Views
3 years ago

Table of Contents - Practising Law Institute

Table of Contents - Practising Law Institute

BROKER-DEALER REGULATION

BROKER-DEALER REGULATION § 18A:5 The Dodd-Frank Act.................................................18A-22 § 18A:5.1 Section 929X ..................................................18A-23 § 18A:5.2 Section 417.....................................................18A-23 § 18A:5.3 Comment Request..........................................18A-24 Chapter 19 Best Execution and Customer Order Handling Marcia L. MacHarg & George Braxton Raine § 19:1 Introduction.................................................................. 19-3 § 19:1.1 Financial Industry Regulatory Authority (FINRA) ................................................................ 19-6 § 19:2 Types of Orders and Execution Forums........................ 19-6 § 19:2.1 Agents and Principals ........................................... 19-6 [A] Brokers.................................................................. 19-7 [B] Dealers.................................................................. 19-7 [C] Market Makers and Specialists ............................. 19-7 [D] Riskless Principals ................................................ 19-8 § 19:2.2 Types of Orders ..................................................... 19-8 [A] Customer Orders Versus Non-Customer Orders ................................................................... 19-8 [B] Market Orders ...................................................... 19-9 [C] Limit Orders ......................................................... 19-9 [D] Orders for Execution at Specific Time ................ 19-10 [E] Fill-or-Kill and All-or-None Orders..................... 19-10 [F] Directed Orders .................................................. 19-11 [G] Discretionary Orders........................................... 19-11 [H] Block Trades........................................................ 19-11 [I] Small Orders; Odd-Lot Orders............................ 19-12 [J] Short Sales .......................................................... 19-12 [K] Cross Trades ....................................................... 19-12 § 19:2.3 Markets, Trading Systems, and Other Forums for Execution.......................................... 19-13 [A] Exchanges ........................................................... 19-13 [B] OTC Markets ..................................................... 19-13 [C] Automated Trading Systems (ATSs).................... 19-14 § 19:3 Best Execution ............................................................ 19-15 § 19:3.1 Underlying Legal Basis for the Duty of Best Execution .................................................... 19-15 [A] Origins of the Best Execution Duty .................... 19-15 [B] Regulatory Definition of Best Execution............. 19-16 § 19:3.2 Factors in Determining Best Execution .............. 19-18 [A] Reasonable Diligence .......................................... 19-18 [B] Best Price ............................................................ 19-19 [C] National Best Bid and Offer (NBBO) and the Newton Case ...................................................... 19-21 xc

[D] Price Improvement ............................................. 19-22 [E] Speed and Timing of Execution .......................... 19-22 [F] Certainty of Execution........................................ 19-23 [G] Anonymity and Other Client-Specific Questions............................................................ 19-23 [H] Interpositioning .................................................. 19-23 § 19:3.3 To Whom and When the Duty of Best Execution Is Owed.............................................. 19-24 [A] Duty Owed to Customers................................... 19-24 [B] Evaluation and Procedural Duties in Best Execution ............................................................ 19-26 § 19:3.4 Securities Fraud................................................... 19-28 § 19:4 Addressing Priority of Interests in Execution ............. 19-28 § 19:4.1 Conflicts of Interest ............................................ 19-28 [A] Internalization .................................................... 19-29 [B] Preferencing ........................................................ 19-30 [C] Related Investment Advisers and Investment Companies.......................................................... 19-30 § 19:4.2 Priority of Execution Among Customers ............ 19-30 [A] Table of Contents Basic Rule: Execute Customer Orders Chronologically................................................... 19-31 [B] Block Trades........................................................ 19-31 § 19:4.3 Proprietary Trades ............................................... 19-32 [A] Basic Rule: Never Trade Ahead of Customers ...... 19-32 [B] Limit Orders ....................................................... 19-33 § 19:4.4 Front Running..................................................... 19-36 § 19:5 Other Order Handling Rules ...................................... 19-37 § 19:5.1 Maintaining Professional Standards in Order Handling ............................................................. 19-37 § 19:5.2 Backdrop of the National Market System........... 19-38 § 19:5.3 Trade-Through Rules........................................... 19-40 § 19:5.4 Other Sources for Regulation.............................. 19-41 § 19:6 Record Keeping for Order Handling............................ 19-42 § 19:6.1 Order Tickets and Trade Confirmations............. 19-42 § 19:6.2 Records of Trade Execution................................. 19-44 § 19:6.3 Order Audit Trail System (OATS) ....................... 19-44 Chapter 20 Soft Dollars and Other Means of Obtaining Business Andrew L. Bab & Kenneth J. Berman § 20:1 Introduction.................................................................. 20-3 § 20:2 What Are Soft Dollars?................................................. 20-3 § 20:3 The Basic Legal Framework: Section 28(e) ................... 20-6 (Broker-Dealer Reg., Rel. #3, 5/13) xci

Coverage List - Practising Law Institute
Help Menu - Discover PLUS - Practising Law Institute
PLI's Patent Bar - Practising Law Institute
Practising Law Institute 14th Annual Real Estate Tax Forum UPREIT ...
Practising Law Institute's Understanding Insurance ... - Reed Smith
Practising Law Institute - Seyfarth Shaw LLP
Practising Law Institute CLE Program Current ... - Reed Smith
TABLE OF CONTENTS - Securities Commission of the Bahamas
Table of Contents - TradeMotion.com
Table of Contents
Table of Contents - The Center for International Environmental Law
table of contents - SUNY Institute of Technology
Table of contents - Johns Hopkins Medical Institutions
Table Of Contents - International Institute for Building Biology and ...
Table Of Contents - International Institute for Building Biology and ...
From False Claims Act to FIRREA - Practising Law Institute
Table Of Contents - International Institute for Building Biology ...
table of contents - Active Lifestyle Institute Mountain Home
TABLE OF CONTENTS - Kenora.ca
Table of Contents - HNX
Table of Contents - D-Link