Journal of Investment Compliance: Volume 18 Issue 2

2016 FINRA analysis: a record-breaking year for fines

Brian Rubin, Adam Pollet

To analyze FINRA’s 2016 sanctions and cases, the issues that resulted in the most significant fines, emerging enforcement trends, and make predictions about key issues for FINRA…

The SEC provides new custody rule guidance to investment advisers

Matthew T. Wirig, Kate S. Poorbaugh

To summarize guidance from the Securities and Exchange Commission’s (“SEC”) Division of Investment Management regarding Rule 206(4)-2 (the “Custody Rule”) under the Investment…

Pay to play violations: an SEC focus

Robert Van Grover

To explain and analyze the SEC’s January 17, 2017 announcement of settlements with ten investment advisory firms related to charges that those firms violated Rule 206(4)-5, known…

OCIE to investment advisers: focus on these five problem areas

Brynn D. Peltz, Ilan S. Nissan, Evyn W. Rabinowitz

To explain a Risk Alert published on February 7, 2017 published by the Securities and Exchange Commission (SEC) Office of Compliance Inspections and Examinations (OCIE) describing…

What is a Regulation SHO bona-fide market maker?

Larry E. Bergmann, James P. Dombach

To summarize and analyze guidance provided by the US Securities and Exchange Commission (“SEC”) on what constitutes “bona-fide market making” for purposes of Regulation SHO’s…

New York finalizes cybersecurity regulations for financial institutions

Jonathan G. Cedarbaum, Benjamin A. Powell, D. Reed Freeman, Leah Schloss, Reed Abrahamson

To analyze the cybersecurity regulations for financial institutions issued by the New York State Department of Financial Services on February 16, 2017.

CFTC adopts amendments to position limit aggregation rules

J.P. Bruynes, Jason Daniel, Libbie Walker

To explain the final position limit aggregation rules and exemptions pertaining to derivative positions in nine agricultural commodities adopted by the Commodity Futures Trading…

Shadow banking regime: assessment of investment funds

Lukas Prorokowski

To explain the shadow banking regime that will be enforced in the European Union by local regulators starting in January 2017.

Debunking the $17 billion myth: the mathemagics behind the fiduciary rule

Jeffery E. Schaff, Michele L. Schaff

Identifies fundamental errors, both mathematical and methodological, in the purported $17 billion annual benefit from the U.S. Department of Labor’s Conflict of Interest Rule…