Journal of Investment Compliance: Volume 12 Issue 2

SEC releases study on the fiduciary duty of investment advisers and broker‐dealers

Jessica Forbes, Gregory P. Gnall

The purpose of this paper is to explain a study released by the Securities and Exchange Commission on January 21, 2011, the “Fiduciary Study,” concerning legal and regulatory…

Significant changes to FINRA's Know Your Customer and Suitability rules to take effect in 2011

S. Lawrence Polk, Avital Stadler

The purpose of this paper is to explain two new FINRA rules: Rule 2090 (Know Your Customer) and Rule 2111 (Suitability).

Recent SEC sweep highlights the need for US investment advisers seeking business from sovereign wealth funds to develop policies for FCPA compliance

Edward L. Pittman, Cheryl A. Krause, Thomas C. Bogle, Justin C. Danilewitz

The aim of this paper is to explain the provisions of the US Foreign Corrupt Practices Act that may be applicable to investment advisers seeking investments from foreign…

FINRA's all public panel option is now available in all customer cases

Bryan M. Ward

The purpose of this paper is to explain the rule changes contained in the new SEC Rules 12402 and 12403, which now allow claimants to choose an arbitration panel made up entirely…

Emerging issues under interim final regulation on plan service provider fee disclosure

Lennine Occhino, Linda Shore, Erika Gosker

The purpose of this paper is to describe interpretive and compliance issues arising under the Labor Department's interim final regulations under the statutory exemption for the…

Lower courts extend Morrison but SEC asserts Dodd‐Frank Act overrules Morrison for enforcement actions

James Weidner, Christopher Lane, Sean Peterson

The purpose of this paper is to assess the effects of several lower court decisions, the enactment of the Dodd‐Frank Wall Street Reform & Consumer Protection Act of July 2010, and…

Recommended annual review for hedge funds and other private fund managers

Thomas M. Schiera

The aim of this paper is to provide hedge fund and other private fund managers with a brief recap of regulatory changes in 2010 and a reminder of certain “best practices” they…

An analysis of the Regulated Investment Company Modernization Act of 2010

Richard M. Hervey

The purpose of this paper is to explain the Regulated Investment Company Modernization Act of 2010, P.L. 111‐325, signed into law on December 22, 2010.

FSA discussion paper on product intervention

Simon Gleeson, Chris Bates, Charles Morris

The aim of this paper is to discuss the implications of the UK Financial Services Authority (FSA) January 25, 2011 discussion paper, DP11/1 Product Intervention.

Financial services remuneration in the UK

Dan Ornstein

The purpose of this paper is to explain the final version of the Remuneration Code, published by the Financial Services Authority (FSA) in December 2010, which deals with…

Plug and play brokerage: the new model of the high‐service open architecture broker‐dealer

Robert Norman Sobol

This paper aims to make investment compliance professionals aware of the new model of the flexible, high‐service open architecture broker‐dealer – which is characterized as the…

Summary of selected FINRA regulatory notices, January‐February 2011

Henry A. Davis

The purpose of this summary is to provide excerpts of selected Financial Industry Regulatory Authority (FINRA) Regulatory Notices and Disciplinary Actions issued in January and…

Editor column

Henry A. Davis