Investment Management Law
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Investment Management Law: Category Archive for Distribution and Broker-Dealers

FINRA Provides Additional Guidance About Reporting Regulatory Violations

Posted by Todd Cipperman at 7/19/2011 5:50 AM | Add Comment

BD/IA Hit With $850,000 Fine for Failing to Enforce Information and Trading Policies

Posted by Todd Cipperman at 7/12/2011 6:05 AM | Add Comment

FINRA Rule Requiring Licensing of Ops Personnel Approved by SEC

Posted by Todd Cipperman at 6/20/2011 6:59 AM | Add Comment

SEC Proposes to Add Customer Protection Exams to BD Annual Audits

Posted by Todd Cipperman at 6/16/2011 5:47 AM | Add Comment

FINRA "Encourages" BD Intermediaries to Cooperate with Pay-to-Play Info Requests

Posted by Todd Cipperman at 6/7/2011 7:17 AM | Add Comment

FINRA Charges BD for Failing to Second-Guess NAVs

Posted by Todd Cipperman at 6/1/2011 6:44 AM | Add Comment

FINRA Fines Closed-End Fund Distributor $3 Million for Misleading ARPS Marketing Materials

Posted by Todd Cipperman at 5/25/2011 6:26 AM | Add Comment

SEC Permits Web Service for Streaming Road Shows

Posted by Todd Cipperman at 5/23/2011 6:10 AM | Add Comment

FINRA Makes Disciplinary Actions Available Online

Posted by Todd Cipperman at 5/19/2011 6:38 AM | Add Comment

New FINRA Rule Would Require Point-of-Sale Disclosure of Mutual Fund Revenue-Sharing

Posted by Todd Cipperman at 5/17/2011 7:39 AM | Add Comment

BD Whacked with $1 Million Fine for Late Prospectus Delivery

Posted by Todd Cipperman at 5/6/2011 6:53 AM | Add Comment

SEC Proposal Requires BDs to Assess Credit for Net Capital Calculation

Posted by Todd Cipperman at 5/2/2011 5:25 AM | Add Comment

Accepting Unsolicited Orders Requires Series 7 and 63

Posted by Todd Cipperman at 4/25/2011 6:39 AM | Add Comment

FINRA Action Requires Discretionary BDs to Disclose All Material Facts

Posted by Todd Cipperman at 4/18/2011 8:12 AM | Add Comment

FINRA and SEC Pursue BDs for Weak Due Diligence on Third-Party Products

Posted by Todd Cipperman at 4/12/2011 6:04 AM | Add Comment

Massachusetts Pursues Out-of-State Firms for Failing to Register

Posted by Todd Cipperman at 3/9/2011 7:30 AM | Add Comment

BD Fined for Pay-to-Play and Political Contribution Violations

Posted by Todd Cipperman at 3/8/2011 6:42 AM | Add Comment

OCIE Chief Says 50% of Firms Cited for AML Compliance Deficiencies

Posted by Todd Cipperman at 3/7/2011 6:53 AM | Add Comment

FINRA Requires Reporting of All Securities Law Violations

Posted by Todd Cipperman at 2/22/2011 6:29 AM | Add Comment

NASAA Wants to Return Power to States to Regulate Reg D Offerings

Posted by Todd Cipperman at 2/16/2011 6:51 AM | Add Comment

FINRA Releases Regulatory and Examination Priorities List

Posted by Todd Cipperman at 2/9/2011 6:15 AM | Add Comment

SEC Allows BDs to Rely on RIAs for CIP But Increases Burden

Posted by Todd Cipperman at 1/31/2011 7:05 AM | Add Comment

FINRA Asserts Jurisdiction over Private Placements

Posted by Todd Cipperman at 1/14/2011 6:51 AM | Add Comment

FINRA’s Expanded KYC and Suitability Obligations Take Effect on October 7

Posted by Todd Cipperman at 1/11/2011 7:00 AM | Add Comment

FINRA Releases 2010 Enforcement Stats

Posted by Todd Cipperman at 12/20/2010 6:59 AM | Add Comment

Investment Banking Services to Non-Profits Requires BD Registration

Posted by Todd Cipperman at 12/6/2010 6:29 AM | Add Comment

FINRA Expands Regulation of IPO Allocations

Posted by Todd Cipperman at 11/30/2010 7:04 AM | Add Comment

Managing Principal of Private Equity Firm to Pay $6.2 Million in Fines/Disgorgement

