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SEC Continues Scrutiny of Municipal Bond Offerings

The SEC recently brought fraud charges against Sterlington, Louisiana and its former mayor and separately against Rochester, New York and its former executives and Rochester’s municipal advisors and principals/owners for misleading investors related to their respective bond offerings. At a high level, the SEC alleged (collectively between the two matters):…

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FINRA Proposes Remote Inspection Pilot Program

FINRA recently proposed amendments to FINRA Rule 3110 (Supervision) to adopt a voluntary, three-year pilot program (Pilot Program) to allow member firms to conduct remote branch office inspections.  In a nod to where things have headed since the onset of the Covid-19 pandemic (WFH and such), providing firms with the…

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SEC Proposes Amendments to Exchange Act Rule 15b9-1—Is FINRA Taking Over the Lease at 100 F Street NE?

Back in April 2022, we wrote about the SEC killing the Dealer/Trader distinction.  We also noted then that it would come as no surprise to see the SEC re-propose amendments to Exchange Act Rule 15b9-1.  Just a few months later, the SEC has done just that. Rule 15b9-1 currently exempts…

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FINRA Proposes to Publicly Identify “Restricted Firms” on BrokerCheck

BrokerCheck is the database through which FINRA publishes licensing, registration, and disciplinary history of brokerage industry firms and their personnel. BrokerCheck does not currently specify whether a particular firm is a “Restricted Firm”–one FINRA considers to “pose far higher risks to the public than firms of similar size” based on…

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SEC Alleges "Crypto Asset Securities" Insider Trading; Case Has Significant Implications for the Digital Asset Industry

Our recent client alert discusses the SEC complaint against three individuals alleging insider trading of digital assets via a scheme to trade ahead of multiple announcements regarding crypto assets being made available on a United States-based digital asset exchange at which one individual was a former product manager.

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SEC Publishes Spring Rulemaking Agenda: Torrid Pace Continues; Crypto Framework Noticeably Absent

Our recent client alert discusses the SEC’s “Reg Flex” agenda for rulemaking, which provides a glimpse into how the agency will prioritize its resources over the coming six months from a policy and rulemaking standpoint.

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