The LeGaye Law Group provides legal counsel and regulatory compliance services to the financial services industry. Broker-Dealer Counsel
We provide legal counsel and services which answer and respond to the questions and challenges facing today's broker-dealer entities.
The ongoing broker-dealer counsel and support services offered by our Firm and professional staff may include:
• Preparation and coordination of the new member applications (NMA) and changes in business lines and ownership (CMA) by FINRA member firms
• Mock FINRA examinations and broker-dealer risk assessment
• Branch office audits
• Creation, review and analysis of corporate records, includ
Operating as usual
Senior Safe Act Training Resources Now Available on Line for Broker-Dealers and Investment Advisers
Senior Safe Act Training Resources Available - LeGaye Law Firm SEC, FINRA and NASAA released a new resource to assist securities firms in implementing the training requirements of the Senior Safe Act.
DOL Withdraws Proposed Rule Regarding Independent Contractor Status
DOL Withdraws Proposed Independent Contractor Rule - LeGaye Law Firm DOL withdraws the proposed independent contractor rule under the Fair Labor Standards Act (“FLSA”). on May 6, 2021.
NASAA has requested that the SEC withdraw its proposed Finders Exemption ... as it believes no good can come from market expansion without equal effort to protect investors.
jimhamiltonblog.blogspot.com A blog focusing on securities regulation and trending issues by the securities law editors at Wolters Kluwer.
FINRA Considering Dropping On-Site Portion of Cycle Exams - In a recent discussions at SIFMA's Compliance and Legal Forum, Robert Cook, CEO of FINRA noted that, as a result of lessons learned through the coronavirus, that FINRA is considering moving forward on only utilizing on-site personal meetings with compliance managers from cycle exams on a case-by-case basis. For the full story, see Financial Planning online (9/24) https://www.financial-planning.com/news/finra-may-scale-back-in-person-portion-of-cycle-exams-ceo-robert-cook
financial-planning.com Based on the “forced experiment” of its remote periodic examinations of broker-dealers, the onsite portion “may not be necessary,” Robert Cook said.
Suitability Standards for Institutions, Options and Variable Unchanged by Reg-BI.
In a recent article in ThinkAdvisors, FINRA’s chief legal officer noted that while Regulation Best Interest largely took over the sales practice/suitability area and has largely supplanted FINRA’s Suitability Rule 2111 for the people to whom it applies, FINRA’s suitability rule will continue to apply to non-retail investors. Thus entities, institutions and other non-retail investors will still have to grapple with FINRA Suitability Rules, in addition to Regulation Best Interest standards for retail investors.
Additionally, it was noted that FINRA has separate suitability rule for other products, like variable annuities and for options, and those rules are still in place.
thinkadvisor.com FINRA is also mulling getting rid of manual signatures, Chief Legal Officer Robert Colby says.
New Post PPP Loans Create Divergent Disclosure Paths for Brokers and Advisers has been published on LeGaye Law Firm
legayelaw.com Brokers and advisers have different disclosure criteria for the Payroll Protection Program (PPP)
New Post FINRA Implements Multi-Factor Authentication for Firm Gateway has been published on LeGaye Law Firm
legayelaw.com FINRA has implemented Multi-Factor Authentication (MFA) safety protocols on the Firm Gateway for broker-dealers and investment advisers.
FINRA to Pattern its Exam Approach on Reg BI, Form CRS after SEC. The Financial Industry Regulatory Authority intends to pattern its exam approach after the Securities and Exchange Commission when examining for compliance with Regulation Best Interest and Form CRS. While FINRA represents that it will take action if it observes client harm violations of the suitability rules, it will look mainly at "whether firms have made a good faith effort to establish and implement policies and procedures reasonably designed to comply."
thinkadvisor.com Self-regulatory group says it will take action if it observes client harm or conduct violating current suitability rules.
The SEC considering moving out the compliance date for the enforcement of Regulation Best Interest. https://www.fa-mag.com/news/sec-mulling-reg-bi-delay--but-exams-will-continue-54853.html
fa-mag.com In addition, the SEC outlined more ADV filing extensions for advisors.
Massachusetts fiduciary plan under siege by financial industry groups in light of SEC Reg BI.
thinkadvisor.com The proposed rule raises “serious new legal and practical concerns” and should be delayed until after SEC Reg BI is implemented, they said.
New Post Cash Solicitation Rule Revisions Proposed for Investment Advisers (Part 3 of 3) has been published on LeGaye Law Firm
legayelaw.com The SEC has announced that it is releasing proposed amendments to the cash solicitation rule that currently provide for the regulatory framework impacting investment advisers on this issue.
