Blog
U.K. Anti-Money Laundering Regulation Updated
The United Kingdom has published a near final regulation, the Money Laundering and Transfer of Funds (Information on the Payer) Regulations 2017 (the “Regulation”) under the E.U. Fourth Money Laundering Directive, to replace the Money Laundering Regulations 2007. The Regulation is due to go into effect on June 26, 2017, although it may be delayed. Under the... Read more »
Non-EU AIFs to be Subject to EU Rules
On May 4, 2017, the EU Commission adopted proposals to amend the current European Market Infrastructure Regulation (“EMIR”). The proposals contain a number of possible changes, but among them is a proposed change to the definition “financial counterparty” to include an Alternative Investment Fund (“AIF”), whether established in the EU or outside the EU, even if its manager is... Read more »
FINRA Seeks Comment on Proposed Revisions to Unfair Underwriting Rule
On April 15, 2017, the Financial Industry Regulatory Authority (“FINRA”) published Regulatory Notice 17-15, seeking comments on its proposed revisions to FINRA Rule 5110, which prohibits broker-dealers from being involved in unfair underwritings. The changes are, according to FINRA, designed to modernize the rule, first adopted in 1992 and updated last in 2004. The changes... Read more »
FINRA Proposes to Restructure Exams
On April 7, 2017, the Financial Industry Regulatory Authority (“FINRA”) published in the Federal Register its proposal (the “Proposal”), filed with the Securities and Exchange Commission on March 8, that would consolidate registration rules, restructure the representative-level qualification examination and amend continuing education requirements. Among other things, the Proposal would create a new exam, the Securities Industry Essentials... Read more »