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Compliance & Regulation
Compliance & Regulation

Broker-dealers, RIAs, CTAs, futures introducing brokers, FCMs, CPOs, proprietary trading firms, electronic traders, market makers, and other financial firms exist in a complex and heavily regulated industry. To avoid regulatory pitfalls, these firms must maintain a culture of compliance, starting with filings and internal documents at formation, and continuing through review of…

Equity Indexed and Variable Annuities: What are the Limitations of a State Securities Regulator’s Authority Over Their Sales Practices? (The ABA Blue Sky Bugle Newsletter, March 2018)

Two Illinois cases, Van Dyke v. Jesse White, 2016 IL App (4th) 141109 (currently pending before the Illinois Supreme Court as Docket No. 121452) and Thrivent Investment Management v. Illinois Securities Department, Circuit Court of Cook County Case No. 2016-CH-16406 (currently pending before the First District Appellate…

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…

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…

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