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SEC Fines 27 Investment Advisers for Form CRS Issues

By Robert D. Conca, Partner of Shustak Reynolds & Partners, P.C. posted on Wednesday, July 28, 2021.

The SEC’s Division of Enforcement announced action against a whopping 27 investment advisers in connection with issues relating to the filing and distribution of Form CRS. According to the SEC announcement, the 27 investment advisers failed to timely file (even after being notified by the SEC to do so) and deliver their Form CRS documents to clients [...] Read More

Expected Presidential Order Likely to Limit Use Of Non-Compete Agreements And The Potential Impact On Broker Transitions

By Erwin J. Shustak, Managing Partner of Shustak Reynolds & Partners, P.C. posted on Friday, July 9, 2021.

On Wednesday July 7th, the White House announced President Biden intends to issue a Presidential Executive Order limiting the use of noncompete agreements in employment situations. While this anticipated Order will impact a broad swath of industries, it may have significant, potential consequences for the financial services/brokerage industry. [...] Read More

Ransomware is Out There: Are Your Compliance Policies and Procedures Ready?

By Robert D. Conca, Partner of Shustak Reynolds & Partners, P.C. posted on Friday, June 18, 2021.

Ransomware has emerged as the hack-du-jour and seems to be happening with more and more frequency. On June 7, 2021, the Department of Justice announced the recovery of $2.3 Million in cryptocurrency that was paid in connection with a May 8, 2021 ransomware attack. [...] Read More

Legal Considerations When Investing in NFTs

By Joseph M. Mellano, Associate Attorney of Shustak Reynolds & Partners, P.C. posted on Thursday, June 3, 2021.

Recent developments in blockchain technology have made it possible to own verifiable, digital “prints” of media properties. Transactions involving these speculative, emerging assets implicate various laws and raise novel legal questions. [...] Read More

NDAA Codifies Equitable Remedies and Expands Disgorgement Statute of Limitations

By Robert R. Boeche, Partner and Emily Manzer, Law Clerk of Shustak Reynolds & Partners, P.C. posted on Tuesday, May 25, 2021.

On January 1, 2021, Congress passed H.R. 6395 National Defense Authorization Act for Fiscal Year 2021 (NDAA). While the act covers various issues, Section 6501 amends portions of the Securities Exchange Act of 1934 (Exchange Act) regarding disgorgement and equitable remedies. [...] Read More

Partner Erwin Shustak's Webinar on Non-Retained Experts and Privilege

By Erwin J. Shustak, Partner of Shustak Reynolds & Partners, P.C. posted on Friday, May 21, 2021.

After an initial, Covid-induced lull, advisor transitions began picking up steam in late 2020 and now have reached record pace. [...] Read More

Financial Advisor Update: More Advisors Moving Firms in 2021

By George C. Miller, Partner of Shustak Reynolds & Partners, P.C. posted on Thursday, May 6, 2021.

After an initial, Covid-induced lull, advisor transitions began picking up steam in late 2020 and now have reached record pace. [...] Read More

New York Anti-SLAPP Rules Strengthened

By Robert R. Boeche, Partner and Andrew Steiger, Law Clerk of Shustak Reynolds & Partners, P.C. posted on Monday, April 19, 2021.

New York State passed new anti-SLAPP laws on November 10, 2020. The term “SLAPP” is an acronym that stands for “Strategic Lawsuit Against Public Participation.” [...] Read More

House Judiciary Committee Antitrust Panel to Target Big Tech Companies

By Jonah A. Toleno, Partner of Shustak Reynolds & Partners, P.C. posted on Tuesday, March 23, 2021.

It was reported over the weekend that David Cicilline (D), the House Judiciary Committee’s Antitrust Panel’s Chairman, plans to propose at least ten (10) legislation pieces targeting Big Tech companies [...] Read More

Amendments Proposed to Rule 144

By Keith C. Collins, Associate Attorney of Shustak Reynolds & Partners, P.C. posted on Tuesday, April 13, 2021.

On December 22, 2020, the Securities and Exchange Commission (“SEC”) voted to propose an amendment to Rule 144 under the Securities Act of 1933. The proposed rule revises the holding period for certain market-adjustable securities. The SEC defines a “market-adjustable security” as “a convertible or exchangeable security that provides for a conversion rate, conversion price, or other terms that, in each case, would have the effect of offsetting, in whole or in part, declines in value of the underlying securities that may occur prior to conversion or exchange.” [...] Read More