New Post Updated Cash Solicitation and Advertising Rules Proposed for Investment Advisers (Part 2 of 3) has been published on LeGaye Law Firm
legayelaw.com The SEC has announced that it is releasing proposed amendments to the advertising rules impacting investment advisers.pursuant to the Investment Advisers Act of 1940.
New Post FINRA Proposes Rule Restricting Registered Reps Being Named a Beneficiary, Executor or Trustee has been published on LeGaye Law Firm
legayelaw.com FINRA announced proposed rule to limit any associated person of a member firm who is registered with FINRA from being named a beneficiary, executor or trustee, or to have a power of attorney or similar position of trust for or on behalf of a customer.
New Post Updated Advertising and Cash Solicitation Rules Proposed for Investment Advisers (Part 1 of 3) has been published on LeGaye Law Firm
legayelaw.com The Securities and Exchange Commission has announced that it is releasing proposed amendments to the advertising and cash solicitation rules impacting investment advisers. The proposed amendments are intended to update these rules to reflect the many changes in technology, investor expectations rega...
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www3.nhk.or.jp More than 13,000 people were stranded overnight at Narita airport in Japan, as Typhoon Faxai disrupted transportation services linking the airport and the Tokyo metropolitan area.
Regulation Best Interest (Reg BI) continues to be the target of an ongoing attack. The latest shot came for House Financial Services Committee Chairwoman Maxine Waters, D-Calif., who wants to block the funding of the SEC for the enforcement of Reg BI.
Her amendment prohibits the SEC from “implementing, administering, enforcing or publicizing the final rules and interpretations” of Reg BI. Ultimately Waters was among a number of House Democrats who complained to SEC Chairman Jay Clayton late last year that the SECs Regulation BI was not a true fiduciary standard.
thinkadvisor.com The House Financial Services Committee chairwoman's amendment to the financial services appropriations bill to block funding for enforcement of Reg BI was approved by the House Rules Committee late Monday.
The Securities and Exchange Commission recently approved Regulation Best Interest for brokers, and the brokerage industry wants that to be the only law investment advice. Otherwise, it is felt that the implementation of state-level fiduciary standards will result in an uneven patchwork of laws that would be duplicative of, different than, and possibly in conflict with federal standards. As a result of the push back, New Jersey has scheduled a public hearing and extended a deadline for public comment on a proposal that would impose a fiduciary duty on anyone giving investment advice, including brokers in response to industry groups opposing the New Jersey measure.
investmentnews.com Industry push results in chance to air grievances on July 17 and another month to present objections.
The Department of Labor has indicated in a notice of proposed rulemaking that it will address rulemaking regarding a fiduciary rule in December. Experts close to the issue say this suggests the agency will publish a proposal and invite public comments before drafting a final rule. Ultimately, with the release of the DOL's fiduciary rule and the recent SEC proposal to release of Reg BI, the SEC and DOL will hopefully finally clarify an area of ongoing confusion and pain for the financial industry.https://www.thinkadvisor.com/2019/05/23/dol-fiduciary-rule-release-set-for-december/
thinkadvisor.com An earlier release is possible given the SEC's expected timeline on Regulation Best Interest.
New Post Release of Regulation Best Interest to be Considered by SEC on June 5 has been published on LeGaye Law Firm
legayelaw.com The SEC announced that it has scheduled an open meeting on June 5 to consider pending rulemaking related to the relationship of broker-dealers and investment advisers with their customers stemming from proposed Regulation Best Interest.
The attached article reflects on a recent decision of the US Court of Appeals for the DC Circuit that may have a significant impact on Investment Advisers. In part the decision noted that an adviser could not be found to have “willfully” made false statements in its Form ADV, unless it acted intentionally or recklessly. This may have significant implications for the SEC's administrative proceedings, as "willfully" in the relevant statutes has been historically interpreted to require no showing that the respondent acted recklessly or intentionally. As noted in the article, this established precedent now seems under question. If recklessness or intentional conduct must be shown by the SEC to prove violations of these regulatory statutes, many cases that were successfully prosecuted in the past may no longer be successfully prosecuted. https://www.kattenlaw.com/dc-circuit-decision-against-investment-adviser-leaves-many-unanswered-questions
kattenlaw.com On April 30, 2019, US Court of Appeals for the DC Circuit decided an important case involving the disclosure obligations of investment advisers.1 The case decided that an adviser’s disclosure that it “may” have a conflict of interest was inadequate, that the adviser acted negligently despite ...
