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Table of Contents - Practising Law Institute

Table of Contents - Practising Law Institute

BROKER-DEALER REGULATION

BROKER-DEALER REGULATION [C] Controlling Person Liability/Affirmative Defense .... 6-7 [D] SEC Requirements Regarding Standards for Supervision ............................................................. 6-8 § 6:3.2 FINRA Rules ........................................................... 6-9 [A] FINRA Rules 3130, 3310, FINRA/NASD Conduct Rules 3010–3012 ..................................... 6-9 [B] FINRA/NYSE Rules (342, 401, 405, 410)............. 6-15 [C] FINRA Membership Process................................. 6-16 [D] Examination Checks............................................. 6-17 § 6:3.3 Criminal Law........................................................ 6-17 [A] Prosecutorial Discretion........................................ 6-17 [B] Enforcement Matrix/Sentencing Guidelines ......... 6-18 § 6:3.4 Other Regulatory Programs—AML, Privacy, Telemarketing ....................................................... 6-18 § 6:4 Evolution of Supervisory Duty...................................... 6-20 § 6:4.1 Respondeat Superior ............................................. 6-20 § 6:4.2 Negligence, Recklessness, and Scienter................. 6-20 § 6:4.3 In re Reynolds & Co. Enforcement Action ........... 6-20 § 6:4.4 1963 SEC Duty to Supervise Report to Congress ............................................................... 6-21 § 6:4.5 1964 Amendments to Exchange Act Adding Section 15(b)(4)(E) ......................................... 6-21 § 6:4.6 ITSFEA of 1988 .................................................... 6-22 § 6:4.7 Change in SRO and SEC Approach in Mid 1990s .................................................................... 6-22 § 6:4.8 Gruttadauria and 2004 Amendments to NASD, NYSE Supervisory Rules........................... 6-23 § 6:5 Enforcement/Failure to Supervise ................................. 6-24 § 6:5.1 As a Form of Derivative Liability/Affirmative Defense ................................................................. 6-24 § 6:5.2 As an Additional Offense...................................... 6-25 § 6:5.3 As a Free-Standing Offense................................... 6-25 § 6:6 Functional Roles in Supervision and Internal Controls........................................................................ 6-25 § 6:6.1 Line Supervision ................................................... 6-26 § 6:6.2 Compliance........................................................... 6-26 § 6:6.3 Risk Management................................................. 6-26 § 6:6.4 Financial and Managerial Accounting and Information Systems............................................. 6-27 § 6:6.5 Internal Audit ....................................................... 6-27 § 6:7 Key Elements of Supervisory Program .......................... 6-27 § 6:7.1 Involvement of Board and Senior Management.... 6-28 § 6:7.2 Inventory What Needs to Be Supervised............... 6-28 § 6:7.3 Written Supervisory Policies and Procedures ........ 6-28 § 6:7.4 Assignment of Responsibility to Specific People .... 6-29 lxii

Table of Contents § 6:7.5 Qualification and Training of Supervisors and Other Personnel .................................................... 6-29 § 6:7.6 Centralized Versus Distributed Supervision.......... 6-29 § 6:7.7 Span of Supervision .............................................. 6-30 § 6:7.8 Automation of Supervisory Functions .................. 6-30 § 6:7.9 Daily Routines ...................................................... 6-30 § 6:7.10 Monthly, Quarterly, and Annual Routines............ 6-30 § 6:7.11 Process for Tracking and Following Up on Complaints and “Red Flags”................................. 6-31 § 6:7.12 Supervision of Change .......................................... 6-31 [A] New Products, Product Changes, and Complex Products ................................................................ 6-31 [B] New Offices and Personnel................................... 6-37 [C] New Lines of Business.......................................... 6-38 [D] Changes to Regulatory Requirements, Periodic Review and Update ............................................... 6-38 § 6:7.13 Supervision of Client Accounts ............................ 6-38 § 6:7.14 Supervision of Personnel, Correspondence and Email; Heightened Supervisory Obligations for Personnel and Firms with Past Enforcement Problems .......................................... 6-38 § 6:7.15 Supervision of Offices/OSJs................................... 6-40 § 6:7.16 Supervision of Lines of Business and Products..... 6-44 § 6:7.17 Supervision of Adherence to Particular Rules ....... 6-44 § 6:7.18 Supervision of Reporting, Books and Records....... 6-44 § 6:7.19 Compensation Systems......................................... 6-44 § 6:7.20 Role of Compliance Personnel .............................. 6-45 § 6:7.21 Diligence Regarding Third Parties ........................ 6-45 § 6:7.22 Verifying and Testing Supervisory Controls .......... 6-47 § 6:7.23 Risk Management Policies.................................... 6-48 § 6:7.24 Glossary of Key Terms .......................................... 6-49 Chapter 7 Establishment and Maintenance of a Supervisory Structure Clifford E. Kirsch & Sharon Bauer Berman § 7:1 Introduction.................................................................... 7-2 § 7:2 SEC and FINRA Rules Regarding Supervisory Structures........................................................................ 7-3 § 7:2.1 Designation of Principals........................................ 7-4 § 7:2.2 Designation of Offices ............................................ 7-5 [A] Offices of Supervisory Jurisdiction.......................... 7-5 [B] Branch Offices and Non-Branch Locations............. 7-6 § 7:2.3 Designation of Offices Under State Securities Laws........................................................ 7-7 (Broker-Dealer Reg., Rel. #3, 5/13) lxiii

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