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BROKER-DEALER REGULATION PART IV: Compensation Practices Chapter 14 Compensation Susan Krawczyk § 14:1 Introduction.................................................................. 14-5 § 14:2 Compensation for Effecting Securities Transactions..... 14-5 § 14:2.1 Common Practices for Compensating Broker-Dealers....................................................... 14-6 [A] Securities Trades ................................................... 14-6 [B] Securities Offerings ............................................... 14-7 § 14:2.2 Disclosure Requirements for Compensation Arrangements........................................................ 14-8 [A] Transaction Confirmation Disclosure Requirements ........................................................ 14-8 [A][1] SEC Confirmation Disclosure Rules.................. 14-9 [A][1][a] Basic Compensation Disclosure Requirement.................................................... 14-9 [A][1][b] Disclosure of Odd-Lot Fees ........................... 14-11 [A][1][c] Disclosure of Rebates .................................... 14-11 [A][1][d] Disclosure of Payments for Order Flow ........ 14-11 [A][1][e] Penny Stock Compensation Disclosures....... 14-12 [A][2] Confirmations for Transactions Subject to FINRA Rules.................................................... 14-12 [A][2][a] Mutual Fund Deferred Sales Charge Disclosure ..................................................... 14-13 [A][3] Confirmations for Municipal Securities .......... 14-13 [A][4] [A][4][a] Confirmations for Mutual Fund Transactions..................................................... 14-14 Evolution of Mutual Fund Compensation Practices................................ 14-15 [A][4][b] SEC Staff Inquiry in 1994............................. 14-16 [A][4][c] Class Action Litigation ................................. 14-17 [A][4][d] 2003 Enforcement Proceeding....................... 14-17 [A][5] Proposed Point-of-Sale and Confirmation Rules ................................................................ 14-18 [A][6] Proposed Amendments to SEC Confirmation Rule........................................... 14-19 [B] Offering Document Disclosure Requirements...... 14-19 [B][1] Disclosures Applicable to Corporate Offerings .......................................................... 14-20 [B][1][a] SEC Registration Statement Forms............... 14-21 [B][1][b] FINRA Corporate Financing Rule ................. 14-22 [B][1][c] FINRA Direct Participation Program Rule ...... 14-24 lxxiv
[B][2] Disclosures Applicable to Mutual Fund Offerings ......................................................... 14-25 [B][2][a] SEC Registration Statement Form ................ 14-25 [B][2][a][i] Prospectus Disclosure ................................ 14-25 [B][2][a][ii] SAI Disclosure ........................................... 14-26 [B][2][a][iii] Part C Disclosure....................................... 14-27 [B][2][b] FINRA Investment Company Rule ............... 14-27 [B][2][c] Disclosure Proposals ..................................... 14-28 [B][3] Disclosures Applicable to Variable Insurance Contracts Offerings......................... 14-28 [B][4] Disclosures Applicable to Municipal Securities Offerings.......................................... 14-30 [B][5] Private and Exempt Offerings .......................... 14-31 [B][6] Additional Fees When Participating in Offerings .......................................................... 14-31 [C] Antifraud Provisions ........................................... 14-32 [C][1] Rule 10b-5 Under the 1934 Act ...................... 14-32 [C][2] Section 17(a)(2) of the 1933 Act...................... 14-33 [C][3] SRO Antifraud Rules ....................................... 14-33 [C][4] State Antifraud and Business Practice Rules ... 14-34 § 14:2.3 Regulatory Restrictions on Compensation Arrangements...................................................... 14-35 [A] Restrictions on Compensation for Securities Trades ................................................................. 14-35 [A][1] Commissions, Markups and Markdowns........ 14-35 [A][1][a] FINRA Fair Prices and Commissions Rule ..... 14-37 [A][1][b] MSRB Prices and Commissions Rule ........... 14-40 [A][1][c] Best Execution Rule....................................... 14-43 [A][2] Restrictions on Other Fees and Charges.......... 14-44 [A][3] Alternative Fee Structures: Asset-Based Fee Brokerage Accounts.......................................... 14-44 [B] Restrictions on Compensation for Securities Offerings ............................................................. 14-47 [B][1] SEC-Registered Offerings ................................. 14-47 [B][1][a] [B][1][a][i] Table of Contents Corporate Offerings and the FINRA Corporate Financing Rule ............................. 14-48 Prohibition on Certain Hiring Practices..................................................... 14-49 [B][1][a][ii] Indeterminate Compensation.................... 14-50 [B][1][a][iii] Non-Cash Compensation .......................... 14-50 [B][1][b] FINRA Direct Participation Programs........... 14-51 [B][1][b][i] Indeterminate Compensation.................... 14-52 [B][1][b][ii] Non-Cash Compensation .......................... 14-53 [B][1][b][iii] Rollup Transactions ................................... 14-54 (Broker-Dealer Reg., Rel. #3, 5/13) lxxv
Page 1 and 2: Table of Contents VOLUME 1 About th
Page 3 and 4: [A] Generally .....................