Posted by Todd Cipperman at 11/19/2010 7:22 AM | Add Comment

Firm Fined $650,000 for Late U4 Filings

Posted by Todd Cipperman at 11/10/2010 7:04 AM | Add Comment

FINRA Requires More Marketing Materials to be Filed

Posted by Todd Cipperman at 10/29/2010 5:22 AM | Add Comment

FINRA Considering Broker-Dealer ADV

Posted by Todd Cipperman at 10/28/2010 6:08 AM | Add Comment

FINRA Notifies Firms about Commodity-Linked Securities

Posted by Todd Cipperman at 10/21/2010 6:15 AM | Add Comment

California Requires Solicitors to Register as Lobbyists and Prohibits Contingent Compensation

Posted by Todd Cipperman at 10/15/2010 6:27 AM | Add Comment

NYS Attorney General Says that Law Firm Introductions Required BD Registration

Posted by Todd Cipperman at 10/14/2010 5:10 AM | View Comments (2) | Add Comment

RIA Accused of Misleading Clients into Wrap Program

Posted by Todd Cipperman at 10/7/2010 6:01 AM | Add Comment

SEC Pursues Product Manager and CIO for Bond Fund Misreps

Posted by Todd Cipperman at 10/1/2010 6:09 AM | Add Comment

Website and ADV Must Disclose Enforcement Order Charging Conflict of Interest

Posted by Todd Cipperman at 9/30/2010 5:36 AM | Add Comment

SEC Defines Churning by the Numbers

Posted by Todd Cipperman at 9/28/2010 6:43 AM | Add Comment

FINRA Mandates More Due Diligence Before Recommending Munis

Posted by Todd Cipperman at 9/21/2010 5:38 AM | Add Comment

CCO Fined and Suspended for Firm’s Quote-Stuffing

Posted by Todd Cipperman at 9/15/2010 5:45 AM | Add Comment

SEC Rules that Activities, Not Title, Determine Regulatory Status

Posted by Todd Cipperman at 9/14/2010 5:13 AM | Add Comment

Municipal Advisors and Solicitors Must Register By October 1

Posted by Todd Cipperman at 9/3/2010 7:22 AM | Add Comment

New York Court Defers to Arbitration Panel Decision for Fund Investor

Posted by Todd Cipperman at 8/20/2010 6:06 AM | Add Comment

SEC’s Interp Requires Exclusion of Home Mortgage Debt for Accredited Investors

Posted by Todd Cipperman at 8/18/2010 6:02 AM | Add Comment

Third Circuit Dismisses “Fraud-Created-the-Market” Theory for Auditor

Posted by Todd Cipperman at 8/17/2010 5:36 AM | Add Comment

Regulators Issue Best Practices Report for Working with Seniors

Posted by Todd Cipperman at 8/16/2010 7:07 AM | Add Comment

FINRA Fines BD for Unsuitable UIT and Closed-End Fund Transactions

Posted by Todd Cipperman at 8/9/2010 7:01 AM | Add Comment

FINRA Fines Underwriter for Misleading Prospectus Supplements

Posted by Todd Cipperman at 8/3/2010 7:19 AM | Add Comment

SEC Launches Study of Broker-Dealer Advice to Retail Customers

Posted by Todd Cipperman at 7/28/2010 5:53 AM | Add Comment

Large CDO Sponsor to Pay $550 Million for Misleading Marketing Materials

Posted by Todd Cipperman at 7/16/2010 9:18 AM | Add Comment

New Pay-to-Play Rule Does Not Allow Payments to State-registered Advisers

Posted by Todd Cipperman at 7/2/2010 6:14 AM | Add Comment

SEC Adopts Pay-to-Play Rules; Allows Solicitation Payments to RIAs and BDs

Posted by Todd Cipperman at 6/30/2010 7:07 PM | Add Comment

SEC Files Federal Lawsuit Alleging Adviser Made Unsuitable Recommendations

