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
Clinton R. Rockwell and Chris Hilliard extensively quoted in Westlaw Today article, “Buckley joins subsidiary craze as firms market tech-enabled solutions”
In the Westlaw Today article, “Buckley joins subsidiary craze as firms market tech-enabled solutions,” Buckley Partner Clinton R. Rockwell and Winnow Chief Operating Officer Chris Hilliard discussed the firm’s launch of its new regulatory research tool, Winnow. Rockwell said, “A financial services...
In The NewsClinton R. Rockwell and Chris Hilliard extensively quoted in Law.com article, “Creating new revenue stream, Buckley launches fintech subsidiary"
Buckley Partner Clinton R. Rockwell and Winnow Chief Operations Officer Chris Hilliard were extensively quoted in the Law.com article, “Creating new revenue stream, Buckley launches fintech subsidiary,” which highlighted the rollout of the firm’s new technology product Winnow — a comprehensive and...
In The NewsIdaho Department of Finance once again extends “work from home” guidance
On March 31, the Idaho Department of Finance extended its temporary regulatory guidance (previously covered here , here , here ) permitting mortgage brokers and lenders, mortgage loan originators, regulated lenders, title lenders, payday lenders, and collection agency licensees and registrants to...
InfoBytesRhode Island extends its work from home provisions for lenders
On December 22, 2020, the Rhode Island Department of Business Regulation extended interim guidance permitting mortgage loan originators, lenders, loan brokers, and exempt company registrants to work from home, even if the home is not a “licensed branch” or located outside of Rhode Island (...
InfoBytesColorado 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...
InfoBytes
