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FINRA Proposes to Remove “Control” as Quantitative Suitability Requirement

USA - June 5 2018 FINRA recently proposed to remove the broker’s “control” of a securities account as a required element of a “quantitative suitability” violation under…

SCOTUS: Pure ‘33 Act Class Actions Not Removable Under SLUSA

USA - March 21 2018 A unanimous Supreme Court today held that “covered class actions” over exchange-traded securities are not removable from state courts under SLUSA when…

Fifth Circuit Vacates DOL Fiduciary Rule

USA - March 16 2018 It was the Ides of March for the Obama Administration’s “fiduciary duty rule” that sought to remake much of nation’s financial markets by back-door…

“Clearing & Settlement” Exception to Trustee’s Avoiding Powers Saves Only Payments “To” (not “Through”) Market Intermediaries

USA - March 5 2018 Last week, the unanimous Supreme Court clarified that the “clearing and settlement” exception to a bankruptcy trustee’s avoiding powers covers only…

Dodd-Frank Whistleblowers Must Have Reported to SEC

USA - February 22 2018 In a triumph of positive statutory law over Chevron deference to the administrative state, the unanimous Supreme Court held this week that Dodd-Frank…