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Is My NDA Enforceable? Recent Developments in California Law

By Katherine Bowles, Partner, and Aurora Gallardo, Law Clerk of Shustak Reynolds & Partners, P.C. posted on Tuesday, February 15, 2022.

Nondisclosure and confidentiality provisions have become common in employment separation agreements as more people have been speaking up about sexual harassment and discrimination they have faced in the workplace. [...] Read More

FINRA Updates Expungement Rules

By Robert Conca, Partner, and Aurora Gallardo, Law Clerk of Shustak Reynolds & Partners, P.C. posted on Friday, February 4, 2022.

Changes to broker expungements in arbitration seemed imminent when FINRA first proposed new rule changes of the expungement process to the SEC for approval. [...] Read More

FINRA Updates Continuing Education Program for Registered Persons

By Robert Conca, Partner, and Andrew Steiger, Law Clerk of Shustak Reynolds & Partners, P.C. posted on Thursday, February 3, 2022.

The Financial Industry Regulatory Authority (“FINRA”) recently announced important changes to its rules which deal with continuing education for registered persons. Updates to FINRA Rules 1210 and 1240 will create the new Maintaining Qualifications Program (“MQP”) [...] Read More

Ponzi Scheme Bulletin

By Joseph M. Mellano, Senior Associate Attorney of Shustak Reynolds & Partners, P.C. posted on Thursday, January 20, 2022.

Recent developments in several high-profile, Ponzi scheme cases have renewed questions about the extent of the fallout from investment fraud prosecutions and the importance of due diligence. [...] Read More

Proposed Updates to Electronic Recordkeeping Requirements for Broker Dealers

By Robert R. Boeche, Partner of Shustak Reynolds & Partners, P.C. posted on Monday, December 27, 2021.

On November 18, 2021, the U.S. Securities and Exchange Commission proposed updates to the Securities Exchange Act of 1934 rules for (i) electronic recordkeeping and (ii) prompt production of records. These updates apply to broker-dealers, security-based swap dealers, and major security-based swap participants. [...] Read More

SEC Releases Information Update to Align Existing Staff Letters with New Adviser Marketing Rule

By Robert R. Boeche, Partner of Shustak Reynolds & Partners, P.C. posted on Monday, November 22, 2021.

As discussed more fully in our earlier article, the Securities Exchange Commission (“SEC”) adopted its new Marketing Rule on December 22, 2020. The new Marketing Rule effectively merged two sets of rules to create a new paradigm that modernizes adviser marketing. [...] Read More

New SEC Risk Alert – Advisory Fees are in the Crosshairs Again

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

On November 10, 20201, the SEC’s Division of Examinations issued a Risk Alert relating to investment adviser’s fee calculations. The deficiencies discussed in the Risk Alert stem from a nationwide SEC exam initiative that focused on fees charged to retail clients. [...] Read More

Upcoming Deadlines: Investment Advisers’ Year-End and Q1 2022 Compliance Reminders

By Robert R. Boeche, Partner & Robert D. Conca, Partner of Shustak Reynolds & Partners, P.C. posted on Tuesday, November 9, 2021.

At the end of every fiscal year, U.S. registered investment advisers (“RIAs”) have regulatory compliance tasks and obligations, which range from performing an annual review of the RIA’s compliance function to submitting annual update filings to the U.S. Securities and Exchange Commission (“SEC”) or state regulators. [...] Read More

If I Hold an Ownership Interest in a Privately Held, U.S. Domiciled Entity, Will I Need to Disclose Beneficial Ownership Information?

By Anne Swenson, Associate Attorney & William Petti, Law Clerk of Shustak Reynolds & Partners, P.C. posted on Friday, October 29, 2021.

The Corporate Transparency Act (“CTA”) will soon require U.S. domiciled or active entities to report beneficial ownership information to the U.S. Department of the Treasury’s (“the Treasury”) Financial Crimes Enforcement Network (“FinCEN”) [...] Read More

FINRA Withdraws Its Proposed Expungement Rule Changes

By Jonah A. Toleno, Partner of Shustak Reynolds & Partners, P.C. posted on Tuesday, August 24, 2021.

FINRA proposed a change to its expungement rules in the Fall of 2020, seeking to alter certain aspects of the expungement process, including substantially shortening the time limit for a registered representative to seek expungement of customer-related disclosures and allowing expungement to be granted only by a three-person panel (previously a single arbitrator could order expungement). [...] Read More