Broker-Dealers & Investment Advisers
Practice Overview
Buckley advises broker-dealers and investment advisers on the full spectrum of compliance and regulatory issues affecting their operations. We counsel broker-dealers on issues that arise in dealing with clients, the public, investment advisers, hedge funds, mutual funds, and banks. Our team helps determine whether certain activities require registration under the Securities Exchange Act of 1934, The Investment Advisers Act of 1940, and whether certain affiliated lender and depository institution cross-sell programs (including the marketing of residential mortgage loans) require state licensure or federal registration, as well as assist with structuring such programs. We draft policies and procedures pertaining to privacy, data security, and anti-money-laundering. We also analyze sales practices pertaining to mutual funds and variable annuities, and draft disclosure documents and customer and third-party agreements.
We counsel investment advisers on meeting their federal and state compliance and regulatory obligations and on the full array of banking rules and regulations that govern advisers affiliated or doing business with banks. We also help our clients to determine whether certain activities, such as receiving compensation for referrals, require registration under the Advisers Act or state law.
In addition to providing regulatory and compliance advice, we also assist clients in preparing for and responding to Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA), and stock exchange document requests, examinations, inquiries, and enforcement proceedings.
Articles
C-Suite Financial Services Review: The Return of the Wholesale Mortgage Broker
The prevalence of wholesale mortgage brokers has fluctuated dramatically in the past two decades, peaking in the mid-to-late 2000s due to high homebuyer demand and a comparatively lax regulatory environment, and crashing with the housing market and subsequent financial crisis. The massive overhaul...
C-Suite Review
News & Blogs
Colorado regulator updates guidance to real estate businesses with new mask requirements
On August 31, the Colorado Department of Regulatory Agencies updated its Safer at Home: Additional Guidance for Real Estate Brokers & Servicers , previously covered here and here , to note that the executive order creating a statewide mask ordinance was extended by Executive Order D 2020 164...
InfoBytesBroker dealer assessed $38 million in penalties for AML violations
On August 10, the Financial Industry Regulatory Authority (FINRA), SEC, and the CFTC announced separate settlements with a broker-dealer following investigations into its anti-money laundering (AML) programs. The broker-dealer did not admit or deny any of the charges, and the agencies all...
InfoBytesSouth Carolina regulator extends interim guidance to mortgage brokers permitting remote work
On July 30, South Carolina Department of Consumer Affairs updated and extended its interim guidance for mortgage brokers, previously covered here . The interim guidance permitting mortgage loan originators to work remotely will be effective until rescinded. The Department will provide fifteen days...
InfoBytesLouisiana Office of Financial Institutions extends emergency declarations to non-depository entities
On July 24, the Louisiana Office of Financial Institutions extended emergency declarations for residential mortgage lenders , check cashers , bond for deed escrow agents and repossession agents , brokers and lenders licensed under the Louisiana Consumer Credit Law and Deferred Presentment and Small...
InfoBytesColorado governor permits further extensions of money transmitter and real estate broker licenses
On July 19, the Colorado governor issued Executive Order 2020 141 , which extends Executive Order D 2020 015 , as amended by several earlier orders, until August 18, 2020. Executive Order D 2020 015 authorizes the Department of Regulatory Agencies to promulgate and issue emergency rules extending...
InfoBytesIndiana provides broker-dealers with relief from branch examination regulation
On July 13, the Indiana Secretary of State, Securities Division, issued a compliance alert providing temporary relief from annual branch examination requirements. In light of the restrictions on travel caused by the pandemic, broker-dealers are not required to conduct an annual compliance...
InfoBytesNew Jersey Bureau of Securities begins annual examinations of investment advisors
On June 12, the New Jersey Bureau of Securities, within the Office of the Attorney General Division of Consumer Affairs, announced that its annual investment adviser examinations are underway. This year’s examination will include questions asking investment adviser firms, among other things, about...
InfoBytesCFTC extends no-action relief to market participants in light of Covid-19
On June 10, the Commodity Futures Trading Commission announced that it has extended through September 30, 2020, certain aspects of its no-action relief issued in response to Covid-19. The CFTC’s staff letter extends previously issued no-action guidance regarding certain regulatory requirements for...
InfoBytesLouisiana Office of Financial Institutions updates non-depository emergency declarations
On June 5, the Louisiana Office of Financial Institutions updated its non-depository 2020 Covid-19 emergency declarations to extend earlier guidance regarding closure of licensed locations and temporary location changes for residential mortgage lenders, brokers and originators , check cashers ,...
InfoBytesMinnesota Department of Commerce extends certain licensing application deadlines for insurance producers and real estate brokers
On May 27, the Minnesota Department of Commerce issued an order modifying certain regulatory deadlines as set forth in Regulatory Guidance 20-29, 20-30 , 20-31, 20-32 , and 20-33. Guidance 20-29 through 20-32 extends the deadlines for insurance producer and adjuster renewal applications, and...
InfoBytes
Our Broker-Dealers & Investment Advisers Team
Partners
Recent Blog Posts
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August 31, 2020
Colorado regulator updates guidance to real estate businesses with new mask requirements
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August 12, 2020
Broker dealer assessed $38 million in penalties for AML violations
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July 30, 2020
South Carolina regulator extends interim guidance to mortgage brokers permitting remote work
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July 24, 2020
Louisiana Office of Financial Institutions extends emergency declarations to non-depository entities
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July 19, 2020
Colorado governor permits further extensions of money transmitter and real estate broker licenses