The Law of the Financial Markets from Top Securities Lawyers
Wednesday, July 1, 2026
As I discussed in the original article, and its updates, despite years of discussion and proposals, there has been no significant changes in the regulation of finders. The SEC’s 2020 proposal for a two-tier finder exemption was never finalized. Therefore, the traditional broker-registration analysis under Exchange Act Section 15(a) still […]
From my post on LinkedIn today: The SEC’s rescission of its gag rule is a welcome event, as forcing settling respondents to remain silent about the allegations they have denied is manifestly unfair. However, as detailed in this Cleary Gottlieb post, the issues surrounding an SEC settlement remain. What struck […]
What Is the SEC’s “Gag Rule”? For decades, the SEC has used a settlement condition that most defendants learn about only when they are negotiating with the agency: if you settle, you cannot publicly deny the allegations. Formally embedded in Rule 202.5(e), the policy requires settling parties to agree that […]
The SEC released its FY 2025 enforcement results, marking a shift away from the prior Commission’s emphasis on headline-driven case volume and toward a more traditional, fraud-centered enforcement philosophy. Chairman Paul S. Atkins and Commissioner Mark Uyeda emphasized a return to Congress’s original intent by prioritizing cases that directly protect […]
Russ Ryan argues that the Supreme Court’s recent decision in Galette v. New Jersey Transit Corporation may undermine decades of court‑created “regulatory immunity” for FINRA and other self‑regulatory organizations. The author explains that although FINRA is a private corporation not bound by constitutional limits, courts have simultaneously granted it sweeping […]
The SEC alleges that improper accounting practices inflated reported operating profit within the Nutrition segment during fiscal years 2019, 2021, and 2022.
A request under FINRA Rule 8210 is a very serious regulatory event. It can be addressed by a registered representative, a broker-dealer, or an associated person. These requests are not informal inquiries. They are compulsory demands supported by FINRA’s disciplinary authority. Failing to respond fully, accurately, and on time can […]
FINRA Regional Office Reorganization – Effective December 8, 2025 FINRA just announced that there is going to be an organizational change at DRS. Effective December 8, 2025, DRS is consolidating from four regions to three: East (New York), Central (Chicago), and West (Los Angeles). The statement claims that the streamlined […]
Insider Trading Lawyer for SEC & FINRA Investigations – Protect your reputation, your license, and your future. If you or your firm is facing questions about insider trading, early counsel is critical. Regulatory agencies—including the SEC, FINRA, and the Department of Justice—prioritize insider trading enforcement and aggressively pursue civil and […]
By Mark J. Astarita, Esq. A repeating question on my website comes from brokers who are named in an arbitration proceeding by a customer, and whose firm offers to provide an attorney to represent both the broker and the firm. The question is always, do I need my own attorney? […]
