Posts from January 2014.
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OCIE Releases 2014 Exam Priorities

On January 9, the SEC's Office of Compliance Inspections and Examinations ("OCIE") issued its annual "hot-topics" list of examination priorities for 2014. National Exam Program Priorities across OCIE's entire program include: 1. Fraud Detection & Prevention 2. Corporate Governance, Conflicts of Interest & Enterprise Risk Management 3. Technology 4. Dual Registrants (BD & RIA) 5. New Laws & Regulation

  • Rule 506(c) Accredited Investors
  • Crowd-funding
  • Municipal Advisors
  • New Registrants under Dodd-Frank
6. Retirement Vehicles & Rollovers (IRA & 401k) suitability ...
Posted in: Dodd-Frank, OCIE, SEC
Tags: dodd-frank, OCIE, Office of Compliance Inspections and Examinations, SEC
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MSRB Proposes Conduct Rules For Municipal Advisors
On Thursday, January 9, the MSRB re-proposed new Rule G-42 promulgating standards of conduct for Municipal Advisors ("MA's") subject to the almost-newly-effective SEC MA Rule, 17 CFR § §240.15Ba1-1 to 15Ba1-8 (now delayed until July 1, 2014). MSRB Notice 2014-01 covers the following principal objectives: I. It establishes an MA's fiduciary duty to Municipal-Entity ("ME") clients, but merely a duty of care to "Obligated Person" ("OP") clients (consistent with Dodd-Frank). II. It moves the "engagement letter" regulatory trend forward by imposing a detailed ...
Posted in: MSRB, SIFMA
Tags: MSRB, SIFMA
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SEC Municipal-Advisor Rules Effective July 1

The SEC's new Municipal-Advisor Rules, 17 CFR § § 240.15Ba1-1 to 15Ba1-8 were to become effective Monday, January 13, 2014 but that morning were delayed until July 1. SEC Rel. 34-71288. Adopted last September, SEC Rel. 34-70462, the Rules will implement Dodd-Frank § 975 and require registration (firm-only, not individuals) and impose fiduciary duty upon MA's (and their control affiliates), subjecting MA's to SEC, FINRA and MSRB rules regarding:

  • Supervision
  • Conflicts
  • Gifts & Entertainment
  • Political Contributions
  • Books & Records
  • Business Communications
  • Compensation and ...
Posted in: Dodd-Frank, SEC
Tags: dodd-frank, SEC
Suitability And The "Recidivist Broker"
On January 2, 2014, the Financial Industry Regulatory Authority ("FINRA") published its annual regulatory and examination priorities letter for 2014. In the publication, FINRA addressed a number of matters, including suitability of recommendations, addressing issues involving the solicitation, advertising, due diligence and suitability of private placements, and focusing its attention on "recidivist brokers." FINRA has always addressed the issue of suitability. Specifically, FINRA Rule 2111 explains the requirements, which are further explained in Regulatory ...
Posted in: FINRA, SEC
Tags: Financial Industry Regulatory Authority, finra, SEC
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Third Circuit Court Of Appeals Finds Plaintiff Failed To Meet PSLRA's Scienter Pleading Requirement
Rahman v. Kid Brands, Inc., 2013 WL 6038246 Shah Rahman, the plaintiff and appellant, brought a federal securities class action in March 2011 against defendant Kid Brands, Inc. and against individual defendants Bruce Crain, Guy Paglinco and Raphael Benaroya, officers of Kid Brands. In the Second Amended Complaint, Rahman alleged that the defendants mislead investors in Kid Brands by artificially inflating its stock price and issuing deceptive public financial reports and press releases dealing with Kid Brands' compliance with custom laws and Kid Brands' overall financial ...
Posted in: PSLRA, SEC, Third Circuit Court
Tags: PSLRA, SEC, third circuit, Third Circuit Court
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