LexisNexis® Legal Newsroom
Impact of Dodd-Frank Wall Street Reform and Consumer Protection Act on Broker-Dealers

by Susan S. Krawczyk, Eric A. Arnold, Michael B. Koffler, Clifford E. Kirsch, and Holly H. Smith On July 21, 2010, President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Act), bringing to a close the national debate over the appropriate regulation of the financial...

Dodd-Frank Act's Overhaul of the U.S. Over-The-Counter (OTC) Derivatives Market

by Edward G. Eisert, Lawrence B. Patent, Gordon F. Peery and Charles R. Mills The primary objectives of Dodd-Frank are to bring about greater transparency and to enable regulators to better manage individual counterparty and broader systemic risks inherent in the OTC derivatives market. The Dodd...

SEC Adopts Final Rule Regarding Risk Management Controls for Broker-Dealers with Market Access

by Melissa Beck Rule 15c3-5 is a new rule that will effectively prohibit broker-dealers with market access from providing customers with unfiltered access to an exchange or alternative trading system ("ATS"). Excerpt: On November 3, 2010, the Securities and Exchange Commission (the "SEC"...

A Fiduciary Duty for Broker-Dealers? How Dodd-Frank May Change the Way Broker-Dealers Conduct Business

by Hillel T. Cohn and Kevan P. Graydon Under the Dodd-Frank Act, the SEC is granted the authority to impose a fiduciary duty on broker-dealers. This EIA analyses the implications of the fiduciary duty of broker-dealers when they conduct business with retail clients. Excerpt: On July 15, 2010, Congress...

SEC Releases M&A Brokers from Registration

In a stunning reversal from over a decade of ruling differently, last Friday the SEC released a “no-action” letter saying it will not go after intermediaries in merger & acquisition transactions for failure to register as a broker-dealer even if they receive a commission equal to a percentage...

Credit Suisse Admits Securities Law Violations

Another example of the Commission’s new and evolving ad hoc admissions policy emerged from the settlement of an administrative proceeding with Credit Suisse Group AG. In the Matter of Credit Suisse Group AG, File No. 3-15763 (Feb. 21, 2014). To resolve the proceed which, centers on violations of...

SEC Provides Exemption from Broker-Dealer Registration Requirements for M&A Brokers

On January 31, 2014 (revised February 4, 2014), the SEC issued a no-action letter to a group of attorneys who requested assurance on an issue that has long been on the minds of securities lawyers: are people who facilitate the sale of a controlling interest in a business involving a transfer of stock...

SEC Institutes Proceeding Against High Speed Trader – But Not For Trading

High speed trading is a frequent topic of discussion in the securities markets. Books have been written about it such as Michael Lewis’ “Flash Boys” and Scott Patterson’s “Dark Pools.” Hearings have been held on Capitol Hill and SEC and CFTC commissioners have discussed...