On March 28, 2022, the US Securities and Exchange Commission (“SEC”) proposed two new rules – SEC Rules 3a5-4 and 3a44-2 (the “Proposed Rules”) – that would further define the phrase “as part of a regular
On March 30, 2022, the Division of Examinations of the US Securities and Exchange Commission (“SEC”) announced its examination priorities for 2022. This year’s priorities specifically focus on: (i) private funds; (ii) environmental, social and governance investing; (iii) standards of conduct, including Regulation Best Interest, fiduciary duty and Form CRS; (iv) information security and operational
On March 23, 2022, the US Securities and Exchange Commission (the “SEC”) proposed amendments to remove references to credit ratings from Regulation M, replace them with alternative measures of creditworthiness and impose related recordkeeping obligations on broker-dealers (the “Proposal”). Our Legal Update discusses key elements of the SEC’s Proposal.
Read the complete Legal Update.
FINRA adds new topics for 2022 and new material to previously covered topics.
On February 9, 2022, the Financial Industry Regulatory Authority, Inc. (“FINRA”) published its 2022 Report on FINRA’s Examination and Risk Monitoring Program (the “Report”). FINRA intends for the Report to be an up-to-date, evolving resource for firms that may help inform their
You are an issuer, investment adviser, or broker-dealer. You want to communicate to the public about securities. Should you (a) type a letter and drop it in the mailbox; (b) chisel out a prospectus on two stone tablets; or (c) use social media?
If you chose (c),
September 2, 2021 Webinar
Register here.
Mayer Brown’s 15th Annual Investment Management Regulatory University is hosting a discussion of regulatory hot topics. Please join partners Stephanie Monaco, Tim Clark, Erin Cho and Christina Thomas as they discuss:
Today, for the first time as Chair of the Securities and Exchange Commission, Gary Gensler appeared before Congress to provide testimony regarding the market disruptions and volatility witnessed in January 2021 relating to GameStop and other securities. Chair Gensler identified seven factors contributing to market volatility: gamification and user experience; payment for order flow; equity
On February 26, 2021, the US Securities and Exchange Commission’s (“SEC”) Division of Examinations published a risk alert in connection with the offer, sale, and trading of digital assets that are securities. The risk alert provides observations made by Division of Examinations staff during examinations of broker-dealers, investment advisers, exchanges, and transfer agents. The risk
On November 2, 2020, the U.S. Securities and Exchange Commission (“SEC”) Division of Enforcement staff published its annual enforcement report for fiscal year 2020. This has been an unprecedented year, including for the SEC’s Division of Enforcement. SEC Chairman Jay Clayton noted that the report highlights “enforcement’s extraordinary efforts” amidst the challenges of the COVID-19
On September 16, 2020, the Securities and Exchange Commission adopted amendments to Exchange Act Rule 15c2-11. This rule was last amended about thirty years ago. Rule 15c2-11 prescribes requirements relating to the publication or submission of quotations by broker-dealers in a quotation medium other than a national securities exchange, so OTC markets. Before a broker-dealer