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Table of Contents - Practising Law Institute

Table of Contents - Practising Law Institute

BROKER-DEALER REGULATION

BROKER-DEALER REGULATION § 20:3.1 Investment Discretion .......................................... 20-8 § 20:3.2 Brokerage Commissions: Agency and Principal Transactions.......................................................... 20-9 [A] Principal Transactions and the 2001 Guidance............................................................... 20-9 [B] Over-the-Counter Agency Transactions .............. 20-11 [C] Transactions in Futures ...................................... 20-11 [D] Primary Offerings; Selling Concessions and FINRA Rule 5141 ............................................... 20-12 § 20:3.3 Brokerage and Research Services......................... 20-13 [A] Generally ............................................................ 20-13 [B] The Eligibility Finding ........................................ 20-15 [B][1] Research and Publications; the Expression of Reasoning and Knowledge ............................... 20-15 [B][2] Brokerage ......................................................... 20-17 [C] The Use Finding................................................. 20-18 [D] The Reasonableness Finding............................... 20-19 [E] Examples of Services Within and Outside the Safe Harbor................................................... 20-19 [F] Mixed-Use Items; Proxy Voting Services ............ 20-24 § 20:3.4 The “Provided By” and “Effected” Conditions; Step-Out Transactions ........................................ 20-26 [A] Generally ............................................................ 20-26 [B] Multiple Brokers: Commission Sharing and Step-Out Transactions ........................................ 20-27 [B][1] Commission-Sharing Arrangements................ 20-27 [B][2] The Goldman Sachs and Capital Institutional No-Action Letters ............................................ 20-28 [B][3] Step-Out Transactions ..................................... 20-30 § 20:4 The Investment Adviser’s Obligations and Potential Liabilities ..................................................... 20-31 § 20:4.1 Generally............................................................. 20-31 § 20:4.2 Related Liability Theories ................................... 20-32 [A] The Investment Advisers Act ............................. 20-32 [A][1] Section 206...................................................... 20-32 [A][2] Section 207...................................................... 20-34 [B] The Exchange Act............................................... 20-35 [C] The Securities Act............................................... 20-35 § 20:4.3 Disclosure Requirements .................................... 20-35 § 20:4.4 Compliance Procedures and Supervisory Obligations ...................................... 20-38 § 20:5 The Broker-Dealer’s Obligations and Potential Liabilities ..................................................... 20-39 § 20:5.1 Aiding and Abetting the Adviser’s Breach of Fiduciary Duty .................................................... 20-39 xcii

Table of Contents § 20:5.2 The Duty to Supervise: Supervisory and Compliance Procedures........................................20-41 § 20:5.3 Disclosure—Confirmations .................................20-43 § 20:5.4 FINRA Rules ........................................................20-44 § 20:6 Documenting Soft-Dollar Arrangements .....................20-45 § 20:7 Arrangements Outside the Safe Harbor: Special Issues...............................................................20-45 § 20:7.1 Directed Brokerage Arrangements .......................20-45 § 20:7.2 Allocation of Brokerage in Exchange for Distribution of Mutual Fund Shares....................20-46 § 20:8 Oversight by Mutual Fund Directors...........................20-50 § 20:9 The Future of Soft Dollars...........................................20-50 § 20:10 Payment for Order Flow (POF) ....................................20-54 § 20:10.1 Overview ..............................................................20-54 § 20:11 Legal Issues Raised by POF .........................................20-56 § 20:11.1 Best Execution .....................................................20-56 § 20:11.2 Agency/Principal Issues........................................20-58 § 20:12 Regulation of POF .......................................................20-59 § 20:13 Conclusion ..................................................................20-63 Chapter 21 Trading Desk Activities William D. Edick, Peter D. Santori & Mark R. D’Arrigo § 21:1 Introduction...................................................................21-2 § 21:2 Regulatory Reviews and Examinations of OATS and Trade Reporting Obligations.........................21-3 § 21:3 Member Supervision of Trading Activity .......................21-5 § 21:4 OATS Reporting and Record-Keeping Obligations .........21-9 § 21:4.1 Description of Securities Reported to OATS..........21-9 § 21:4.2 Recording of Order Information ..........................21-10 [A] Order Origination and Receipt ............................21-10 [B] Order Transmittal ................................................21-11 [B][1] Transmittal Within a Member..........................21-11 [B][2] Electronic Transmittal to a Member Other Than an ECN.........................................21-11 [B][3] Electronic Transmittal to an ECN ....................21-12 [B][4] Manual Transmittal to a Member Other Than an ECN.........................................21-12 [B][5] Manual Transmittal to an ECN .......................21-13 [B][6] Transmittal to a Non-Member .........................21-14 [C] Order Modifications, Cancellations, and Executions............................................................21-14 [C][1] Order Modifications..........................................21-14 [C][2] Order Cancellations..........................................21-15 [C][3] Order Executions ..............................................21-15 [D] Record Retention Requirements...........................21-16 (Broker-Dealer Reg., Rel. #3, 5/13) xciii

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