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Appellate panel holds that negligence, not scienter, embodies Exchange Act Section 14(e)

The United States Court of Appeals for the Ninth Circuit departed from five other circuits by declaring that Exchange Act Section 14(e), which prohibits fraud in tender offers, requires proof of negligence, not scienter. The appellate court remanded the case to California&rs

Stein blasts SEC’s proposed broker standards, Piwowar approves with misgivings

SEC Commissioner Kara Stein sharply criticized the Commission’s proposed rulemaking package concerning the standards of care for investment advice given by broker-dealers and investment advisers. As the sole commissioner voting against releasing the proposals for publi

SEC proposes ‘best interest’ standard for BDs, limits on the use of the term ‘adviser’

Nearly eight years after the Dodd-Frank Act gave the SEC authority to commence rulemaking on the topic, the Commission has proposed a package of rules concerning the standards of care applicable to investment advice given by broker-dealers and investment advisers. By a four-

SEC compliance seminar features views on advisory fees, custody, and cryptocurrency

At the SEC’s 2018 compliance seminar, staff from several of the Commission’s divisions, as well as industry representatives, discussed issues impacting compliance professionals in particular and members of the investment advisory profession in general. Topics add

Lucia reply brief argues that amicus's test for officer status is too narrow

In his case disputing the constitutionality of the SEC's administrative law judges, Raymond Lucia has submitted a reply brief asking the court to reverse the D.C. Circuit holding that the ALJ’s are employees beyond the reach of the Appointments Clause. Following a

House votes to give Fed exclusive Volcker Rule authority, exempt community banks

By a vote of 300-104, the U.S. House of Representatives voted to pass the Volcker Rule Regulatory Harmonization Act (H.R. 4790). The bill would grant exclusive rulemaking authority under the Volcker Rule to the Federal Reserve Board and would exclude banks under certain asse

Instinet fined for market access rules violations

Instinet, LLC has submitted a Letter of Acceptance, Waiver and Consent to settle alleged rule violations and it has been censured and fined over $1.5 million for those violations in an action undertaken by FINRA, along with BOX Options Exchange LLC; the Cboe BZX Exchange, In

Annuity holder unaware of misrepresentation, so no connection for SLUSA preclusion

An annuity holder's passive retention of a security following a misrepresentation of which the holder is unaware does not meet the "in connection with" requirement for SLUSA preclusion, a Second Circuit panel has held. The district court had dismissed the compl

Texas nips crypto-marijuana offerings in the bud, issues virtual currency enforcement report

The Texas State Securities Board has issued its seventh cease-and desist order to halt an unregistered cryptocurrency scheme, this time involving a convicted felon who was also selling unregistered promissory notes in an unrelated marijuana growing operation in California. T

Commissioner Quintenz responds to Ag community concerns on commodities markets

In remarks at an agricultural commodities conference, CFTC Commissioner Brian Quintenz affirmed his commitment to making sure the futures markets work for the agricultural community. Although the CFTC can’t control the historically low commodity prices that are severel

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