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.
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
FINRA report finds 70 percent of broker-dealer communications potentially violate crypto-asset rule.
On January 23, FINRA published a report which found 70 percent of broker-dealer communications with retail customers showed potential violations of crypto-asset communications as part of a targeted exam. The potential violations fall under FINRA Rule 2210 , which require that broker-dealer...InfoBytes
On May 4, the Vermont legislature passed SB 88 (now known as Act 25), which among other things, permits mortgage loan activity to be conducted outside of an entity’s main place of business or branches. Act 25 allows a mortgage originator, broker, or servicer’s employees to work from their residence...InfoBytes
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 News
Clinton 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 News
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...InfoBytes
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 (...InfoBytes
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...InfoBytes
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...InfoBytes
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...InfoBytes
Louisiana 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...InfoBytes