The Law of the Financial Markets from Top Securities Lawyers
Wednesday, January 22, 2025
By: Mark J. Astarita, Esq. Defending an SEC Investigation Do you need an SEC Investigation Attorney? The answer is probably yes, since facing an SEC investigation can be intimidating for individuals or organizations, and defending against it requires expertise and insight. The SEC is a powerful regulatory entity that can […]
The New Civil Liberties Alliance (NCLA) thinks so. It filed suit on uesday against the SEC claiming that the agency, through its “Consolidated Audit Trail,” or “CAT,” program, is collecting mass amounts of personally identifiable data by forcing brokers, exchanges, clearing agencies and alternative trading systems to capture and send […]
The SEC Serves a Subpoena, or FINRA wants an OTR. Now what? By Mark J. Astarita, Esq. Introduction to SEC Subpoenas If you get a letter, phone call, or subpoena from the SEC (Securities and Exchange Commission) or FINRA (Financial Industry Regulatory Authority), take it seriously. Even if the person […]
FINRA, the Financial Industry Regulatory Association, is the successor to the National Association of Securities Dealers and is authorized by Congress to regulate and oversee the broker-dealer industry, insuring that it operates fairly and honestly. It oversees over 4,000 brokerage firms and more than 600,000 brokers across the country—and analyzes […]
It is always good to know what regulators are going to focus on, and to prepare for that exam. Today FINRA released its 2022 Report on Examination and Risk Monitoring Program (the Report). While not a road map it provides firms with information that may help inform their compliance programs. […]
While FINRA keeps adding rules on member firms to prevent the hiring of brokers with a misconduct history, it also harms brokers and firms who do not have a significant history of misconduct. This time around FINRA is hitting firms that it deems to be hiring disciplined brokers financially, by […]
Discovery has always been a problem in litigation matters. In broad strokes, plaintiffs want to see every document that might possibly have any bearing on any issue in the case, and defendants don’t want to produce a single document. The courts and arbitration panels spend a significant amount of time […]
For FINRA member firms, and employees of FINRA firms (even those who are not registered) FINRA Rule 8210 (Provision of Information and Testimony and Inspection and Copying of Books) gives FINRA the authority to request documents and testimony from firms, registered persons, and, in FINRA’s view, other persons and entities […]
When FINRA decides to change or modify any of its rules, or to add a new rule, it is required to provide notice to its members and the general public regarding the modification or addition and to allow for comment. It does this by a Notice of Rule Filing, which […]
Scheduling Order (PDF format 86 KB) The panel Chairperson has the responsibility to use the Scheduling Order to record the agreements reached during the Initial Prehearing Conference. The Chairperson should submit the Scheduling Order to NASD Dispute Resolution within 48 hours of the conference by electronic mail or facsimile transmission. […]
