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March 07, 2011

SR-FINRA-2011-13 March 4, 2011 FINRA submitted to the SEC a proposal to establish a new registration category and qualification requirements for certain operations personnel. The proposal would create a new registration category of "Operations Professional," and would make persons covered by the rule subject to a qualification examination and status as an "associated person" under the FINRA rules. The rule would cover (1) senior management with certain operations functions; (2) supervisors and other persons responsible for authorizing certain operations functions; and (3) persons with the

April 12, 2011

FINRA AWC Letter No. 2008015443301 April 11, 2011 FINRA announced that it fined a broker-dealer $2 million and ordered it to pay $8.25 million in restitution in connection with allegedly misleading investors as to the "principal protection" feature of certain Lehman-issued notes. In particular, FINRA alleges that the firm failed to properly emphasize to investors that the notes were unsecured obligations of Lehman when they sold them to investors in the summer of 2008. FINRA also cited the firm's failure to advise sales personnel of signs of weakness in Lehman's financial strength, and that it

April 13, 2011

Securities and Exchange Commission April 8, 2011 The SEC released a no-action letter allowing a 501(c)(3) tax-exempt microfinance charity to offer and sell certain notes without registration under the Securities Act or the Investment Company Act, and without qualification under the Trust Indenture Act. Cross References Securities Act Section 3(a)(4); Trust Indenture Act Section 304(a)(4)(A); Investment Company Act Section 3(c)(10)(A)(i)

July 26, 2011

SEC Release No. 33-9245 / 34-64975 July 26, 2011 The SEC adopted new rules, as required by the Dodd-Frank Act, to remove credit ratings as eligibility criteria for issuers seeking to use “short forM” registration for their securities.In lieu of credit ratings, the new rules replace it with four tests that look at, among other things, the company’s amount of securities issuances and company’s regulatory filing history. Cross References SEC Press Release No. 2011-155 Securities Act Forms S-4 and F-4 Securities Act Rules 134, 138, 139,168 Dodd-Frank § 939A

July 26, 2011

SEC Release No. 33-9244 / 34-64968 July 26, 2011 The SEC revised and re-proposed certain rules relating to asset-backed securities.The proposal would amend the registration and transactional requirements relating to shelf registration of asset-backed securities.For further detail on this proposal, see Malcolm Wattman, Frank Polverino Matthew Feig, SEC Re-proposal of Shelf Eligibility Conditions for Asset-Backed Securities and Applicability to Insurance-Linked Securities (Aug. 4, 2011) (CWT C&F Memo). Cross References SEC Press Release No. 2011-156 SEC Release No. 33-9117 / 34-61858 (initial