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BROKER-DEALER REGULATION [C] Other Proposals Governing Cash Compensation to Associated Persons ............... 14-124 § 14:4.3 Regulation of Non-Cash Compensation for Associated Persons in Securities Offerings........ 14-125 [A] Overview........................................................... 14-125 [B] Definition of Non-Cash Compensation ........... 14-126 [C] Applicable to All Associated Persons ................ 14-126 [D] “In Connection With” Requirement ................. 14-127 [E] Restrictions on Associated Person Receipt of Stock and Other Securities ............................... 14-127 [F] Exceptions for Permissible Non-Cash Compensation .................................................. 14-127 [F][1] Non-Incentive Small Gifts, Meals and Entertainment................................................ 14-127 [F][2] Non-Incentive Training and Education.......... 14-128 [F][3] Incentive Non-Cash Compensation Programs........................................................ 14-130 [F][3][a] Total Production.......................................... 14-131 [F][3][b] Nature of Non-Cash Compensation ........... 14-133 [G] Other Compensation ........................................ 14-133 § 14:4.4 Record-Keeping Requirements........................... 14-134 Chapter 15 Mark-Ups Stephanie Nicolas & Tiffany Smith § 15:1 Introduction.................................................................. 15-3 § 15:2 Regulatory Schemes ...................................................... 15-4 § 15:2.1 Federal Securities Laws ......................................... 15-4 [A] Antifraud Provisions Under the Securities Laws ..................................................... 15-5 [B] Mark-Up Disclosure Requirements: SEC Rules 10b-10 and 15g-4 ................................ 15-7 [B][1] SEC Rule 10b-10: Confirmations ...................... 15-7 [B][2] SEC Rule 15g-4: Penny Stock Transactions..................................................... 15-10 [C] Liability for Failure to Supervise ......................... 15-11 § 15:2.2 FINRA Rules and Interpretations ....................... 15-11 [A] FINRA & NASD Conduct Rules ........................ 15-11 [B] FINRA Mark-Up Policy: NASD IM-2440-1........ 15-14 [C] FINRA Debt Mark-Up Policy: NASD IM-2440-2 ............................................... 15-17 [D] Net Trading by Market Makers: NASD Rule 2441 ................................................ 15-18 [E] Liability for Failure to Supervise ......................... 15-19 lxxviii
§ 15:2.3 MSRB Rules ........................................................ 15-20 [A] Pricing Guidelines............................................... 15-21 [B] Disclosure Requirements .................................... 15-24 § 15:2.4 Blue Sky Laws ..................................................... 15-24 § 15:3 Determining Prevailing Market Price ......................... 15-26 § 15:3.1 Prevailing Market Price Generally ...................... 15-26 § 15:3.2 Prevailing Market Price for Firms That Are Not Acting As Market Makers............................ 15-27 [A] Contemporaneous Cost ...................................... 15-27 [B] Prices in Inter-Dealer Transactions..................... 15-29 [C] Quotations.......................................................... 15-29 § 15:3.3 Prevailing Market Price for Firms That Act As Market Makers .............................................. 15-31 [A] Use of Inter-Dealer Prices for Actively Traded Securities................................................. 15-31 [B] Use of Quotations for Active and Competitive Markets............................................................... 15-33 [C] Use of Contemporaneous Cost for Inactive But Competitive Markets ................................... 15-35 [D] Dominated and Controlled Markets................... 15-35 [E] Market Maker Status in the Debt Markets............................................................... 15-39 § 15:3.4 Prevailing Market Price for Debt Securities (Except Municipal Securities): FINRA’s Debt Mark-Up Policy................................................... 15-42 [A] The Contemporaneous Cost Presumption ......... 15-43 [B] Overcoming the Presumption ............................. 15-44 [C] The Hierarchy of Pricing Information ................ 15-45 [D] Analysis of “Similar Securities”.......................... 15-46 [E] Economic Models ............................................... 15-47 [F] Table of Contents Exclusion of Certain Transactions with Institutional Customers...................................... 15-47 § 15:3.5 Prevailing Market Price for Municipal Securities............................................................. 15-49 § 15:4 Guidelines for Determining Whether a Mark-Up Is “Excessive” .............................................. 15-51 § 15:4.1 General Principles............................................... 15-51 [A] Relevance of Industry Standards......................... 15-52 [B] Relevance of Risk................................................ 15-53 § 15:4.2 Mark-Ups on Equity Securities........................... 15-54 § 15:4.3 Mark-Ups on Debt Securities ............................. 15-55 [A] Generally ............................................................ 15-55 [B] High Yield Bonds ................................................ 15-57 § 15:4.4 Mark-Ups on Municipal Securities..................... 15-59 § 15:4.5 Mark-Ups on Zero-Coupon Securities................ 15-62 (Broker-Dealer Reg., Rel. #3, 5/13) lxxix
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 and 24: § 13:4.2 Firm-Initiated Transfers
Page 25 and 26: [B][2] Disclosures Applicable to Mu
Page 27: Table of Contents [C][2] Financial
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
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§ 42:4.3 Exclusive Benefit Rule...
Page 85 and 86:
Table of Contents [C] Underwriting
Page 87 and 88:
Table of Contents [D] Implications
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§ 42C:3.2 Consequences of Breachin
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Table of Contents § 42D:3.3 Applic
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§ 42E:6 Considerations in Connecti
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PART XVI: Special Topics Table of C
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§ 44:4 FINRA Rule 5121 (Public Off
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§ 44:9.3 Procedures Required by Ru
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[B][3] Stabilizing When the Princip
Page 103 and 104:
Chapter 46 U.S. Securities Activiti
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