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Securities Industry Employment Arbitration
  • Orrick, Herrington & Sutcliffe LLP
  • USA
  • May 25 2016

In the securities industry, the majority of all employment disputes are resolved through binding arbitration. This mandatory arbitration system is


Treasury Cites Cyber Challenges for Online Marketplace Lending Industry
  • Orrick, Herrington & Sutcliffe LLP
  • USA
  • May 19 2016

On May 10, 2016, the United States Department of Treasury (Treasury) became the latest federal agency to highlight the importance of cybersecurity in


FINRA Issues Largest Fine Regarding Variable Annuities Contracts
  • Orrick, Herrington & Sutcliffe LLP
  • USA
  • May 10 2016

On May 3, 2016, the Financial Industry Regulatory Authority announced that MetLife Securities, Inc. agreed to pay $25 million to settle allegations


FINRA Reports on Digital Investment Advice
  • Orrick, Herrington & Sutcliffe LLP
  • USA
  • March 21 2016

On March 15, the Financial Industry Regulatory Authority (commonly referred to as “FINRA”) issued a Report that emphasizes that offerings of digital


FINRA rule requiring filing of private placement offering documents
  • Orrick, Herrington & Sutcliffe LLP
  • USA
  • September 10 2012

On September 5, the SEC approved new FINRA rule 5123 requiring each member firm that sells an issuer’s securities in a private placement to file with FINRA a copy of any private placement memorandum, term sheet or other offering document within 15 days of the date of sale.


Regulatory notice - Private placements of securities
  • Orrick, Herrington & Sutcliffe LLP
  • USA
  • September 5 2012

The SEC approved new FINRA Rule 5123 to require each FINRA member firm that sells an issuer’s securities in a private placement, subject to certain exemptions, to file with FINRA a copy of any private placement memorandum, term sheet or other offering document the firm used within 15 calendar days of the date of the sale, or indicate that it did not use any such offering documents.


Investment advisors would pay for some SEC oversight
  • Orrick, Herrington & Sutcliffe LLP
  • USA
  • July 31 2012

Congress continues to struggle with the issue of proper oversight for investment advisors.


New SEC rule requires securities exchanges and FINRA to work together to improve monitoring of trading activity in the U.S.
  • Orrick, Herrington & Sutcliffe LLP
  • USA
  • July 17 2012

On July 11, 2012, the Securities and Exchange Commission (SEC) approved a new rule, which will require the national securities exchanges and self-regulatory organizations like the Financial Industry Regulatory Authority (FINRA) to establish a marketwide consolidated audit trail


FINRA fines Citigroup $35 million for violation of FINRA and SEC rules
  • Orrick, Herrington & Sutcliffe LLP
  • USA
  • May 29 2012

On May 22, 2012, the Financial Industry Regulatory Authority fined Citigroup $35 million for alleged rule violations, including providing investors with inaccurate information in connection with several RMBS offerings.


SEC approves amendments to FINRA arbitration rule
  • Orrick, Herrington & Sutcliffe LLP
  • USA
  • April 23 2012

On April 20, pursuant to the Dodd-Frank Act, the SEC approved amendments to FINRA Rule 13201 of the Code of Arbitration Procedure for Industry Disputes (Industry Code).