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Practice Area: Securities

SEC’S EXPANDED CONFIDENTIAL REVIEW PROCESS PROVIDES GREATER FLEXIBILITY

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On March 3, 2025, the Securities and Exchange Commission’s (SEC) Division of Corporation Finance announced significant enhancements to its confidential filing process for draft registration statements. These changes aim to facilitate capital formation while maintaining robust investor protections. Evolution of Confidential Submissions The concept of confidential submissions was introduced under the Jumpstart Our Business Startups…
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FINRA’S “BROAD REVIEW” INVITES INDUSTRY INPUT

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The Financial Industry Regulatory Authority (FINRA) has initiated a comprehensive review of its regulatory framework, aiming to modernize rules to better align with the evolving dynamics of the financial industry. This initiative underscores FINRA’s commitment to maintaining effective and efficient regulations that protect investors and ensure market integrity. Central to this process is the solicitation…
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JUDICIAL CHALLENGE TO FINRA AUTHORITY DISMISSED BY FOURTH CIRCUIT

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A panel of three judges in the Fourth Circuit in the case of Frank Black & Southeast Investments N.C., Inc. v. FINRA dismissed a constitutional challenge to FINRA’s authority to regulate and punish security brokers. The panel determined that it lacked jurisdiction to render a decision on the basis that the prior Order underlying the…
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MORGAN STANLEY FINED $15 MILLION FOR FAILURE TO PROTECT CLIENT ACCOUNTS

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On December 11, 2024, the U.S. Securities and Exchange Commission (SEC) imposed a $15 million fine on Morgan Stanley for its failure to adequately protect client accounts. The fine stems from the firm’s failure to implement proper safeguards, which led to the exposure of sensitive client information and unauthorized transactions. The SEC’s investigation revealed the…
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NASAA PROPOSING REVISIONS FOR USE OF ADVISOR TITLE

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NASAA recently announced proposed amendments that aim to prohibit the use of “advisor” or “adviser” titles by brokers. The regulatory coalition is attempting to curtail the use of the titles by individuals that lack the investment adviser licensure. The new amendment is a part of NASAA’s response to the SEC’s 2019 Regulation Best Interest rule….
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TD BANK PLEADS GUILTY TO CONSPIRACY TO COMMIT MONEY LAUNDERING, FINED $3 BILLION

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Canada-based TD Bank pleaded guilty to conspiracy to commit money laundering. The bank is the largest to do so and will pay approximately $3 billion in a settlement with U.S. authorities who said that the financial institution’s lax practices allowed significant money laundering over multiple years. “TD Bank created an environment that allowed financial crime…
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SEC FINES NINE RIA’s FOR MARKETING RULE VIOLATIONS

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The Securities and Exchange Commission (“SEC”) has fined nine registered investment advisors (“RIA”) which purportedly violated the SEC’s Marketing Rule. In a statement, the SEC announced it has settled charges against RIAs that allegedly distributed advertisements containing untrue or unsubstantiated claims, as well as testimonials, endorsements, or third-party ratings without the required disclosures. According to…
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SEC FINES FIRMS FOR RECORDKEEPING FAILURES RELATED TO OFF-CHANNEL COMMUNICATIONS

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The Securities and Exchange Commission (SEC) has announced charges against broker-dealers, investment advisers, and dually-registered broker-dealers and investment advisers for failures to maintain and preserve electronic communications. The firms charged have admitted their conduct violated the recordkeeping requirements of federal securities laws, agreed to pay approximately $400 million in combined fines, and begun implementing new…
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SCOTUS SCUTTLES CHEVRON DEFERENCE AND LIMITS SEC ENFORCEMENT ACTIONS

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The United States Supreme Court recently released two decisions which will impact the application of the Administrative Procedure Act and curb the Securities and Exchange Commission’s (SEC) enforcement of civil penalties. These decisions are likely to have far-reaching implications across the country, from securities rules to environmental regulations and healthcare costs. Loper In Loper Bright…
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