Laws and Regulations Archives - Stoll Berne | Attorneys | Class-Action, Securities, IP, Real Estate, Business Litigation

SEC Issues Wrap Fee Risk Alert

July 29, 2021

The SEC’s Division of Examinations issued a Risk Alert about wrap fee programs used by investment advisers. Wrap fee programs require advisory clients to pay a consolidated fee for investment advisory services and other expenses, such as commissions, trading fees, and administrative costs.

Categories: Investor Alerts, Investor Blog, Laws and Regulations, Regulators and Enforcement

SEC Intends to Increase Performance-Based Fee Thresholds

May 12, 2021

The SEC gave notice of intent to issue an order that would increase the minimum assets under management or net worth that a client must have before an investment adviser may charge performance-based fees.

Categories: Investor Alerts, Investor Blog, Laws and Regulations, Regulators and Enforcement

Investor Choice Act Would Prohibit Forced Arbitration

April 29, 2021

Oregon Senator Jeff Merkley and U.S. Representative Bill Foster of Illinois introduced the Investor Choice Act earlier this month. The bill would prohibit broker dealers and investment advisors from forcing investors to agree to mandatory arbitration.

Categories: Investor Blog, Laws and Regulations

Arbitration Clauses in Investor Agreements

March 30, 2021

Many investors are surprised to learn that an advisory or account agreement limits or bars the investor from bringing a claim in court.

Categories: Investor Alerts, Investor Blog, Laws and Regulations

FINRA Will Release Information About Whether a Member Firm Is a Taping Firm on BrokerCheck

March 18, 2021

In Regulatory Notice 21-09, FINRA announced the adoption of new supervision and disclosure rules for brokers with a significant history of misconduct and the firms that employ them.

Categories: Investor Blog, Laws and Regulations

NASAA Announces Model Rule for Continuing Education Requirements for Investment Adviser Representatives

December 2, 2020

The North American Securities Administrators Association, an organization made up of state and provincial securities regulators in the U.S., Canada, and Mexico, with a mission that includes protecting investors, announced a model rule for NASAA members to implement continuing education requirements for investment adviser representatives.

Categories: Investor Blog, Laws and Regulations

SEC Gives Guidance About Certain Leveraged and Complex Exchange Traded Products

November 30, 2020

Categories: Investor Blog, Laws and Regulations

DCBS Proposes Amendment to Oregon Administrative Rule About the Use of Certifications, Designations, and Titles by Securities Professionals

November 18, 2020

The Oregon Department of Consumer and Business Services (“DCBS”), Finance and Securities Regulation recently gave notice of a proposed rulemaking to amend the rule regarding the use of special designations, professional certifications, or titles by securities professionals.

Categories: Investor Blog, Laws and Regulations

New Requirements Before Registered Representative May Be Named a Customer’s Beneficiary

November 3, 2020

In an October 29, 2020, regulatory notice, FINRA announced the adoption of a new rule that creates new requirements before any person associated with a firm regulated by FINRA obtains power of attorney or is named a beneficiary, executor, or trustee for or on behalf of a customer.

Categories: Investor Blog, Laws and Regulations, Regulators and Enforcement

SEC Declines to Implement Vetting Requirements for Investors in Leveraged and Inverse Exchange-Traded Funds

October 29, 2020

The Wall Street Journal reported that the SEC is not moving forward on a measure to require broker dealers and investment advisers to vet individual investors before permitting them to trade leveraged and inverse exchange-traded funds.

Categories: Investor Blog, Laws and Regulations, Regulators and Enforcement

Metals.com Accused of Selling Fraudulently Overpriced Gold and Silver Bullion

September 29, 2020

Metals.com and its parent company, TMTE, Inc., along with Chase Metals, LLC, Chase Metals, Inc., Barrick Capital, Inc., and its principals Lucas Asher (aka Lucas Thomas Erb, aka Luke Asher) and Simon Batashvili are alleged to have run a nationwide fraud that brought in more than $185 million in money from customers to buy fraudulently overpriced gold and silver bullion.

Categories: Investigations, Investor Alerts, Investor Blog, Laws and Regulations, Regulators and Enforcement

Investor Claims in Court and FINRA Arbitration

September 22, 2020

Mistakes made by even well-intentioned financial advisers, stock brokers, promoters, solicitors, and others who give investment advice or sell financial products sometimes come to light when markets are volatile or when a bull market ends.

Categories: Investor Alerts, Investor Blog, Laws and Regulations

Free Tools to Research Investment Firms and Individuals

September 17, 2020

Investors have access to free electronic search tools through self-regulatory organizations, federal, and state regulators to research investment firms and professionals. This post describes several free tools that give access to information beyond what you can learn using Google and other search engines.

Categories: Investor Alerts, Investor Blog, Laws and Regulations, Regulators and Enforcement

SEC Expands the Definition of Accredited Investor

August 27, 2020

On August 26, 2020, the SEC adopted amendments to the definition of “accredited investor.” Many private capital market offerings...

Categories: Investor Alerts, Investor Blog, Laws and Regulations

SEC Proposes Changes to its Whistleblower Program

August 5, 2020

Proposed Regulation 21F, that the U.S. Securities and Exchange Commission is currently reviewing, could impact the SEC whistleblower program.

Categories: Investor Blog, Laws and Regulations

NASAA Announces Support for Investor Choice Act of 2019

July 7, 2020

The North American Securities Administrators Association, Inc. (NASAA) announced its support for the Investor Choice Act of 2019 (S. 2992) in a June 2020 letter to the bill’s sponsor, United States Senator Jeff Merkley.

Categories: Investor Blog, Laws and Regulations

Regulation Best Interest Goes Into Effect

July 1, 2020

Beginning June 30, 2020, brokerage firms and their associated persons will have to comply with Regulation Best Interest (Reg BI), which sets a new standard of conduct when working with retail investors.

Categories: Investor Blog, Laws and Regulations

Applied Bioscience Corp. Charged with Antifraud Violation

June 22, 2020

The U.S. Securities and Exchange Commission (“SEC”) filed a complaint for fraud against Applied Bioscience Corp. in May 2020. The SEC alleges that Applied Biosciences Corp. sought to exploit the COVID-19 pandemic for profit.

Categories: Investor Blog, Laws and Regulations, Regulators and Enforcement

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SEC Issues Wrap Fee Risk Alert

SEC Intends to Increase Performance-Based Fee Thresholds

Investor Choice Act Would Prohibit Forced Arbitration

Arbitration Clauses in Investor Agreements

FINRA Will Release Information About Whether a Member Firm Is a Taping Firm on BrokerCheck

NASAA Announces Model Rule for Continuing Education Requirements for Investment Adviser Representatives

SEC Gives Guidance About Certain Leveraged and Complex Exchange Traded Products

DCBS Proposes Amendment to Oregon Administrative Rule About the Use of Certifications, Designations, and Titles by Securities Professionals

New Requirements Before Registered Representative May Be Named a Customer’s Beneficiary

SEC Declines to Implement Vetting Requirements for Investors in Leveraged and Inverse Exchange-Traded Funds

Metals.com Accused of Selling Fraudulently Overpriced Gold and Silver Bullion

Investor Claims in Court and FINRA Arbitration

Free Tools to Research Investment Firms and Individuals

SEC Expands the Definition of Accredited Investor

SEC Proposes Changes to its Whistleblower Program

NASAA Announces Support for Investor Choice Act of 2019

Regulation Best Interest Goes Into Effect

Applied Bioscience Corp. Charged with Antifraud Violation