Views
3 years ago

Table of Contents - Practising Law Institute

Table of Contents - Practising Law Institute

BROKER-DEALER REGULATION

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

Coverage List - Practising Law Institute
Practising Law Institute 14th Annual Real Estate Tax Forum UPREIT ...
Practising Law Institute's Understanding Insurance ... - Reed Smith
Help Menu - Discover PLUS - Practising Law Institute
PLI's Patent Bar - Practising Law Institute
Practising Law Institute CLE Program Current ... - Reed Smith
Table of Contents
Table of Contents - The Center for International Environmental Law
Table Of Contents - International Institute for Building Biology and ...
Table of Contents - HNX
Slides - Food and Drug Law Institute
table of contents this is noble - Noble Group
Table of Contents - Brevard Public Schools
Table of Contents - Upper Saucon Township
Practising Law Institute - Seyfarth Shaw LLP
View the table of contents and read an excerpt - WorldatWork
TABLE OF CONTENTS - Veterinary Medicines Directorate - Defra
Table of Contents - Richland College - Dallas County Community ...
10 TABLE CONTENTS pgs I-X new.qxp - Monmouth County
Table Of Contents - International Institute for Building Biology and ...
From False Claims Act to FIRREA - Practising Law Institute
UNMC PA Program Student Handbook Table of Contents 1. Mission ...
TABLE OF CONTENTS - Kenora.ca
Table of Contents - D-Link