On January 9, 2024, the Financial Industry Regulatory Authority, Inc. (“FINRA”) published its 2024 Annual Regulatory Oversight Report (the “Annual Report”), as we blogged about. With respect to private placements, FINRA cites to Regulatory Notice 23-08 (see our alert), for a discussion of member firms’ obligations when recommending private placements, including the obligation
Regulation Best Interest
FINRA Publishes 2024 Annual Regulatory Oversight Report
New Topics and Content Highlight FINRA’s Increased Focus on Cybersecurity, Crypto Assets, Artificial Intelligence, Market Integrity, Off-Channel Communications and Other Key Risk Areas
On January 9, 2024, the Financial Industry Regulatory Authority, Inc. (“FINRA”) published the 2024 FINRA Annual Regulatory Oversight Report (the “Report”), which builds on the structure and content of FINRA’s prior reports…
SEC Announces 2024 Exam Priorities
On October 16, 2023, the Division of Examinations (the “Division”) of the U.S. Securities and Exchange Commission announced its examination priorities for 2024. While the Division typically announces its examination priorities near the start of the calendar year, this is the first time that the Division has published its examination priorities this early, to align…
Private Placements: Complying With Securities Exemptions and FINRA Guidance
August 7, 2023 Webinar
3:00 p.m. – 4:00 p.m. EDT
Register here.
The Financial Industry Regulatory Authority, Inc. (“FINRA”) recently issued Regulatory Notice 23-08 which provides supplemental and updated guidance for FINRA members conducting private placements of securities. The notice reminds FINRA members of their obligations in light of changes in the legal and…
SEC Investor Advisory Committee Panel Discusses Digital Engagement Practices
On June 22, 2023, the Investor Advisory Committee (“IAC”) of the US Securities and Exchange Commission (“SEC” or “Commission”) held a panel discussion regarding current challenges and potential improvements to the use of digital engagement practices (“DEPs”) by broker-dealers and investment firms. The discussion was mostly focused on the DEPs used by digital trading platforms…
FINRA Releases Updated Guidance for Members Conducting Private Placements
On May 9, 2023, the Financial Industry Regulatory Authority, Inc. (“FINRA”) issued Regulatory Notice 23-08 (the “Notice”), which provides supplemental and updated guidance for members conducting private placements pursuant to the Regulation D safe harbors under Sections 3 or 4 of the Securities Act of 1933, as amended.
The Notice does not change existing laws…
FINRA Reminds Members of Private Placement Obligations
On May 9, 2023, FINRA issued Regulatory Notice 23-08 (the “Notice”), which provides supplemental and updated guidance for members conducting private placements pursuant to Sections 3 or 4 of the Securities Act of 1933, as amended.
The Notice does not change any existing laws, regulations or interpretations of existing requirements. Rather, the Notice was provided…
MB Microtalk: Regulation Best Interest – SEC Observations from Broker-Dealer Examinations
In this MB Microtalk video, Mayer Brown partner Tim Nagy discusses the SEC’s risk alert (the “2023 Risk Alert”). The 2023 Risk Alert raises awareness regarding the most frequently cited deficiencies and weaknesses observed in broker-dealer examinations to assess compliance with Regulation Best Interest.
Read the legal update here.
Visit our MB Microtalk
US SEC Announces 2023 Exam Priorities
On February 7, 2023, the Division of Examinations of the US Securities and Exchange Commission (the “Division” and the “SEC,” respectively) announced its examination priorities for 2023. This year, the Division identified new and significant focus areas including: (i) recently adopted rules under the Investment Advisers Act of 1940 and Investment Company Act of 1940…
FINRA Publishes 2023 Report on Its Examination and Risk Monitoring Program
On January 10, 2023, the Financial Industry Regulatory Authority, Inc. (“FINRA”) published the 2023 Report on its Examination and Risk Monitoring Program (the “Report”). FINRA highlights several topics as key areas of risk for investors and the markets, including mobile apps, complex products and options, order handling/best execution, Regulation Best Interest and Form CRS, and…