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Respondent Wins Preliminary Challenge to SEC Use of Administrative Proceedings -- But How Long Will it Last?

By Jeffrey T. Petersen, Esq.  of Shustak Reynolds & Partners, P.C. posted on Friday, June 19, 2015.

A federal court in Georgia recently provided the first win to a respondent this year, granting a preliminary injunction against the SEC’s use of an Administrative Proceeding in Hill v. SEC. The court there used a two-part analysis in ruling against the SEC […] Read More

Is Your U4 Accurate?: New FINRA Rule Requires Heightened Background Checks

By Jessica A. Antoniades, Esq.  of Shustak Reynolds & Partners, P.C. posted on Monday, June 1, 2015.

FINRA's new Rule 3110(e) is set to take effect July 1, 2015. The rule will require many firms to intensify background checks and investigation policies for new hires. Under the new rule, firms must verify the "good character, business reputation, qualifications and experience of an applicant before the member applies to register that applicant with FINRA." […] Read More

Financial Advisor Deferred Compensation On The Rise

By George C. Miller, Esq.  of Shustak Reynolds & Partners, P.C. posted on Monday, June 1, 2015.

Wall Street firms are increasing the percentage of wages paid to financial advisors as "deferred compensation." The shift comes in the wake of the "great migration" of advisors from wirehouse firms, like Morgan Stanley, Merrill Lynch and UBS to independent platforms offered by LPL Financial, Raymond James, Wells Fargo, Commonwealth and others […] Read More

FINRA's Revised Broker-Check Rule

By Erwin J. Shustak, Esq. of Shustak Reynolds & Partners, P.C. posted on Monday, June 1, 2015.

FINRA (The Financial Regulatory Authority), which supervises broker-dealers and the more than 650,000 financial advisers, recently proposed a rule that would require brokerage firms to include links on the firm’s web site to the public, Broker-Check records, containing background information on the firm’s financial advisers. […] Read More

FINRA's Revised Broker Comp. Disclosure Proposal

By Erwin J. Shustak, Esq.  of Shustak Reynolds & Partners, P.C. posted on Thursday, May 28, 2015.

After dropping its proposal in June, 2013 that would have required brokers to disclose recruiting bonuses and "up-front" forgivable loans they receive for switching firms, FINRA (the Financial Industry Regulatory Authority), which oversees all broker-dealers and the more than 650,000 registered financial representatives, yesterday released a revised compensation disclosure proposal. […] Read More

FINRA Arbitration Panel Finds Morgan Stanley Promissory Note Unenforceable

By George C. Miller, Esq.  of Shustak Reynolds & Partners, P.C. posted on Thursday, May 14, 2015.

After a three year litigation between Morgan Stanley and its former advisor, John Offenburger, a FINRA arbitration panel recently held that Morgan Stanley's promissory note was unenforceable […] Read More

The Top 25 Independent Brokerage Firms By Revenue

By Jonah A. Toleno, Esq.  of Shustak Reynolds & Partners, P.C. posted on Friday, May 1, 2015.

Investment News released a list today of the top 25 independent broker-dealers ranked by 2014 total revenues, with LPL Financial LLC in first place, followed by Ameriprise Financial Services and Raymond James Financial Services LLC. […] Read More

FINRA ANNOUNCES TOLL-FREE HELP LINE FOR SENIOR INVESTORS

By George C. Miller, Esq. of Shustak Reynolds & Partners, P.C. posted on Friday, May 1, 2015.

The Financial Industry Regulatory Authority (FINRA), a private corporation charged with regulating the securities industry, recently launched a toll-free help line to assist senior investors with concerns about their brokerage accounts and investments. Senior investors […] Read More

Challenges To SEC Use Of Administrative Proceedings Likely To Increase

By Jeffrey T. Petersen, Esq. of Shustak Reynolds & Partners, P.C. posted on Friday, March 13, 2015.

Our blog post on February 12, 2015 detailed the SEC’s recent increase in use of administrative proceedings to seek civil monetary penalties against all individuals, even those who are not registered or associated with a registered entity. That post also highlighted the problems […] Read More

RBC Wealth Management Closing International Unit

By Erwin J. Shustak, Esq. of Shustak Reynolds & Partners, P.C. posted on Wednesday, March 11, 2015.

After aggressively courting advisors with large international clienteles over the past year or so, RBC Wealth Management has done an abrupt about face and is shutting down its International Advisory Group, leaving 40 brokers, based in San Diego and Miami, scrambling […] Read More