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Table of Contents - Practising Law Institute

Table of Contents - Practising Law Institute

BROKER-DEALER REGULATION

BROKER-DEALER REGULATION [B][5] Rule 15a-6(a)(4) ................................................. 2-97 [C] Other Cross-Border Issues .................................... 2-99 [D] SEC 2008 Proposal to Amend Rule 15a-6 ............ 2-99 § 2:7.3 Mutual Recognition of Foreign Broker-Dealers ..... 2-99 § 2:7.4 Banks .................................................................. 2-101 [A] Pre-GLBA Background ........................................ 2-101 [B] Bank Brokerage Activities ................................... 2-101 [B][1] Section 3(a)(4)(B).............................................. 2-101 [B][2] Regulation R .................................................... 2-102 [B][3] Networking Arrangements............................... 2-103 [B][4] Trust and Fiduciary Activities.......................... 2-103 [B][5] Sweep Accounts and Money Market Funds..... 2-104 [B][6] Safekeeping and Custody................................. 2-104 [C] Bank Dealer Activities ........................................ 2-106 [C][1] Section 3(a)(5)(C) ............................................. 2-106 [C][2] Bank Riskless Principal Activities— [C][3] Rule 3a5-1 ....................................................... 2-106 Bank Regulation S Transactions— Rule 3a5-2 ....................................................... 2-107 [C][4] Bank Securities Lending—Rule 3a5-3.............. 2-108 § 2:7.5 Charitable Exemption—Section 3(e) ................... 2-109 § 2:7.6 Funding Portals................................................... 2-110 § 2:7.7 Associated Persons of Registered Broker-Dealers....2-111 [A] Section 15(a)(1)................................................... 2-111 [B] Retired Brokers—SEC and FINRA Guidance Concerning Trailing Commissions ..................... 2-111 § 2:7.8 Miscellaneous Exemptions—Rule 15a-2 and 15a-5............................................................ 2-114 § 2:7.9 General Exemptive Authority ............................. 2-114 § 2:8 Doing Business As an Unregistered Broker-Dealer..... 2-115 § 2:8.1 SEC and State Enforcement................................ 2-115 § 2:8.2 Private Actions—Exchange Act § 29(b)............... 2-116 § 2:8.3 Concerns for Controlling Persons....................... 2-118 § 2:8.4 Concerns for Registered Broker-Dealers.............. 2-119 [A] Compensation Sharing ....................................... 2-119 [B] Participating in Syndicates with Unregistered Persons................................................................ 2-120 [C] Aiding and Abetting............................................ 2-121 § 2:8.5 Concerns for Issuers ........................................... 2-121 [A] Liability for Aiding and Abetting ........................ 2-121 [B] State Liability for Engaging Unlicensed Agents................................................................. 2-121 [C] Section 29 ........................................................... 2-122 liv

Table of Contents Chapter 3 Brokers, Dealers and “Finders” Laura S. Pruitt § 3:1 Overview......................................................................... 3-2 § 3:2 The Statutory Scheme .................................................... 3-4 § 3:2.1 Regulatory Requirements ........................................ 3-5 § 3:2.2 What Is a Broker? ................................................... 3-8 [A] “Effecting Transactions in Securities” ..................... 3-9 [A][1] Structuring Securities Transactions ................... 3-11 [A][2] Helping Identify Potential Purchasers................ 3-11 [A][3] Credit-Related Activities .................................... 3-12 [A][4] Facilitating Negotiation of Transactions ............ 3-12 [A][5] Soliciting Securities Transactions ...................... 3-13 [A][6] Facilitating the Execution of a Transaction, or Participating in Order-Taking and Order-Routing .................................................... 3-16 [A][7] Handling Customer Funds and Securities ......... 3-17 [A][8] Post-Execution Securities Activities ................... 3-18 [B] “Engaged in the Business” .................................... 3-18 [B][1] Receiving Transaction-Related Compensation ... 3-18 [B][2] Holding Oneself Out As a Broker...................... 3-21 [B][3] Participating in the Securities Business ............. 3-21 § 3:2.3 What Is a Dealer? ................................................. 3-22 § 3:2.4 What Is a Finder? ................................................. 3-26 § 3:3 “Finders” No-Action Letters ......................................... 3-30 § 3:4 Finders for Issuers ........................................................ 3-31 § 3:4.1 Rule 3a4-1: Associated Persons of an Issuer......... 3-31 § 3:4.2 Non-Associated Persons of an Issuer .................... 3-34 § 3:4.3 Business Brokers and Investor Finders ................. 3-35 § 3:4.4 Financial Advisers to Issuers................................. 3-39 § 3:4.5 Associated Persons of Broker-Dealers ................... 3-42 § 3:4.6 Listing, Matching and Trading Systems................ 3-44 [A] Listing Systems and Bulletin Boards..................... 3-45 [B] Matching Systems................................................. 3-48 [C] Trading Systems.................................................... 3-52 § 3:5 Finders for Registered Broker-Dealers ........................... 3-53 § 3:5.1 Networking Arrangements.................................... 3-54 [A] Depository Institutions......................................... 3-55 [B] Insurance Agents .................................................. 3-61 [C] Real Estate Agents ................................................ 3-64 § 3:5.2 Affinity Groups ..................................................... 3-66 § 3:5.3 Other Professional Referrals.................................. 3-68 § 3:5.4 Investment Advisers in Broker-Dealer Activity..... 3-71 § 3:5.5 Internet Portals ..................................................... 3-73 (Broker-Dealer Reg., Rel. #3, 5/13) lv

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