It appears that the DOL is working on its own revisions to the fiduciary rule for the financial industry. This assumption is based on a recent exchange that occurred during an oversight hearing held by the House Education and Labor Committee, Alexander Acosta, Secretary of the Department of Labor, signaled that the DOL will issue new fiduciary-related rules in conjunction with the SEC's proposed Reg BI.
thinkadvisor.com Labor will issue rules based on its collaboration with the SEC, Acosta told lawmakers Wednesday.
New Post FINRA Points to Fair and Balanced Customer Communications Regarding Departing Registered Representatives has been published on LeGaye Law Firm
legayelaw.com FINRA has issued guidance (Regulatotry Notice 19-10) for member firms, regarding FINRA expectations on customer communications relating to departing registered representatives.
New Post Cantor Fitzgerald Fined $2 Million by FINRA for Regulation SHO Violations and Supervisory Failures has been published on LeGaye Law Firm
legayelaw.com FINRA ined Cantor Fitzgerald & Co.$2 million for Regulation SHO violations and supervisory failures spanning a period of at least five years.sive review of Cantor's policies, systems, procedures and training related to Reg SHO.
New Post CAB Rule Amendments Proposed by FINRA to Address Qualification Requirements has been published on LeGaye Law Firm
legayelaw.com FINRA has filed a proposed rule change to amend the CAB Rules governing qualification, registration and continuing education of associated persons of CABs
SIMFA, a brokerage industry advocate, is asking the SEC to step in and remind states that their proposed fiduciary rules may be preempted by NISMIA, which preempts states from regulating federally-registered RIAs and from imposing books and records requirements on broker-dealers that differ from, or are in addition to, federal requirements. http://citywireusa.com/registered-investment-advisor/news/sifma-asks-sec-to-step-in-on-state-fiduciary-laws/a1217526
citywireusa.com The brokerage industry advocate wants the commission to remind states that their proposed fiduciary rules may be preempted under federal law.
Government shutdown continues to have a negative impact on the SEC investment advisor exams, but OCIE is still pushing forward on achieving its RIA exam priorities. https://www.thinkadvisor.com/2019/04/08/sec-still-struggling-with-advisor-exam-rate/?slreturn=20190309120022
thinkadvisor.com But OCIE is “pushing forward on our priorities, exam chief Pete Driscoll says.
Securities and Exchange Commission focusing regulatory exams on federally registered investment advisers with a significant number of senior clients after finding "significant weaknesses" in policies meant to protect seniors.
fa-mag.com Recent SEC exams have found "significant weaknesses" in the way RIAs handle senior clients.
Industry associations continue to voice concern over the state of Nevada's proposal to introduce its own #fiduciary rules and that they should await the finalization of the SEC's #RegulationBestInterests.
thinkadvisor.com Advocacy groups on all sides of the fiduciary debate offered constructive criticism of the rule.
New Post FINRA Focuses on Self-Reporting Violations in 529 Plan Share Class Initiative has been published on LeGaye Law Firm
legayelaw.com FINRA has implemented a 529 Plan Share Class Initiative to promote member firms’ compliance with the rules governing recommendations of 529 savings plans.
New Post test has been published on LeGaye Law Firm
New Post 2019 Risk Monitoring and Examination Priorities Letter Released by FINRA has been published on LeGaye Law Firm
legayelaw.com FINRA's 2019 Risk Monitoring and Examination Priorities Letter highlights new priorities as well as areas of ongoing concern for FINRA 2019.
In a world of confusion created from the status of "digital tokens", the attached article is a good read on the “Token Taxonomy Act” (the” TTA”), which was introduced by Warren Davidson (R-Ohio) and Darren Soto (D-Fla) on December 20, 2018. The article was prepared by the law firm of Orrick, Herrington & Sutcliffe LLP, and they noted in the article that the proposed act offers significant hope to digital token issuers.
Ultimately if passed, the TTA would exclude “digital tokens” from the federal securities laws and would undoubtedly have profound effects for the U.S. digital token economy. Ultimately, the TTA is an ambitious piece of legislation, but it faces an uncertain future. Nevertheless, the TTA attempts to provide some regulatory relief and certainty to an industry that has been yearning for it.
blogs.orrick.com On December 20, 2018, Representatives Warren Davidson (R-Ohio) and Darren Soto (D-Fla) offered some early holiday hope to digital token issuers by introducing t
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