My friend and a legend in the securities regulatory field, Edwin Nordlinger, who served as Deputy Regional Director in the SEC’s New York office for years, was one of the nation’s premier experts on the SEC’s net capital and customer protection rules.
In recent weeks, the SEC has given public companies some new menu items.
Several widely-publicized actions by the Securities Exchange Commission (SEC), and the inevitable litigation that has piled on in consequence, have pressure-tested the EB-5 ecosystem and found it defective.
SEC Announces Self-Reporting Initiative for Broker-Dealers Who Have Failed to Comply with Its Customer Protection Rule
The Securities and Exchange Commission has announced the Customer Protection Rule Initiative (Initiative), under which broker-dealers that have failed to comply with the SEC’s Customer Protection Rule (SEC Rule 15c3-3) may self-report to the SEC in exchange for potentially favorable settlement terms.
Add fund administrators to the list of service providers the SEC expects to act as “gatekeepers.”
In an order dated June 14, 2016, the Securities and Exchange Commission (SEC) adopted its prior proposal to increase the net worth threshold for “qualified clients” under Rule 205-3 of the Investment Advisers Act of 1940 (the Advisers Act) from $2 million to $2.1 million.
The SEC recently agreed to a $1,000,000 settlement of an enforcement action against Morgan Stanley for its failure to have sufficient data security policies and procedures to protect customer data.
SEC Chair Mary Jo White recently opined that cyber security is the biggest risk facing the United States financial system.
The SEC’s Division of Investment Management provided temporary relief from the headache created for funds when the failure to meet the provisions of the so-called “loan rule” may disqualify fund auditors from being independent.
On June 14, 2016, the D.C. Circuit Court of Appeals in Lindeen v. SEC upheld Regulation A+, including the SEC’s definition of “qualified purchaser.”