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Table of Contents - Practising Law Institute

Table of Contents - Practising Law Institute

BROKER-DEALER REGULATION

BROKER-DEALER REGULATION § 2:2.3 Clerical and Ministerial Activities ........................ 2-13 § 2:2.4 “In the Business” .................................................. 2-14 § 2:2.5 Role of Compensation in Analysis ....................... 2-15 § 2:2.6 Specific Contexts .................................................. 2-19 [A] Finders .................................................................. 2-19 [B] Business Brokers, Private Placement Agents, and M&A Advisers ............................................... 2-20 [B][1] Private Placement Agents .................................. 2-20 [B][2] M&A Advisers ................................................... 2-22 [B][3] Business Brokers................................................ 2-23 [C] Networking Arrangements.................................... 2-24 [C][1] Banks ................................................................. 2-24 [C][2] Insurance ........................................................... 2-27 [D] Issuers and Their Associated Persons................... 2-28 [D][1] Issuers................................................................ 2-28 [D][2] Associated Persons of Issuers............................. 2-29 [D][3] Issuers and Associated Persons in Demutualizations, Exchange Offers, Conversions, Proxy Solicitations ....................... 2-32 [E] Bulletin Boards...................................................... 2-34 [F] ATSs and Securities Exchanges............................. 2-35 [G] Payroll Processing Services.................................... 2-37 [H] Personal Service Companies ................................. 2-39 [I] Other Service Providers to the Securities Industry, Broker-Dealers or Issuers....................... 2-40 [I][1] Communications Services ................................. 2-40 [I][2] Confirmation and Other Processors .................. 2-41 [I][3] Transfer Agents and Stock Plan Services ........... 2-42 [I][4] Research Services ............................................... 2-44 [I][5] Accountants....................................................... 2-46 [J] Investment Advisers ............................................. 2-48 § 2:3 What Is a Dealer? ......................................................... 2-48 § 2:3.1 Section 3(a)(5)(A) .................................................. 2-48 [A] Generally .............................................................. 2-48 [B] Buying and Selling Securities for Own Account..... 2-49 [C] Engaged in the Business ....................................... 2-50 § 2:3.2 “Traders” versus “Dealers”—Section 3(a)(5)(B) ..... 2-51 [A] Generally .............................................................. 2-51 [B] Funds As Traders .................................................. 2-55 [C] Issuers................................................................... 2-57 [D] Dealers in OTC Derivatives ................................. 2-58 § 2:4 What Is a Security?....................................................... 2-61 § 2:4.1 Statutory Definition.............................................. 2-61 § 2:4.2 Case Law on “Investment Contracts”................... 2-62 lii

[A] Generally .............................................................. 2-62 [B] Investment of Money............................................ 2-62 [C] Common Enterprise ............................................. 2-63 [D] Expectation of Profits............................................ 2-64 [E] Solely from the Efforts of the Promoter or a Third Party .................................................... 2-65 § 2:4.3 Case Law on “Notes”............................................ 2-66 § 2:4.4 OTC Derivatives................................................... 2-69 [A] Generally .............................................................. 2-69 [B] Case Law on Derivatives Prior to the Adoption of the Commodity Futures Modernization Act .... 2-69 [C] CFMA—Section 3A, 15(i)..................................... 2-70 [D] The Dodd-Frank Wall Street Reform and Consumer Protection Act ..................................... 2-71 [D][1] New and Amended Definitions ......................... 2-72 [D][1][a] “Swap,” “SBS” and “Security” ......................... 2-72 [D][1][b] “SBS Dealer,” “SBS MSP” and “SBS SEF” ....... 2-76 [D][1][c] Broker-Dealer Registration Issues.................... 2-79 [D][2] The Volcker Rule and Swaps Pushout Rule ....... 2-80 § 2:4.5 Security Futures .................................................... 2-81 § 2:5 Exempted Securities...................................................... 2-82 § 2:5.1 Generally............................................................... 2-82 § 2:5.2 Government Securities ......................................... 2-83 [A] Definition ............................................................. 2-83 [B] Regulation of Government Securities Brokers and Dealers.............................................. 2-83 § 2:5.3 Municipal Securities ............................................. 2-83 [A] Definition ............................................................. 2-83 [B] Regulation of Municipal Securities Dealers .......... 2-84 § 2:5.4 Other Exempted Securities.................................... 2-84 § 2:6 Intra-State Broker-Dealers ............................................ 2-84 § 2:7 Other Exemptions from Registration............................ 2-86 § 2:7.1 Commercial Paper Dealers.................................... 2-86 § 2:7.2 Foreign Broker-Dealers Operating Under Rule 15a-6............................................................. 2-87 [A] Background ........................................................... 2-87 [A][1] Pre-Rule 15a-6 Precedents ................................. 2-87 [A][2] Table of Contents Jurisdictional Language in Section 15 and Section 30.......................................................... 2-89 [B] Rule 15a-6............................................................. 2-92 [B][1] Generally ........................................................... 2-92 [B][2] Unsolicited Transactions ................................... 2-92 [B][3] Research............................................................. 2-93 [B][4] Rule 15a-6(a)(3) Arrangements .......................... 2-94 (Broker-Dealer Reg., Rel. #3, 5/13) liii

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