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BROKER-DEALER REGULATION [C] The Hearing........................................................ 35-48 [D] Post-Hearing Submissions .................................. 35-49 [E] Prohibition of Ex Parte Contacts ........................ 35-49 [F] Written Decision and Sanctions ......................... 35-49 § 35:5 Sanctions .................................................................... 35-50 § 35:5.1 In General........................................................... 35-50 § 35:5.2 Censure............................................................... 35-50 § 35:5.3 Monetary Sanctions ............................................ 35-50 [A] Fine..................................................................... 35-50 [B] Disgorgement...................................................... 35-51 [C] Restitution .......................................................... 35-51 [D] Costs................................................................... 35-51 [E] Failure to Pay Monetary Sanctions ..................... 35-51 § 35:5.4 Suspension, Expulsion, Revocation, and Bar....................................................................... 35-52 § 35:5.5 Undertakings ...................................................... 35-52 § 35:6 Review of Actions ....................................................... 35-53 § 35:6.1 National Adjudicatory Council Internal Review................................................................. 35-53 § 35:6.2 Discretionary Review by FINRA Board ............... 35-54 § 35:7 Special Procedures ...................................................... 35-55 § 35:7.1 SEC Review of FINRA Decisions........................ 35-55 § 35:7.2 Judicial Review of SEC Decisions ....................... 35-58 Chapter 36 Handling SEC/SRO Investigations Peter J. Anderson & Brian L. Rubin § 36:1 Hypothetical ................................................................. 36-3 § 36:2 Analysis ........................................................................ 36-4 § 36:2.1 Getting Started...................................................... 36-4 [A] Learning About Investigations .............................. 36-4 [A][1] Contacting the Staff........................................... 36-5 [A][2] Reviewing the SEC Enforcement Manual .......... 36-6 [A][3] Requesting the Formal Order............................. 36-7 [B] Doing an Internal Investigation............................ 36-8 [B][1] Interviewing Employees ..................................... 36-8 [B][2] Gathering Documents ..................................... 36-10 [B][3] Privilege/Work Product Concerns .................... 36-10 [C] When Is It Necessary to Disclose an Investigation?...................................................... 36-12 [C][1] Disclosure Obligations..................................... 36-12 [C][1][a] SEC Reporting Obligations............................ 36-12 [C][1][b] Other Disclosure Obligations........................ 36-13 [C][2] Voluntary Disclosure ....................................... 36-14 cxiv
§ 36:2.2 To What Extent Should the Firm Cooperate?..... 36-15 [A] SEC Issues .......................................................... 36-15 [A][1] Delaying the Investigation............................... 36-15 [A][2] Responding Completely and Accurately .......... 36-16 [A][3] Earning Credit Through Cooperation.............. 36-17 [A][3][a] Seaboard Report—A Blueprint for Cooperation .................................................. 36-17 [A][3][b] Post-Seaboard Cases: Examples of “Credit” ....36-22 [A][3][c] Determining the Extent of Cooperation ....... 36-26 [B] FINRA Issues...................................................... 36-29 [B][1] Failing to Respond ........................................... 36-30 [B][2] Objecting to the Request ................................. 36-31 [B][3] Requesting an Extension.................................. 36-33 [B][4] Über-Cooperation: How to Earn Credit........... 36-35 § 36:2.3 Document Production Issues.............................. 36-41 [A] Understanding the Stakes................................... 36-41 [B] Developing and Implementing a Plan to Identify and Produce Responsive Documents........36-41 [B][1] Analyzing and Narrowing the Scope of the Document Request .................................... 36-41 [B][2] Identifying and Preserving Responsive Documents ...................................................... 36-44 [B][3] The Peculiar Challenge of Email ..................... 36-48 [B][3][a] [B][3][a][i] Reviewing Responsive Documents for Privilege and Preparing Documents for Production..................................................... 36-51 Legal Limitations on Document Discovery ................................................... 36-52 [B][3][a][ii] Producing Responsive Documents............. 36-53 [B][3][a][iii] Requesting Confidential Treatment ........... 36-54 § 36:2.4 Testimony ........................................................... 36-57 [A] Table of Contents The Initial Meetings and Document Collection ........................................................... 36-57 [B] Attorney/Witness Preparation ............................. 36-58 [C] Counsel’s Role During Testimony ...................... 36-64 § 36:2.5 The Wells Process ............................................... 36-66 [A] When to Make a Wells Submission .................... 36-67 [B] When Not to Submit a Wells Submission .......... 36-69 [C] Type of Wells Submission ................................... 36-69 [D] Implications for Other Actions........................... 36-70 § 36:2.6 Considerations in Establishing Reserves and Making Public Disclosures in Connection with a Regulatory Investigation .......................... 36-71 [A] Establishing Reserves .......................................... 36-72 [B] Making Public Disclosures ................................. 36-75 (Broker-Dealer Reg., Rel. #3, 5/13) cxv
Page 1 and 2:
Table of Contents VOLUME 1 About th
Page 3 and 4:
[A] Generally .....................
