The Securities and Exchange Commission last Thursday, February 27, approved a new consolidated set of registration forms and requirements for municipal market participants, MSRB Rule A-12. SEC Rel. 34-71616; MSRB Reg. Notice 2014-05. Municipal registrants will have until August 10, 2014 to update their registration information with the MSRB, using the new forms. For more information on securities litigation topics, please contact one of the Burr & Forman team members for assistance. We are happy to answer any questions or concerns you may have.
On February 25, the Municipal Securities Rulemaking Board ("MSRB") proposed new Rule G-44 imposing a supervision and compliance requirements for Municipal Advisors ("MA's"). The Dodd-Frank Act imposed a new regulatory regime for MA's. New Rule G-44 imposes requirements familiar from broker-dealer regulation, including:
- A supervisory system reasonably designed to assure compliance with applicable laws and regulations;
- Written supervisory procedures ("WSP's") tailored to a registrant's business;
- Registered principals in supervisory roles; and,
- A Chief ...
Facing an examination or investigation by the Financial Industry and Regulatory Authority (FINRA) can be a stressful and intimidating experience for even the most seasoned financial advisor. Understanding the oversight role FINRA plays and the process can help you to properly prepare and reduce the risk of adverse consequences. If you find yourself the subject of a FINRA inquiry, here are some tips to help you navigate the process:
- Determine The Subject Of The Inquiry - If you find yourself involved in an inquiry, FINRA usually will send you a letter requesting information and ...
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
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 ...