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BROKER-DEALER REGULATION § 42A:4.2 Investment Advice ............................................42A-8 § 42A:4.3 Investment Education.......................................42A-9 § 42A:4.4 Proposal to Redefine “Fiduciary” Under ERISA ....................................................42A-9 § 42A:4.5 Prohibited Transactions ..................................42A-10 § 42A:4.6 Co-Fiduciary Liability .....................................42A-11 § 42A:5 Action Items .............................................................42A-12 § 42A:6 Conclusion ...............................................................42A-18 PART XIV: Broker-Dealer Cross-Border Activities Chapter 42B Offering Cross-Border Advisory and Broker-Dealer Services to Non-U.S. Clients Christopher D. Christian § 42B:1 Introduction................................................................42B-3 § 42B:2 Key Considerations for Advisers Dealing with Non-U.S. Clients ........................................................42B-3 § 42B:2.1 Scope of the Investment Advisers Act ..............42B-3 § 42B:2.2 Statutory Reach to Non-U.S. Clients ...............42B-5 [A] Overview............................................................42B-5 [B] Regulation of Registered Non-U.S. Advisers......42B-5 [C] Regulation of Registered U.S. Advisers ..............42B-6 § 42B:2.3 General Client Relations and Anti-Fraud Considerations..................................................42B-7 [A] Overview............................................................42B-7 [B] Direct Advisory Services ....................................42B-7 [C] Considerations for Pooled Vehicles....................42B-8 § 42B:2.4 Fiduciary Duty Owed to All Clients.................42B-9 § 42B:2.5 Disclosure Obligations ...................................42B-10 § 42B:2.6 Brochure Rule .................................................42B-11 [A] Overview..........................................................42B-11 [B] Form ADV Filing Requirements ......................42B-12 [C] Annual Delivery Requirements........................42B-13 § 42B:2.7 Fees.................................................................42B-13 § 42B:2.8 Cash Solicitation Rule ....................................42B-14 § 42B:2.9 Advertising......................................................42B-15 § 42B:2.10 Suitability .......................................................42B-17 § 42B:2.11 Custody ..........................................................42B-17 [A] Overview..........................................................42B-17 [B] [C] Definition of Custody......................................42B-18 Attribution to Adviser of Custody of a Related Person ..............................................42B-19 cxxxvi
Table of Contents [D] Implications for Having Custody ....................42B-20 [E] Special Provision for Pooled Investment Vehicles............................................................42B-20 [F] Operationally Independent Advisers................42B-21 § 42B:2.12 Books and Records..........................................42B-21 § 42B:2.13 Wrap Fee Programs .........................................42B-22 § 42B:2.14 Use of Adviser Performance Record................42B-22 § 42B:2.15 Contract Issues...............................................42B-23 § 42B:3 Key Considerations for U.S. Broker-Dealers Dealing with Non-U.S. Clients ................................42B-23 § 42B:3.1 Scope of the Exchange Act Registration Provisions .......................................................42B-24 [A] Overview..........................................................42B-24 [B] Application to U.S. Entities Selling to Non-U.S. Clients.............................................42B-25 [C] Wholesaling Non-U.S. Funds to U.S. Intermediaries with NRA Clients from within the United States .................................42B-25 [D] Application to Foreign Intermediaries .............42B-26 § 42B:3.2 Application of FINRA Licensing Provisions .......................................................42B-27 § 42B:3.3 Applicability of FINRA Communication Rules to Sales of Non-U.S. Funds ..................42B-29 § 42B:3.4 Applicability of Securities Act to the Sale of Securities to Non-U.S. Persons.......................42B-29 [A] Overview..........................................................42B-29 [B] Scope of Regulation S ......................................42B-30 [B][1] “Offshore Transactions”.................................42B-33 [B][2] “Directed Selling Efforts” ...............................42B-33 [C] Regulation S Compliance Considerations .......42B-35 § 42B:3.5 Application of the Investment Company Act .................................................42B-36 § 42B:3.6 Compliance with Local Law ...........................42B-36 § 42B:3.7 Other Material Considerations.......................42B-37 [A] Anti-Fraud Provisions ......................................42B-37 [B] Duty of Fair Dealing........................................42B-37 [C] Suitability Requirements .................................42B-38 [D] Anti-Money Laundering Considerations .........42B-38 [E] Data Protection/Regulation S-P .......................42B-39 § 42B:4 Navigating Global Regulatory Requirements ............42B-39 § 42B:4.1 Non-U.S. Considerations in Offering Advisory Services ............................................42B-39 [A] Overview..........................................................42B-39 [B] Licensing Considerations.................................42B-40 [B][1] Managed Accounts ........................................42B-40 (Broker-Dealer Reg., Rel. #3, 5/13) cxxxvii
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Table of Contents VOLUME 1 About th
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[A] Generally .....................
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Table of Contents Chapter 3 Brokers
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Table of Contents Chapter 5 Broker-
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Table of Contents § 5A:6.2 Exempti
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Table of Contents [E] Damages .....
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Table of Contents § 6:7.5 Qualific
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§ 8:3.5 Training..................
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§ 10:5 Harmonizing the Broker-Deal
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Table of Contents § 12:2.7 Use of
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§ 13:2 Establishment and Maintenan
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§ 13:4.2 Firm-Initiated Transfers
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[B][2] Disclosures Applicable to Mu
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Table of Contents [C][2] Financial
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§ 15:2.3 MSRB Rules ..............
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[D][3] SEC v. Materia: Misappropria
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§ 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 and 64: [B] Administrative Proceedings.....
Page 65 and 66: § 36:2.2 To What Extent Should the
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: Table of Contents [C] Underwriting
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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