Posted by Todd Cipperman at 6/30/2010 6:53 AM | Add Comment

Mass. Sues Bank Affiliated BD for Failing to Discipline Brokers

Posted by Todd Cipperman at 6/24/2010 7:41 AM | Add Comment

FINRA Coordinator Program to Focus on Surveillance

Posted by Todd Cipperman at 6/21/2010 7:10 AM | Add Comment

Donohue Says that BD Registration is Required for Private Fund Intermediaries

Posted by Todd Cipperman at 6/8/2010 5:35 AM | View Comments (1) | Add Comment

Cost-Basis Calculation Service Need Not Register as BD

Posted by Todd Cipperman at 5/25/2010 5:48 AM | Add Comment

SEC Says that Introducing Capital Requires BD Registration

Posted by Todd Cipperman at 5/19/2010 6:04 AM | Add Comment

NY AG Sues Adviser Alleged to Have Suspected Madoff Fraud Back in 1997

Posted by Todd Cipperman at 5/18/2010 6:39 AM | View Comments (1) | Add Comment

FINRA Wants ADV for Broker-Dealers

Posted by Todd Cipperman at 5/10/2010 6:04 AM | Add Comment

Connecticut AG Sues Custodian for Madoff Feeder Funds

Posted by Todd Cipperman at 5/4/2010 6:46 AM | Add Comment

FINRA Warns Firms to Conduct Due Diligence of Private Placements

Posted by Todd Cipperman at 4/21/2010 7:19 AM | Add Comment

Private Equity Firm to Pay $7 Million in SEC Pay-to-Play Case

Posted by Todd Cipperman at 4/16/2010 5:44 AM | Add Comment

Massachusetts Sues Large BD for Failing to Verify QIB Reps

Posted by Todd Cipperman at 4/14/2010 6:05 AM | Add Comment

RIA Sanctioned for Ignoring Due Diligence Red Flags

Posted by Todd Cipperman at 4/1/2010 6:07 AM | Add Comment

SEC Says Functional Role, Not Corporate Structure Determines Exec’s Regulatory Role

Posted by Todd Cipperman at 3/22/2010 6:25 AM | Add Comment

FINRA Imposes Death Penalty on BD Selling Ponzi Scheme

Posted by Todd Cipperman at 3/19/2010 5:58 AM | Add Comment

DoL Proposal Would Limit Investment Advice

Posted by Todd Cipperman at 3/4/2010 5:54 AM | Add Comment

Donohue: SEC May Allow Registered Solicitors in Final Pay-to-Play Rules; ADV Rule Coming

Posted by Todd Cipperman at 3/1/2010 6:54 AM | Add Comment

FINRA Wants to Expand BrokerCheck to Include All Customer Complaints

Posted by Todd Cipperman at 2/22/2010 7:04 AM | Add Comment

Private Placement Investors to Pay $900,000 for Mis-Reps Made in Subscription Docs

Posted by Todd Cipperman at 2/15/2010 6:54 AM | Add Comment

SEC Bars Poor-Performing Options Trader for Claiming Competence

Posted by Todd Cipperman at 2/10/2010 6:40 AM | Add Comment

Massachusetts Moves Against BD for Failing to Provide Investors with Due Diligence Info

Posted by Todd Cipperman at 2/4/2010 7:23 AM | Add Comment

SEC Argues that Broker-Dealers Make Implied Representations

Posted by Todd Cipperman at 1/25/2010 7:29 AM | Add Comment

Third Circuit Rules that Financing Partners Not Liable to Ponzi Schemer’s Receiver

Posted by Todd Cipperman at 1/11/2010 7:43 AM | Add Comment

FINRA Proposal Requires Significant Affiliate Information in Application Process

Posted by Todd Cipperman at 1/8/2010 7:22 AM | Add Comment

BD Fined for Target Performance in PPMs

Posted by Todd Cipperman at 12/24/2009 7:07 AM | Add Comment

Inter-Dealer Broker to Pay $25 Million for Displaying False Orders and Proprietary Trading

