The SEC set an effective date of November 6, 2023 and compliance date of September 6, 2024 for final amendments to narrow the scope of broker-dealer exemptions from FINRA membership. The final amendments were published in the Federal Register.
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Several investment advisers settled SEC charges for custody violations on the assets of private funds. The SEC charged the firms for failing to comply with audit and reporting procedures that would have afforded an exemption from the applicable custodial requirements.
The SEC adopted amendments to narrow the scope on a broker-dealer exemption from FINRA membership.
SEC Commissioners asked the Small Business Capital Formation Advisory Committee to address capital raising in the context of current market conditions, including among others, rising interest rates and the increasing use of artificial intelligence.
Comments on SEC's proposed amendments to "modernize" filing procedures through the use of electronic filings are due by May 22, 2023.