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
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.
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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
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
On January 10, 2023, the Financial Industry Regulatory Authority, Inc. (“FINRA”) released its 2023 Report on FINRA’s Examination and Risk Monitoring Program (the “Report), available at: 2023 Report on FINRA’s Examination and Risk Monitoring Program. The Report details findings from FINRA’s recent oversight activities of the FINRA Member Supervision, Market Regulation and Enforcement programs.
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
The Securities and Exchange Commission will hold a roundtable discussion on October 26, 2020 that will focus on Regulation Best Interest and Form CRS. The roundtable will discuss initial observations regarding implementation. The published agenda, which is available here, includes various members of the SEC and FINRA staffs. Interpretative questions may be submitted in
The Securities and Exchange Commission announced that it will hold a roundtable on October 26, 2020 during which the SEC staff and the FINRA staff will discuss their initial observations on Regulation Best Interest and Form CRS implementation. The roundtable will include representatives from the SEC’s Office of Compliance Inspections and Examinations, Division of Trading
The SEC Office of the Investor Advocate is required to produce and deliver to Congress a report on its objectives for the subsequent fiscal year. Just recently, the Investor Advocate released and delivered its report outlining the principal objectives for the fiscal year 2021.
The report expresses growing concern regarding the Securities and Exchange Commission’s
At the Economic Club of New York, in keynote remarks, Chair Clayton reviewed the Securities and Exchange Commission’s recent initiatives. He highlighted the Commission’s adoption of Regulation Best Interest (Reg BI). Repeating a common theme, Chair Clayton discussed concerns relating to increased reliance on the private capital markets. Clayton noted that, while twenty-five years ago,