• Posts by Robert D. Conca, Esq.
    Partner

    Robert D. Conca is a Partner at Jacko Law Group, PC. His practice includes representation of investment advisers, broker-dealers, private funds, and non-financial industry companies, and their personnel, in a variety of ...

Investors, Advisers Must be Mindful to Comply with New U.S. Ban on Estimated $1 Trillion of Chinese Securities

Financial advisers and broker-dealers should conduct thorough and frequent reviews of their clients’ holdings in certain Chinese companies now that a November Executive Order that prohibits new U.S. investments in companies with alleged ties to China’s military has taken effect.

Your First Meeting on the SEC’s New Investment Adviser Marketing Rule Should Address These Topics

The U.S. Securities Exchange Commission’s has issued its new modernized Advertising Rule that is intended to replace the existing Advertising and Cash Solicitation Rules.  The SEC release relating to the new Advertising Rule is a 430 page behemoth that will create a significant change to the manner in which advisers conduct their advertising and marketing activities.

A Forgettable Year for Small Business Ends with Memorable Changes to SEC Regs for Exempt Offerings

In general, small businesses tend to be more vulnerable in an economic downturn because they lack the financial cushion many larger companies have. Since the creation of the Federal Reserve System in 1913, large businesses have benefited from a more favorable regulatory framework and from liquidity backstops that the Fed has used to fortify weakness in financial markets.

SEC Proposes a Big Exemption to Assist Small Businesses in Raising Much-Needed Capital

The COVID-19 pandemic has decimated small business at an unprecedented rate and sent the U.S. unemployment rate to its highest level since the Great Depression, reaching a high of 14.7% in April 2020.

Posted in Broker-Dealers
Final California Consumer Privacy Act Rules Approved by OAL

On August 14, 2020, Xavier Becerra, the Attorney General for California (“the AG”), announced that the final package of regulations for the California Consumer Privacy Act (“CCPA”) was approved by the California Office of Administrative Law (“OAL”).

SEC Releases Proposed Changes to Form 13F Report Requirements

On July 10, 2020, the U.S. Securities and Exchange Commission (“SEC”) released proposed changes to the rule requiring institutional managers to file Form 13F reports.

The changes include raising the reporting threshold from $100 million to $3.5 billion and eliminating the exclusion of smaller positions from the Form 13F report.

California AG Submits Final CCPA Rules for Approval  

On June 1, 2020, Xavier Becerra, the Attorney General for California, submitted the final package of regulations for the California Consumer Privacy Act (“CCPA”) to the California Office of Administrative Law (“OAL”). For businesses required to comply with the CCPA, the package outlines the requirements for privacy notices, methods for submitting requests to know and delete consumer information, verification of consumers, special rules regarding minors, and non-discrimination.

OCIE Risk Alert—Examinations Focused on Initial Compliance With Regulation Best Interest

As firms work to prepare their updated disclosures and move toward compliance by June 30, 2020 with the new Regulation Best Interest (“Reg BI”), the Securities and Exchange Commission (“SEC”) made two important announcements.  As a reminder, Reg BI establishes a new standard of conduct for broker-dealers and their associated persons when making a recommendation of any securities transaction or investment strategy involving securities (including account recommendations) to a retail customer.

Lone Star Value Management Firm and Founder Pay to Settle SEC Disclosure Charges

Lone Star Value Management LLC (“Lone Star”) and its owner Jeffrey Eberwein settled with the Securities and Exchange Commission (“SEC”) over charges that it executed 21 trades without disclosing they were principal trades.

Old, Familiar Fraud Found in New, Innovative Investments

On January 24, 2020, the Securities and Exchange Commission (“SEC”) charged a California-based couple with orchestrating a seven-year, nearly billion-dollar Ponzi scheme involving alternative energy credits through their solar generator companies.

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