Page 5 and 6:
Table of Contents Chapter 3 Brokers
Page 7 and 8:
Table of Contents Chapter 5 Broker-
Page 9 and 10:
Table of Contents § 5A:6.2 Exempti
Page 11 and 12:
Table of Contents [E] Damages .....
Page 13 and 14: Table of Contents § 6:7.5 Qualific
Page 15 and 16: § 8:3.5 Training..................
Page 17 and 18: § 10:5 Harmonizing the Broker-Deal
Page 19 and 20: Table of Contents § 12:2.7 Use of
Page 21 and 22: § 13:2 Establishment and Maintenan
Page 23 and 24: § 13:4.2 Firm-Initiated Transfers
Page 25 and 26: [B][2] Disclosures Applicable to Mu
Page 27 and 28: Table of Contents [C][2] Financial
Page 29 and 30: § 15:2.3 MSRB Rules ..............
Page 31 and 32: [D][3] SEC v. Materia: Misappropria
Page 33 and 34: § 17:4 SRO Research Rules.........
Page 35 and 36: § 17:6 Global Research Analyst Set
Page 37 and 38: § 18:5.2 Definition of Exchange ..
Page 39 and 40: § 18:7.2 Exchange Act Rule 15c3-5
Page 41 and 42: [D] Price Improvement .............
Page 43 and 44: Table of Contents § 20:5.2 The Dut
Page 45 and 46: Table of Contents [D] Introducing B
Page 47 and 48: § 25:3 Understanding the Arrangeme
Page 49 and 50: Table of Contents § 25:17.31 Anti-
Page 51 and 52: Table of Contents § 27:7.1 Disclos
Page 53 and 54: Table of Contents § 28:2.4 Fraudul
Page 55 and 56: [C] Risk Management for Banks......
Page 57 and 58: Table of Contents Chapter 31A SEC a
Page 59 and 60: PART X: Compliance, Examinations, a
Page 61 and 62: Table of Contents § 33:3.8 Where R
Page 63: [B] Administrative Proceedings.....
Page 67 and 68: Table of Contents § 37:4.1 Broker-
Page 69 and 70: Table of Contents § 37B:2.3 Arbitr
Page 71 and 72: § 37C:3.2 Institutional Investment
Page 73 and 74: Table of Contents § 37D:3 Treasury
Page 75 and 76: Table of Contents § 38:6.4 Educati
Page 77 and 78: § 39:5.6 Rule G-34 CUSIP Numbers a
Page 79 and 80: § 40:2.2 Municipal Entity and Obli
Page 81 and 82: Table of Contents [E] Communication
Page 83 and 84: § 42:4.3 Exclusive Benefit Rule...
Page 85 and 86: Table of Contents [C] Underwriting
Page 87 and 88: Table of Contents [D] Implications
Page 89 and 90: § 42C:3.2 Consequences of Breachin
Page 91 and 92: Table of Contents § 42D:3.3 Applic
Page 93 and 94: § 42E:6 Considerations in Connecti
Page 95 and 96: PART XVI: Special Topics Table of C
Page 97 and 98: § 44:4 FINRA Rule 5121 (Public Off
Page 99 and 100: § 44:9.3 Procedures Required by Ru
Page 101 and 102: [B][3] Stabilizing When the Princip
Page 103 and 104: Chapter 46 U.S. Securities Activiti
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