FINRA Updates (Fixes?) Its Definition of Nonpublic Arbitrator… and Pulls Talent from the Bench! The SEC has approved FINRA’s proposed amendments to the definition of nonpublic arbitrator contained in FINRA’s Code of Arbitration Procedure. Back in 2015, FINRA tinkered with the definition of nonpublic arbitrator, which essentially knocked hundreds of qualified individuals out of the […]

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Effective September 5, the Settlement Cycle Changes from T+3 to T+2 Last March, the SEC amended Rule 15c6-1(a) under the Securities Exchange Act of 1934 to shorten the standard securities transaction cycle for most securities transactions from T+3 to T+2. Under the amendment, “T” refers to the day of the transaction and the parties have […]

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The Securities and Exchange Commission last week approved the Financial Industry Regulatory Authority’s plan to revamp the securities industry’s licensing process and exams.  In order to keep pace with regulatory and industry changes, the approved rule creates a two-tiered examination process.  This will reduce redundancy in the exam process and minimize regulatory impact while still […]

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The U.S. Supreme Court, in a 9-0 ruling, curtailed the Securities Exchange Commission’s authority to recover ill-gotten profits from defendants.  The Court ruled that the SEC’s recovery remedy known as “disgorgement” is subject to a five-year statute of limitations.  Disgorgement is commonly defined as the act of returning profits gained from illegal or unethical acts […]

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