Monthly Archives: April 2017

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 »

FINRA Issues Proposed Safe Harbor Exemption for Desk Commentary

On April 11, 2017, the Financial Industry Regulatory Authority (“FINRA”) issued Regulatory Notice 17-16 proposing a safe harbor exemption from many of the research rules for certain desk commentary.  Firms may also decide that other desk commentary outside the proposal is not research, but if the desk commentary fits within the safe harbor it will be… Read more »

U.K. May Propose Register of Non-U.K. Companies

On April 5, 2017, the U.K. Department for Business, Energy & Industrial Strategy issued a call for evidence for a register in Companies House of non-U.K. companies that own or buy property in the United Kingdom or that participate in U.K. government procurement.  Responses are due by May 15, 2017.  A register of foreign companies… Read more »

U.K. Further Implements MIFID II

In March, the U.K. issued the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (2017/488) (the “Order 1”) and the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2017 (2017/500) (the “Order 2”), implementing part of MIFID II. which is the European Union’s update of regulation of the financial services… Read more »

New Law on Private Fund Limited Partnerships in the U.K.

On April 6, 2017, the Legislative Reform (Private Fund Limited Partnerships) Order 2017 (the “Order”) went into affect, amending the U.K. Limited Partnerships Act.  The Order creates a new category of limited partnership, the private fund limited partnership (the “PFLP”).  A PFLP application must include confirmation by the general partner that the “private fund conditions”… Read more »

New “Special Study” of the Securities Market by Columbia Law and Business Schools

Columbia University Law and Business Schools announced that they will jointly carry out a new “Special Study” of the U.S. securities markets under a grant from the NASDAQ Educational Foundation.  The prior “Special Study” was published in 1963, and resulted in a number of significant changes in securities regulation, so there is some interest in… Read more »