Posted by Todd Cipperman at 12/23/2009 6:27 AM | Add Comment

FINRA Proposal Would Clarify Payments to Unregistered Persons

Posted by Todd Cipperman at 12/3/2009 6:47 AM | View Comments (1) | Add Comment

Class Action Claims that RIA Had Due Diligence Obligation for Recommended Funds

Posted by Todd Cipperman at 12/2/2009 7:32 AM | Add Comment

Wholesaling to Brokers Requires BD Registration, SEC Charges

Posted by Todd Cipperman at 11/20/2009 6:56 AM | Add Comment

Donohue Wants Summary Prospectus for Variable Products and Rules on Target Date Fund Marketing

Posted by Todd Cipperman at 11/12/2009 6:39 AM | Add Comment

BD Hit Hard in Muni Pay-to-Play Action

Posted by Todd Cipperman at 11/6/2009 7:31 AM | Add Comment

Firm Element Advisory Includes Leveraged ETFs, FTC Red Flags Rule, U4s, Munis

Posted by Todd Cipperman at 10/26/2009 6:54 AM | Add Comment

New York Proposes Legislation Imposing Criminal Penalties on Use of Intermediaries for Pension Funds

Posted by Todd Cipperman at 10/23/2009 6:02 AM | Add Comment

FINRA Proposes Changes to Review, Filing and Content Standards for Marketing Materials

Posted by Todd Cipperman at 9/23/2009 6:02 AM | Add Comment

Trustee Bank Will Pay $1 Million Fine for Aiding/Abetting Securities Fraud

Posted by Todd Cipperman at 9/22/2009 6:13 AM | Add Comment

Four Private Equity Firms Return $4.5 Million to NYS Common Fund

Posted by Todd Cipperman at 9/18/2009 6:08 AM | Add Comment

Schapiro Warns Firms that Engage in “Vigorous Recruiting Programs”

Posted by Todd Cipperman at 9/1/2009 7:13 AM | View Comments (1) | Add Comment

CCO Censured for Misleading Form BD About Foreign Control Relationship

Posted by Todd Cipperman at 8/24/2009 7:49 AM | Add Comment

SEC Proposes Banning Solicitation Payments and Political Contributions for Public Plans

Posted by Todd Cipperman at 8/21/2009 11:14 AM | Add Comment

Broker Barred for Facilitating Private Fund Fraud

Posted by Todd Cipperman at 8/20/2009 7:13 AM | Add Comment

FINRA Declares that Short-Term Trading of Closed-End Funds is Unsuitable

Posted by Todd Cipperman at 7/30/2009 6:22 AM | View Comments (1) | Add Comment

Large BD/RIA Sanctioned for Misconduct in Managed Account Program

Posted by Todd Cipperman at 7/21/2009 6:42 AM | Add Comment

Firm that Recommended Investment in Ponzi Scheme Not Liable for Securities Fraud

Posted by Todd Cipperman at 7/16/2009 6:40 AM | Add Comment

BD to Pay Over $17 Million for Failing to Disclose Revenue Sharing from REIT Sponsors

Posted by Todd Cipperman at 7/13/2009 6:32 AM | Add Comment

BD Fined $1.4 Million for Failing to Deliver Prospectuses

Posted by Todd Cipperman at 6/26/2009 5:18 AM | Add Comment

SEC Charges Solicitor for Failing to Disclose Compensation under Solicitation Rule

Posted by Todd Cipperman at 6/23/2009 5:36 AM | Add Comment

BD to Pay $1 Million Fine for Paying Finder that Didn’t Perform Services

Posted by Todd Cipperman at 6/22/2009 6:21 AM | Add Comment

FINRA Proposes Point-of-Sale Disclosure of Mutual Fund Revenue Sharing

Posted by Todd Cipperman at 6/19/2009 6:07 AM | Add Comment
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