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Table of Contents - Practising Law Institute

Table of Contents - Practising Law Institute

BROKER-DEALER REGULATION

BROKER-DEALER REGULATION [C] FINRA Staff Interpretations of FINRA Rule 3270 and FINRA/NASD Conduct Rule 3040 .................. 9-7 [C][1] Coverage of FINRA Rule 3270 and FINRA/NASD Rule 3040..................................... 9-7 [C][2] Interpretation of “Selling Compensation” ........... 9-9 [C][3] Required Form of Written Notice and Written Approval ............................................... 9-10 [C][4] Record-Keeping Requirement ............................. 9-10 [C][5] Application of Net Capital and Customer Protection Requirements to Conduct Rule 3040 Transactions ..................................... 9-12 [D] History and Purpose of FINRA Rule 3270 and FINRA/NASD Rule 3040...................................... 9-12 [E] Disciplinary Actions Under FINRA Rule 3270 and FINRA/NASD Conduct Rule 3040 ................ 9-15 [F] Affirmative Obligation to Conduct Surveillance for Unreported Activities ...................................... 9-18 [G] Interaction with Investment Advisers Act Ethics and Compliance Rules .......................................... 9-18 § 9:3.2 FINRA Conduct Rule 3050................................... 9-19 [A] Exception for Transactions in Investment Company Securities .............................................. 9-19 [B] Application of FINRA Rule 3270 and FINRA/NASD Conduct Rule 3040 to Transactions Covered by Conduct Rule 3050 ..........9-20 § 9:3.3 FINRA/NYSE Rule 346 ......................................... 9-20 § 9:4 Written Supervisory Procedures .................................... 9-21 § 9:5 Overlapping Jurisdiction and Conflict with Other Regulatory Regimes....................................................... 9-21 PART III: The Customer Relationship Chapter 10 Broker-Dealer and Adviser Uniform Standard of Care Bruce Maisel & Clifford E. Kirsch § 10:1 Introduction.................................................................. 10-2 § 10:2 Chronology—Regulatory Response to Convergence of Broker-Dealer and Advisory Services ........................ 10-2 § 10:3 Standard of Care Imposed Under the Current Regulatory Structure.................................................. 10-5 § 10:4 Treatment of Broker-Dealers Under the Advisers Act .....10-6 § 10:4.1 Generally............................................................... 10-6 § 10:4.2 RAND Report ....................................................... 10-7 lxvi

§ 10:5 Harmonizing the Broker-Dealer and Investment Adviser Standard of Care ........................... 10-8 § 10:6 Legislative Proposals ..................................................... 10-9 § 10:6.1 Investor Protection Act of 2009............................ 10-9 § 10:6.2 House Proposal ..................................................... 10-9 § 10:6.3 Senate Banking Committee Proposal.................. 10-10 § 10:6.4 Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010........................................ 10-11 [A] The SEC Study ................................................... 10-13 [B] SEC’s Request for Cost/Benefit Data .................. 10-16 [B][1] Assumptions about a Possible Uniform Fiduciary Standard........................................... 10-17 [B][2] Possible Uniform Fiduciary Standard .............. 10-18 [B][3] Possible Alternatives to a Uniform Standard.... 10-19 [B][4] Key Industry Concerns .................................... 10-20 [B][5] [B][6] Table of Contents Information about Changes Made in Response to 2007 Wrap Fee Account Rule Case......................................................... 10-21 Information about Further Regulatory Harmonization ................................................ 10-21 § 10:7 Practical Implications to Consider ............................. 10-22 § 10:8 Other Initiatives ......................................................... 10-23 § 10:8.1 Separate Department of Labor Proposed Rule—Definition of the Term “Fiduciary” .......... 10-23 § 10:8.2 The GAO’s Financial Planner Study .................. 10-24 Chapter 11 Customer Transactions: Suitability, Unauthorized Trading, and Churning Charles R. Mills, Andrew E. Porter & Ronald A. Holinsky § 11:1 Introduction.................................................................. 11-2 § 11:1.1 The Suitability Doctrine and Its Origins .............. 11-3 [A] FINRA Rule 2111 ................................................. 11-4 [B] FINRA Rule 2090 ................................................. 11-5 § 11:1.2 Practical Considerations in Applying the Suitability Doctrine............................................... 11-6 [A] Investment Objectives .......................................... 11-6 [B] Investment Risk.................................................... 11-8 [C] Evaluation of Investment Costs............................ 11-9 [D] Investigation of Customer Finances and Investment Objectives ........................................ 11-11 [E] Unsolicited Orders.............................................. 11-12 [F] Broker-Dealer Sales Training and Compensation Policies........................................ 11-13 (Broker-Dealer Reg., Rel. #3, 5/13) lxvii

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