The SDDco Client Update
The SDDco Client Update is an action oriented email prepared in-house, tailored to client needs, and sent as an adjunct to our online newsletter. Verified newsletter subscribers receive our Client Update once each month.
The SDDco Client Update is intended to provide general information only. It is not intended as, and should not be taken as, financial, tax, accounting, legal, consulting or any other type of advice specific to you or your firm. Users of the SDDco Client Update should not act or refrain from acting on the basis of information provided on the sddco.com website. Always check with your accountant and/or attorney.
By unanimous vote on September 18th, the SEC, as required by Dodd-Frank, adopted final rules regarding municipal advisor registration—most notably clarifying who must register. The final rules require that municipal advisors providing advice on the issuance of municipal securities or “investment strategies” on municipal derivatives permanently register with the SEC beginning July 1, 2014. Why
A FINRA arbitration forum settles disputes, without litigation or mediation, that involve broker-dealer customers or non-customer, industry parties. Arbitration panels consist of one or three arbitrators chosen by the involved parties. To simplify panel selection in cases with three arbitrators, the SEC has approved amendments to FINRA’s Code of Arbitration Procedure for Customer Disputes. Now all parties
To further apply mandates of the Dodd-Frank Act, the SEC has amended the Securities Act of 1933 securities registration exemption commonly relied upon by firms raising capital on a private placement basis. Under new Rule 506(d), now in effect, the participation of certain felons and other “bad actors” in a private securities offering could disqualify
In its ongoing attempt to improve the broker-dealer review process, FINRA announced advances based on firm feedback. Via an August email to member firms and the supplementary, A Few Minutes with FINRA video, Executive Vice President of Regulatory Operations, Susan Axelrod, detailed changes: Requesting more specific documents even earlier in the exam process, Adopting improved
What’s in a name? Apparently a lot, a little or nothing at all…prompting the Securities and Exchange Commission (“SEC”) and North American Securities Administrators Association (“NASAA”) to jointly issue the investor bulletin, Making Sense of Financial Professional Titles (the “Bulletin”). Their goal is to aid investors in understanding what the various titles used by people in the financial services industry actually
While commonly called the “Publicity Rule”, FINRA Rule 8513 does not concern publicity in the traditional sense. It governs FINRA’s public release of information related to broker-dealer disciplinary actions. Effective, December 16, 2013, FINRA may now publicly share copies of disciplinary complaints and actions linked to broker-dealer firms and their registered representatives in unedited form.
Though the large employer report or pay mandate of the 2010 Patient Protection and Affordable Care Act (“ACA”) was delayed till January 2015, this delay does not affect the imminent October 1st requirement impacting most employers, large or small. Employers with 50 or more fulltime employees are benefitting from a one-year delay postponing the effective
Announced August 1st, BusinessUSA.gov/healthcare, developed by the Obama administration, is an interactive tool for business owners. This portal provides timely data on how the 2010 Affordable Care Act (“ACA”) may affect businesses and individuals. A wizard tool on the site is customized (according to location and number of employees) to provide timelines, coverage options, and
Another Affordable Care Act (“ACA”) deadline has been delayed according to a post on the Labor Department’s website. An out-of-pocket annual cap on health care expenses will not come into effect until 2015, one year later than originally scheduled. An important provision to the ACA ensures a limit on out-of-pocket insurance costs, including deductibles and
The U.S. Department of the Treasury and the Internal Revenue Service (the “IRS”) ruled August 29th that, for federal tax purposes, legal marriage is legal marriage no matter where you live. All same-sex married couples, legally married in jurisdictions recognizing their union, will be treated as married for federal tax purposes in every state—including the 37
FINRA, the SEC, and CFTC issued an advisory based on their joint review of certain firms’ business continuity plans and disaster recovery planning after Superstorm Sandy. After Sandy ripped into the North East—closing the equities and options market October 29-30, 2012—the three regulatory agencies contacted companies with substantial market presence to better understand how firms responded to