Investment Management & Securities
Electronic Signatures in Securities Transactions
Posted in Business & Commercial Law, Investment Management & Securities
As we continue to assist Advisors during examinations conducted by the United States Securities and Exchange Commission (the “SEC”), we have noticed questions related to the Advisors’ use of electronic signatures. Earlier this week, we provided guidelines for Advisors using electronic signatures in securities transactions. The legality of electronic signatures… Continue reading
To Sign or Docu-Sign, That is the Question
Posted in Business & Commercial Law, Investment Management & Securities
On November 17, 2020, the U.S. Securities and Exchange Commission (the “SEC”) adopted amendments to Rule 302(b) of Regulation S-T that permits individuals to sign the signature page or other document (“Authentication Document”) with an electronic signature. The amendment allows flexibility in complying with the Authentication Document requirements by providing… Continue reading
New York Investment Adviser Representatives Now Subject to Registration
Posted in Investment Management & Securities
On December 1, 2020, the New York Attorney General announced amendments to the New York Investment Advisory Act (the “Rules”) that will require investment adviser representatives (“IARs”) to register with the state of New York. If you render investment advice from a place of business in New York, now is… Continue reading
State Regulators to Require Licensing for Investment Adviser Representatives Displaced by COVID-19
Posted in Investment Management & Securities
Many investment adviser representatives (“IARs”) employed by or associated with state-registered and SEC-registered/“federal covered” investment advisers have been required to conduct business from their home or other temporary office location in the face of COVID-19. If those displaced IARs are not currently licensed by the states where they are temporarily… Continue reading
Payments of Transaction-Based Compensation by FINRA Members – A Changing Game for Asset Purchases, Selling Groups and Retiring Representatives
Posted in Investment Management & Securities
Introduction On December 30, 2014, the Securities and Exchange Commission (“SEC”) approved a new Financial Industry Regulatory Authority (“FINRA”) rule governing transaction-based payments to unregistered persons. The new FINRA rule—Rule 2040—became effective on August 24, 2015. If you are a FINRA-registered broker-dealer that currently pays an unregistered person, now is… Continue reading
