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Amendments Proposed to Rule 144

By Keith C. Collins, Associate Attorney of Shustak Reynolds & Partners, P.C. posted on Tuesday, April 13, 2021.

On December 22, 2020, the Securities and Exchange Commission (“SEC”) voted to propose an amendment to Rule 144 under the Securities Act of 1933. The proposed rule revises the holding period for certain market-adjustable securities. The SEC defines a “market-adjustable security” as “a convertible or exchangeable security that provides for a conversion rate, conversion price, or other terms that, in each case, would have the effect of offsetting, in whole or in part, declines in value of the underlying securities that may occur prior to conversion or exchange.” [...] Read More

Mandatory FINRA Arbitration Is Under Attack Again

By George C. Miller, Partner and Amanda Herron, Law Clerk of Shustak Reynolds & Partners, P.C. posted on Wednesday, March 31, 2021.

Mandatory pre-dispute arbitration agreements ("PDAA's") have long been under fire but now face potential extinction. Congress’s latest attempt to eliminate mandatory arbitration, the Forced Arbitration Injustice Repeal Act ("FAIR Act"), already has passed in the House of Representatives. [...] Read More

Alert: Mandatory Registration for New York Based Investment Advisor Representatives

By Robert R. Boeche II, Esq. of Shustak Reynolds & Partners, P.C. posted on Tuesday, February 23, 2021.

On February 1, 2021, a new amendment to the New York Investment Advisory Act went into effect, now requiring investment advisor representatives (“IARs”) doing business in the state of New York to register themselves with the New York Attorney General [...] Read More

Business, Passion, and the Greater Good: Using Benefit Corporations for Profit and Purpose

By Keith C. Collins, Esq. of Shustak Reynolds & Partners, P.C. posted on Wednesday, February 10, 2021.

You are forming a corporation, great! Corporations offer many protections and benefits for entrepreneurs. But corporations are also closely regulated and subject to many restrictions. So, what happens when you want to form a corporation that is based on your passion, and your passion includes more than just profit? [...] Read More

Wells Fargo Advisors To Exit International Wealth Management Space

By George C. Miller, Esq. of Shustak Reynolds & Partners, P.C. posted on Wednesday, February 3, 2021.

As Wells Fargo continues to reorganize its Wealth Management division, the firm recently dealt a major blow to its 330+ international financial advisors by announcing it will be exiting the international wealth management space altogether by September 2021. [...] Read More

SEC OVERHAULS MARKETING RULES FOR INVESTMENT ADVISORS

By Robert R. Boeche, Esq. and Andrew Steiger, law clerk of Shustak Reynolds & Partners, P.C. posted on Tuesday, January 19, 2021.

After more than a year of review and public comment, the Securities and Exchange Commission (SEC) announced on December 22, 2020 that it had finalized long-awaited reforms to the advertising and solicitation rules under the Investment Advisers Act of 1940 [...] Read More

Overbroad Confidentiality Agreement Found to Illegally Restrict an Employee’s Right to Work

By Katherine S. Bowles, Esq. and Keith Collins, law clerk of Shustak Reynolds & Partners, P.C. posted on Monday, December 28, 2020.

California courts routinely refuse to enforce employment agreements that have non-compete provisions, and more frequently are rejecting certain non-solicitation provisions, based on California’s strong public policy favoring an employee’s right to work that is enumerated in California Business and Professions Code § 16600 [...] Read More

California’s Amended Homestead Exemption Provides Increased Protection for Homeowners

By Erwin J. Shustak, Esq., partner, and Keith Collins, law clerk of Shustak Reynolds & Partners, P.C. posted on Wednesday, December 2, 2020.

A homestead exemption protects a specified dollar amount of a debtor’s equity in his or her principal dwelling from attachment by a judgment creditor. In California, debtors are automatically protected by the homestead exemption contained in California Code of Civil Procedure section 704.730. [...] Read More

OCIE Alert Discusses Compliance Deficiencies

By Robert R. Boeche II, Esq., of Shustak Reynolds & Partners, P.C. posted on Tuesday, November 24, 2020.

The Office of Compliance Inspections and Examinations (“OCIE”) recently sent out an alert highlighting the deficiencies regarding Rule 206(4)-7 (the “Compliance Rule”), a subsection of the Investment Advisers Act of 1940 (“Advisers Act”). It is significant for advisers to understand and uphold these requirements in order to avoid compliance violations. [...] Read More

SEC Proposes New Exemptions to Expand the Scope of "Finders"

By Robert R. Boeche II, Esq., of Shustak Reynolds & Partners, P.C. posted on Tuesday, November 17, 2020.

In October 2020, the U.S. Securities and Exchange Commission (“SEC”) proposed an order which could expand when/what “finders” are permitted to receive as compensation without registering as a broker. [...] Read More