Jul 1, 2020

Florida Passes House Bill 813: Protection of Vulnerable Investors

By Derek C. Anderson

On June 30, 2020, Florida’s Governor signed Florida House Bill 813, amending Florida Statute 415.1034 and creating Florida Statute 517.34. This Bill was drafted to protect vulnerable investors within the State of Florida from financial exploitation. The Bill requires broker-dealers, investment advisers and associated persons to report knowledge or suspicion of abuse, neglect, or exploitation […] More

Supreme Court Upholds SEC’s Ability to Seek Disgorgement, But Places Limits
Jun 24, 2020

Supreme Court Upholds SEC’s Ability to Seek Disgorgement, But Places Limits

By Derek C. Anderson

On Monday, June 22, the U.S. Supreme Court said, in an 8-1 decision, that the U.S. Securities and Exchange Commission could continue collecting disgorgement in an amount that does not exceed a wrongdoer’s net profits and is awarded for victims as “equitable relief.” In rendering its decision, the Supreme Court looked at whether a particular […] More

FINRA Issues Regulatory Notice Sharing Practices Implemented by Firms to Transition to, and Supervise in, a Remote Work Environment During the COVID-19 Pandemic
Jun 2, 2020

FINRA Issues Regulatory Notice Sharing Practices Implemented by Firms to Transition to, and Supervise in, a Remote Work Environment During the COVID-19 Pandemic

By Michael Schwartzberg, Michael H. DiTrapani

FINRA recently issued Regulatory Notice 20-16 providing firms with guidance on transitioning to a remote work environment and implementing remote supervisory practices. The Notice shares some common themes that the SRO has observed amongst firms of all sizes regarding steps being taken to transition their staff, associated persons, and supervisory policies and procedures to remain […] More

FINRA FAQs Offer Useful Guidance on Members’ Evolving Obligations
May 28, 2020

FINRA FAQs Offer Useful Guidance on Members’ Evolving Obligations

By Joel M. Wertman

The coronavirus pandemic (COVID-19) and resulting changes to everyday life has permeated seemingly every facet of society.  Thus, it is not surprising that FINRA is providing temporary relief for member firms from compliance with certain rules and regulations.  The relief is focused solely on specific identified rules and regulations found on the FINRA website.  https://www.finra.org/rules-guidance/key-topics/covid-19/faq  […] More

Pennsylvania DoBS Issues Guidance on COVID-19 Cyber and Financial Scams
Apr 30, 2020

Pennsylvania DoBS Issues Guidance on COVID-19 Cyber and Financial Scams

By Joel M. Wertman

As the Financial Industry Regulatory Authority (FINRA) has touted through the years, financial fraudsters tend to follow the old Willie Sutton maxim about why he robbed banks:  “because that is where the money is.”  In these trying financial times, increasingly “where the money is” happens to be the hands of consumers adversely affected by the […] More

COVID-19 Employment Law Update
Apr 23, 2020

COVID-19 Employment Law Update

And they’re off – The Plaintiffs Bar has started litigating the March 18, 2020 FFCRA Act! Many laid off employees will be rehired by their former employers as businesses attempt to return to normalcy following the COVID – 19 shutdown.  Despite good-faith bipartisan efforts, it is uncertain as to when the economy might return to […] More

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