Tags » Broker-Dealer

Morrison & Foerster discusses 2014 SEC Annual Conference Highlights and Plans for 2015

With Chair Mary Jo White in her second year at the helm, the Securities and Exchange Commission showcased its efforts, improvements, and enforcement successes at this year’s SEC Speaks Conference. 1,831 more words

Securities Regulation

WHY THE JOBS ACT BROKER-DEALER EXCEPTION DOESN’T MATTER (MUCH)

Under section 201(c) of the JOBS Act, an electronic platform is not required to register as a broker-dealer solely because the platform offers securities under Title II, co-invests in the securities, or provides due diligence services or standardized documents. 650 more words

Crowdfunding

Morrison & Foerster discusses SEC Report on Broker-Dealer and Investment Adviser Cybersecurity

An SEC cybersecurity sweep examination by the SEC’s Office of Compliance Inspections and Examinations (OCIE) found that 88 percent of the broker-dealers (BDs) and 74 percent of the registered investment advisers (RIAs) they visited experienced cyber-attacks directly or indirectly through vendors, the SEC reported in a February 3, 2015 Risk Alert. 758 more words

Securities Regulation

CAN A CROWDFUNDING PORTAL AVOID BROKER-DEALER REGISTRATION BY REGISTERING AS AN INVESTMENT ADVISER?

No.

In early 2013 the SEC issued no-action letters concluding that FundersClub and AngelList were not required to register as broker-dealers. Both companies were “venture capital fund advisers,” a special flavor of investment adviser, and some people read into the no-action letters a cause-and-effect, concluding that if a Crowdfunding portal registers as an investment adviser, which is relatively easy, then it doesn’t have to register as a… 174 more words

Crowdfunding

When The Consequences Outweigh the Risk

It is not difficult, doing the right thing. There are rules regardless of what game in life you’re playing. Ignorance is no defense.

Unfortunately, just as the simplicities of the day, the “Pleases” and “Thank Yous” have fallen by the wayside, so too has the mindset “I will work hard and succeed.” Instead, today is about the quick fix, the shortcuts and unfortunately, the cheating and the breaking of the law. 523 more words

Don't Lie To Your Stock Broker - - Seems Simple, No?

When opening a brokerage account with an investment firm (referred to as a broker-dealer) and its employee (the broker), there is one critical document that will act as the roadmap, the starting place, for a broker to know what is an appropriate trade recommendation to you. 507 more words

DO THE OFFICERS OF A CROWDFUNDING ISSUER HAVE TO REGISTER AS BROKER-DEALERS?

Today, the most challenging legal question in Title II Crowdfunding is who is required to be a broker-dealer and under what circumstances. The question is most acute for the officers of an issuer, those who direct the issuer’s activities and put the offerings together. 1,094 more words

Crowdfunding