Page 5 and 6: Table of Contents Chapter 3 Brokers
Page 7 and 8: Table of Contents Chapter 5 Broker-
Page 9 and 10: Table of Contents § 5A:6.2 Exempti
Page 11 and 12: Table of Contents [E] Damages .....
Page 13 and 14: Table of Contents § 6:7.5 Qualific
Page 15 and 16: § 8:3.5 Training..................
Page 17 and 18: § 10:5 Harmonizing the Broker-Deal
Page 19 and 20: Table of Contents § 12:2.7 Use of
Page 21 and 22: § 13:2 Establishment and Maintenan
Page 23: § 13:4.2 Firm-Initiated Transfers
Page 27 and 28: Table of Contents [C][2] Financial
Page 29 and 30: § 15:2.3 MSRB Rules ..............
Page 31 and 32: [D][3] SEC v. Materia: Misappropria
Page 33 and 34: § 17:4 SRO Research Rules.........
Page 35 and 36: § 17:6 Global Research Analyst Set
Page 37 and 38: § 18:5.2 Definition of Exchange ..
Page 39 and 40: § 18:7.2 Exchange Act Rule 15c3-5
Page 41 and 42: [D] Price Improvement .............
Page 43 and 44: Table of Contents § 20:5.2 The Dut
Page 45 and 46: Table of Contents [D] Introducing B
Page 47 and 48: § 25:3 Understanding the Arrangeme
Page 49 and 50: Table of Contents § 25:17.31 Anti-
Page 51 and 52: Table of Contents § 27:7.1 Disclos
Page 53 and 54: Table of Contents § 28:2.4 Fraudul
Page 55 and 56: [C] Risk Management for Banks......
Page 57 and 58: Table of Contents Chapter 31A SEC a
Page 59 and 60: PART X: Compliance, Examinations, a
Page 61 and 62: Table of Contents § 33:3.8 Where R
Page 63 and 64: [B] Administrative Proceedings.....
Page 65 and 66: § 36:2.2 To What Extent Should the
Page 67 and 68: Table of Contents § 37:4.1 Broker-
Page 69 and 70: Table of Contents § 37B:2.3 Arbitr
Page 71 and 72: § 37C:3.2 Institutional Investment
Page 73 and 74: Table of Contents § 37D:3 Treasury
Page 75 and 76:
Table of Contents § 38:6.4 Educati
Page 77 and 78:
§ 39:5.6 Rule G-34 CUSIP Numbers a
Page 79 and 80:
§ 40:2.2 Municipal Entity and Obli
Page 81 and 82:
Table of Contents [E] Communication
Page 83 and 84:
§ 42:4.3 Exclusive Benefit Rule...
Page 85 and 86:
Table of Contents [C] Underwriting
Page 87 and 88:
Table of Contents [D] Implications
Page 89 and 90:
§ 42C:3.2 Consequences of Breachin
Page 91 and 92:
Table of Contents § 42D:3.3 Applic
Page 93 and 94:
§ 42E:6 Considerations in Connecti
Page 95 and 96:
PART XVI: Special Topics Table of C
Page 97 and 98:
§ 44:4 FINRA Rule 5121 (Public Off
Page 99 and 100:
§ 44:9.3 Procedures Required by Ru
Page 101 and 102:
[B][3] Stabilizing When the Princip
Page 103 and 104:
Chapter 46 U.S. Securities Activiti
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