 were the principal…

January 1, 2011

When Does A Broker-Dealer Become an Investment Adviser?

The answer to this question is unclear as a result of the SEC interpretation of the statutory broker-dealer exemption from investment adviser registration and changed brokerage and investment adviser business practices in the securities industry. Although the SEC has attempted to clarify the broker-dealer exemption through informal interpretations and a forma Rule 202(a)(11)-1…

June 1, 2010

Recent Net Capital Increases for FCMs and IBs

The Commodity Futures Trading Commission (“CFTC”) adopted rules, effective March 31, 2010, which significantly increase net capital requirements for both futures commission merchants (“FCMs”) and introducing brokers (“IBs”). The National Futures Association (“NFA”) has also imposed parallel higher capital requirements for futures commission merchants (“FCMs”) effective March 31, 2010.

May 1, 2010

Clearing Arrangement for Introducing Broker-Dealers

This article highlights key business and regulatory developments and issues relevant to the clearing arrangement between an introducing broker-dealer (“introducing broker”) and a clearing broker-dealer (“clearing firm”). It details clearing firm operations and regulations, clearing agency membership, and securities clearance and settlement, only as is relevant to introducing broker-dealers.

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