Succession Planning: Identifying a Successor
The LawTV Video 1: Succession Planning… Read More
Succession Planning: Identifying a Successor
In these unprecedented times of global pandemic and turbulent economy, having a succession plan for your firm is more important than ever.
California AG Submits Final CCPA Rules for Approval
On June 1, 2020, Xavier Becerra, the Attorney General for California, submitted the final package of regulations for the California Consumer Privacy Act (“CCPA”) to the California Office of Administrative Law (“OAL”). For businesses required to comply with the CCPA, the package outlines the requirements for privacy notices, methods for submitting requests to know and delete consumer information, verification of consumers, special rules regarding minors, and non-discrimination.
ICO To Return $25 Million to Investors
On May 28, 2020, the Securities and Exchange Commission (“SEC”) announced that San Jose-based block chain services firm BitClave PTE Ltd. (“BitClave”) agreed to settle charges related to an unregistered initial coin offering (“ICO”) of digital asset securities.
The Importance of Succession Planning
I think most of us would agree over the past three months we have all come to expect the unexpected. In our September 2019 Legal Risk Management Tip, we discussed the importance for smaller financial industry firms to consider succession … Read More
SEC Charges Morgan Stanley Smith Barney with Providing Misleading Information to Retail Clients
On May 12, 2020, the Securities and Exchange Commission (“SEC”) announced that Morgan Stanley Smith Barney (“MSSB”) agreed to settle charges that it provided misleading information regarding transaction costs and services to retail clients in its wrap program for the period from 2012 to 2017.
How To Start: Are You Evaluating Your Firm’s Whistleblower Policies?
On April 28, 2020, the Securities and Exchange Commission (“SEC”) announced an award of $18 million dollars to a whistleblower for providing the SEC with crucial information that was used as part of an enforcement action against a firm found to be in violation of federal securities laws.
Cybersecurity Considerations in the COVID-19 Era
The COVID-19 Coronavirus has created unexpected and unique challenges for financial industry participants. Employee illness, unpredictable financial markets and client fears are just a few of the new issues that have had an impact on investment advisors, broker-dealers and their personnel. … Read More
OCIE Risk Alert—Examinations Focused on Initial Compliance With Regulation Best Interest
As firms work to prepare their updated disclosures and move toward compliance by June 30, 2020 with the new Regulation Best Interest (“Reg BI”), the Securities and Exchange Commission (“SEC”) made two important announcements. As a reminder, Reg BI establishes a new standard of conduct for broker-dealers and their associated persons when making a recommendation of any securities transaction or investment strategy involving securities (including account recommendations) to a retail customer.
Lone Star Value Management Firm and Founder Pay to Settle SEC Disclosure Charges
Lone Star Value Management LLC (“Lone Star”) and its owner Jeffrey Eberwein settled with the Securities and Exchange Commission (“SEC”) over charges that it executed 21 trades without disclosing they were principal trades.