May 1, 2014
On May 1, 2014, the SEC announced an enforcement action against the New York Stock Exchange, two affiliated exchanges and the New York Stock Exchange’s affiliated routing broker, Archipelago Securities. The exchanges and Archipelago Securities are wholly-owned subsidiaries of Intercontinental Exchange Inc. From 2008 to 2012, the exchanges failed to…
April 17, 2014
On April 15, 2014 the U.S. Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert providing additional information concerning its initiative to assess cybersecurity preparedness in the securities industry.
November 21, 2013
On October 16, 2013, the SEC agreed to a settlement with Knight Capital Americas LLC (“Knight”) after charging Knight with violating Exchange Act Rule 15c3-5 (the “Rule”) for failing to adequately manage the risks connected with market access. As part of the settlement, Knight was censured and agreed to pay…
October 25, 2013
On October 23, 2013, the SEC in an Open Meeting issued proposed regulations enabling crowdfunding under Title III of the JOBS Act. The new regulation is called Regulation Crowdfunding and if finalized will create rules under the 33 Act and the 34 Act that we enable small businesses to raise capital with an exemption from registration of their securities.
September 27, 2013
The SEC issued a statement on how it will function in the event the government shuts down on October 1, 2013. This link will take you to the announcement.
September 25, 2013
On July 30, 2013, the SEC adopted amendments to its financial responsibility rules, including changes to the net capital rule, the customer protection rule, the recordkeeping rules and the notification rules applicable to broker-dealers under the Securities Exchange Act of 1934,. The SEC first proposed the amendments on March 9,…
September 18, 2013
The SEC has adopted permanent registration rules for municipal advisors as required by the Dodd-Frank Act. The new rules, which will become effective 60 days after they are published in the Federal register, require a municipal advisor to permanently register with the SEC if it provides advice on the issuance of municipal securities, municipal derivates or about certain investment strategies for proceeds from the sale of municipal securities. Registered municipal advisors will have to adhere to standards for training, qualification and conduct, including the treatment of conflicts of interest.
September 5, 2013
The SEC Solicits Comments on a Proposed Rule Change Relating to Wash Sale Transactions and FINRA Rule 5210
On August 15, 2013, FINRA filed with the SEC a proposal to add supplementary material to FINRA Rule 5210 (Publications of Transactions and Quotations) to address members' obligations with respect to certain securities transactions that involve no change in the beneficial ownership of those securities, commonly known as "wash sales". On August 28, 2013, the SEC published a notice to solicit comments on the proposed rule change.
August 23, 2013
July 31, 2013
DC Circuit Court Remands Case to SEC for Reconsideration of Factors Mitigating Against Lifetime Ban of Registered Representative from Securities Industry
On June 11, 2013, the United States Court of Appeals for the District of Columbia Circuit (“DC Circuit”) ruled that the SEC abused its discretion in upholding a lifetime ban of registered representative John M. E. Saad from associating with any member firm by failing to adequately address all mitigating factors, and remanded the case to the SEC for reconsideration.