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, 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 (AML). 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
New York Department of Financial Services shares guidance on insurance notice obligations
The New York Department of Financial Services published guidelines for insurance producers, such as agents and brokers, on providing electronic notices during the Covid-19 emergency. The guidance reduced the burden of standard notice obligations for producers that must comply with new 11 NYCRR §...
InfoBytesMinnesota Commerce Department provides relief to financial professionals
On March 30, the Minnesota Commerce Department issued Regulatory Guidance 20-08 to provide certain relief to broker-dealers, state registered investment advisers, federal covered investment advisers, and their registered agents or representatives (collectively, “financial professionals”). The...
InfoBytesAlabama Securities Commission provides temporary relief for certain financial professionals
On March 19, the Alabama Securities Commission (ASC) issued an emergency order temporarily exempting certain financial professionals (i.e. broker-dealers, investment advisers, and their registered agents or representatives) who are not registered or notice filed with the ASC and who have been...
InfoBytesFINRA posts FAQs related to regulatory relief during the Covid-19 pandemic
Since March 18, FINRA has been maintaining and updating FAQs related to regulatory relief due to the Covid-19 pandemic. The FAQs discuss questions concerning, among other things, advertising regulation, anti-money laundering, best execution for buying and selling securities, broker-dealer...
InfoBytesBroker to pay nearly $4 million to settle ADR mishandling claims
On December 9, the SEC announced a settlement with a broker to resolve allegations concerning the improper handling of pre-released American Depositary Receipts (ADRs), or “U.S. securities that represent foreign shares of a foreign company.” The SEC noted in its press release that ADRs can be pre-...
InfoBytesThomas A. Sporkin quoted in S&P Global article, “How OTC Markets fights stock fraud enabled by 'fake news'”
Thomas A. Sporkin was quoted on August 7, 2018 in a S&P Global article, “How OTC Markets fights stock fraud enabled by 'fake news,'” which focused on the new twist on pump-and-dump schemes that includes stock promoters, corrupt executives, or criminals using websites to inflate stock prices...
In The NewsDistrict Court dismisses breach of contract suit against Connecticut firm
On May 1, the U.S. District Court for the District of Connecticut dismissed a malpractice suit brought against a Connecticut-based law firm for allegedly inducing a Boston-based mortgage/mezzanine lender and its Delaware-based trustee (plaintiffs) to enter into a contract resulting in a loss of...
InfoBytesGlobal Securities Firm Agrees to Pay Million Dollar Penalty Related to Alleged Securities Fraud Scheme
On October 26, the United States Attorney for the District of Connecticut announced a non-prosecution agreement between the office and a global securities firm. The resolution was a result of a government investigation, which concluded that the firm perpetrated a scheme to defraud its customers in...
InfoBytesCFTC Enters into First-Ever Non-Prosecution Deals in Spoofing Investigation
On June 29, the Commodity Futures Trading Commission (CFTC) entered into non-prosecution agreements with three futures traders who admitted to engaging in “spoofing” in the U.S. Treasury futures market between 2011 and 2012 (see non-prosecution agreements here , here , and here ). Spoofing involves...
InfoBytesThomas A. Sporkin Quoted in The New Yorker Article, “The Watchdogs Keeping Wall Street in Check”
Thomas A. Sporkin was quoted on May 15, 2017 in The New Yorker article, “The Watchdogs Keeping Wall Street in Check.” The article discussed the reality and expectations of compliance officers and stated, “Compliance officers are supposed to keep banks, hedge funds, and other companies out of...
In The News
Our Broker-Dealers & Investment Advisers Team
Partners
Recent Blog Posts
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April 7, 2020
New York Department of Financial Services shares guidance on insurance notice obligations
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March 30, 2020
Minnesota Commerce Department provides relief to financial professionals
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March 19, 2020
Alabama Securities Commission provides temporary relief for certain financial professionals
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March 18, 2020
FINRA posts FAQs related to regulatory relief during the Covid-19 pandemic
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December 13, 2019
Broker to pay nearly $4 million to settle ADR mishandling claims