On May 31, 2012, FINRA filed a notice of the proposed rule change that would amend FINRA Rule 4210. Rule 4210 details the margin account requirements and collateral deposits required to be maintained. Specifically, the rule elucidates margin requirements for … Read More
The SEC has approved two proposals to limit the volatility of (1) individual stocks and (2) the market itself. The first proposal, named the National Market System Plan Approval Order (“NMSP”), can be found here and is designed to limit … Read More
As noted by the president of the Federal Reserve Bank of Kansas City, the Glass-Steagall Act (“GSA”) was intended to “separate the higher risk, often more leveraged, activities of investment banks from activities tied to the nation’s payments system and … Read More
Rule 206(4)-1 under the Investment Advisers Act of 1940 prohibits any investment adviser (“IA”) from directly or indirectly publishing, circulating or distributing any advertisement that: (i) contains or refers to a testimonial regarding the IA or past recommendations of such … Read More
On February 8, 2012, the Commodity Futures Trading Commission (“CFTC” or “Commission”) put forth final regulations repealing the popular exemption from registration for private fund managers under CFTC Regulation 4.13(a)(4) (exemption for commodity pool operator) and 4.13(a)(8) (exemption for commodity … Read More
On April 17, 2012, in testimony before the House Oversight and Government Reform subcommittee, Mary Schapiro advised the SEC to consider rules issued by congressional mandates, as well as rules the SEC develops through its own authority. Schapiro acknowledged the … Read More
Lately, we are receiving many inquiries relating to ERISA fiduciary considerations. Section 3(21)(A) of ERISA defines a “fiduciary” to a plan as persons who fall into any one of the three categories, whether or not they entered into a formal … Read More
The Jumpstart Our Business Startups Act (the “JOBS Act”), which was signed into law by President Obama on April 5, 2012, ushers in significant changes to many of the federal securities laws. In addition to lowering the costs associated with … Read More