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Fried Frank Harris Shriver & Jacobson LLP | USA | 12 Sep 2023
Broker-Dealer Fined for Failing to Respond to Potential Manipulative Trading
A broker-dealer settled charges with FINRA and multiple exchanges (see Primary Sources below) for failing to properly surveil its client…
Fried Frank Harris Shriver & Jacobson LLP | USA | 1 Sep 2023
Broker-Dealer Penalized for Material Omissions in Customer Statements
A broker-dealer settled FINRA charges for disclosure failures on consolidated statements sent to customers. In a Letter of Acceptance, Waiver and…
Mintz | USA | 29 Aug 2023
The SJC Shocks Financial Services Industry by Taking Victory Away from Robinhood and Giving it to the Secretary of State
In a widely anticipated decision, the Massachusetts Supreme Judicial Court unanimously upheld the Massachusetts Fiduciary Duty Rule, which imposes a…
K&L Gates LLP | USA | 28 Aug 2023
Brokers Beware - The Massachusetts Fiduciary Rule is Here to Stay
On 25 August 2023, the Massachusetts Supreme Judicial Court reversed a Massachusetts Superior Court ruling and denied Robinhood Financial LLC’s…
Fried Frank Harris Shriver & Jacobson LLP | USA | 25 Aug 2023
Massachusetts Court Says Broker-Dealers Can Be Held to Fiduciary Standard
The Massachusetts Supreme Judicial Court held that the Secretary of State could reasonably adopt a new rule under state law that holds broker-dealers…
Fried Frank Harris Shriver & Jacobson LLP | USA | 25 Aug 2023
PCAOB Reports on Deficiencies in the Audits of Broker-Dealers
The Public Company Accounting Oversight Board ("PCAOB") identified deficiencies in the audits of broker-dealers that the PCAOB observed during its…
Fried Frank Harris Shriver & Jacobson LLP | USA | 18 Aug 2023
Broker-Dealer Fined for Inadequate Order Routing Reports
A broker-dealer settled FINRA charges for inaccurately reporting information pertaining to its handling of customers' orders in National Market…
Fried Frank Harris Shriver & Jacobson LLP | USA | 17 Aug 2023
Broker-Dealer Fined for Option Positions Reporting Failures
A broker-dealer settled FINRA charges for failing to make accurate reports of OTC options to the Large Options Positions Reporting ("LOPR") system…
Fried Frank Harris Shriver & Jacobson LLP | USA | 16 Aug 2023
Broker-Dealer Fined for Failing to Update Membership Agreement
A broker-dealer settled charges with FINRA for operating a number of offices in excess of the amount agreed upon in its membership agreement with…
Fried Frank Harris Shriver & Jacobson LLP | USA | 16 Aug 2023
Broker-Dealer Settles DOJ Charges for Defrauding Investors in the Sale of RMBS
A global bank and its subsidiaries settled charges brought by the Department of Justice for allegedly defrauding investors in connection with the…
