This week, the US Supreme Court (the “Court”) delivered their opinion in the matter of Association for Molecular Pathology v. Myriad Genetics, 12-398. Going against years of precedent set by lower courts and the United States Patent and Trademark Office,…
Recently, the Securities and Exchange Commission (SEC) brought charges against Institutional Shareholder Services Inc. (ISS), a company that advises large investors on corporate proxy issues, claiming that ISS failed to safeguard its clients’ confidential votes. Specifically, the SEC claimed that…
The Financial Industry Regulatory Authority (FINRA) is considering new rules that would require additional reporting requirements for dark pool trades made by broker-dealers. This announcement was made recently by Richard G. Ketchum, chief executive officer of FINRA, largely in response…
This week, LPL Financial LLC (“LPL”) was fined $7.5 million by The Financial Industry Regulatory Authority (“FINRA”) who cited LPL for thirty-five (35) separate email system failures. FINRA asserted that these actions were a violation of the record keeping provisions…
It’s a phrase often heard in business, “know who speaks for your company.” On its face, it sounds like a simple question, whose answer is easily ascertained. However, all too often, a business finds itself committed to an unwanted agreement;…
Oftentimes the question arises as to whether or not the publisher of an investment newsletter is required to register as an investment adviser. Section 202(a)(11) of the Investment Advisers Act of 1940 (the “Act”) broadly defines an investment adviser as…
Earlier this month Luis Aguilar, a Commissioner at the Securities and Exchange Commission (“SEC”), gave a speech at the Regulatory Compliance Association’s 2013 program on regulations, operations and compliance. While the views expressed were Mr. Aguilar’s alone, and do…
Recently, the Securities and Exchange Commission (“SEC”), in tandem with the Commodity Futures Trading Commission (CFTC), jointly adopted Final Rules requiring certain entities to implement programs to detect red flags and prevent identity theft. These rules were developed in response…
Recently, the Securities and Exchange Commission (“SEC”) issued an Order Instituting Administrative and Cease-and-Desist Proceedings against ZPR Investment Management, Inc. (“ZPR”) and Max E. Zavanelli (“Zavanelli”) alleging that ZPR and Zavanelli made false and misleading advertisements in several financial magazines…
According to Rule 206(4)-2 of the Investment Advisers Act of 1940 (the “Act”), the Securities and Exchange Commission (“SEC”) defines “custody” as “…holding, directly or indirectly, client funds or securities, or having any authority to obtain possession of them.” This…