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The weekly news source for investment management legal and compliance professionals

Topic: Broker-dealers

Examine Adviser-Broker Relationships for Conflicts of Interest

March 24, 2017
One hand washes the other, or so the saying goes. Advisers and brokers washing each other’s hands, though, would be wise to make sure they are not really engaging in what the SEC might label a conflict of interest.

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Dually Registered Advisers/Broker-Dealers Face Dual Examinations

September 8, 2016
The ability to charge both advisory fees and brokerage commissions may seem like a powerful incentive to become a dually registered adviser/broker-dealer, but there are challenges as well. Among them are that dual registrants have to comply with two standards, two sets of regulations, and – perhaps the most problematic – face two sets of examiners, one from the SEC, the other from FINRA.

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Examiners Scrutinize Adviser Relationships with Broker-Dealers

July 28, 2016
Examiners visiting advisory firms spend increasing amounts of their time these days on cybersecurity and other hot topics du jour. But that’s by no means how they spend all their time. They also look into advisory firm bread-and-butter practices, not least among them relationships with non-affiliated broker-dealers.

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Broker Relationships with Advisers Cannot Get in the Way of Best Execution

July 22, 2016
Friendships between advisers and broker-dealers should only go so far. The majority owner of a broker-dealer learned this lesson the hard way last month after he allowed a financially troubled adviser who was also a longtime friend to set commission rates for his advisory clients, according to the SEC.

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Long and Short: SEC Expects Accurate Data from Advisers

July 24, 2015
Next time you report trades to brokers, make certain you correctly characterize them. One firm just settled with the SEC for $4.25 million and was forced to admit wrongdoing in regard to the agency’s allegations of mischaracterizing long and short sales.

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Broker-Turned-Adviser Loses Jury Verdict in Misrepresentation Case

August 22, 2014
Before sounding a siren call to former clients in the hope of luring them to join you at your new firm, make sure those sweet promises won’t also prove irresistible to the SEC.

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Broker-Dealer Registration: Know What's Required Before You Act

March 21, 2014
You know the Robert Frost poem about the person confronted with two paths in a wood and how choosing the less-traveled one made all difference? Advisers facing the choice of whether to register as a broker-dealer should carefully consider what lies ahead before walking down what, for them, will be the less-traveled broker-dealer path.

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SEC Has Its Eye on Broker-Dealers That Register as Investment Advisers

November 8, 2013


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Beware of Finders - SEC Charges Private Equity Firm and Its Consultant with Illegal Capital Raising

April 12, 2013


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Broker-Dealers Can Impose Class Action Waivers in Customer Agreements – For the Time Being

March 5, 2013


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SEC Seeks Data on Uniform Fiduciary Standard and IA/BD Regulatory Harmonization

March 5, 2013


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SEC Sets Compliance Outreach Program for Broker-Dealers in April

February 7, 2013


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SEC Extends Broker-Dealer Compliance Deadlines Under Large Trader Reporting Rule

April 25, 2012


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Fiduciary Standard for Broker-Dealers Still Appears a Ways Off

January 23, 2012


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S&P Downgrade of U.S. Debt Doesn’t Affect the Haircut Calculation

August 21, 2011


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SEC Recommends Uniform Fiduciary Standard Of Care For The Protection Of Retail Investors

January 24, 2011


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The Call To Fiduciary Arms – Comments Are In On The IA/BD Standard Of Care Study

September 9, 2010


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SEC Throws a Robe on Naked Access

January 19, 2010


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SEC Commissioner Aguilar Weighs in on IA-BD Reform

May 15, 2009


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Advisers React to SEC Commissioner’s SRO Endorsement

May 8, 2009


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