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Table of Contents - Practising Law Institute

Table of Contents - Practising Law Institute

BROKER-DEALER REGULATION

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

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