Welcome to the Broker-Dealer Law Blog’s Resources section, a list of documents, links and websites specifically curated to help broker-dealers to navigate litigation, regulatory, compliance and fiduciary issues.
Having a Senior Moment: Recent Legislation and Rules to Protect Seniors from Financial Exploitation
This white paper, available for download, covers recent laws and legislation designed to protect seniors. It was made available in March to attendees of the SIFMA 2022 C&L Seminar as a resource on the conference app.
Download the white paper
States with Good Samaritan Broker Laws
On January 22, 2016, the members of the North American Securities Administrators Association (NASAA) released the Senior Model Act. It was developed and approved to serve as a model statute for states to adopt to target financial exploitation of seniors and to shield from liability brokers and brokerage firms who acted to assist those seniors. Twenty-eight states have passed laws that are substantially similar or identical to the Senior Model Act passed by the North American Securities Administrators Association.
Click here to download a PDF chart tracking:
- The effective date of the law in each state
- Which key provisions the state has adopted
- Any notable deviations or notes of interest
State Fiduciary and Best Interest Developments
Fiduciary action is not limited to the federal level. States continue to propose and pass various laws and regulations that affect broker-dealers. Our team has compiled a breakdown of the recent state fiduciary duty developments. This cheat sheet will be updated on a continual basis.
A PDF is also available for download here.
Alabama
Arizona
Arkansas
Alaska
Colorado
Connecticut
Delaware
Hawaii
Idaho
Illinois
Iowa
Kentucky
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Montana
Nebraska
Nevada
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Virginia
Wisconsin
Government Regulatory Links:
A compilation of important links from various government agencies and departments.
Securities and Exchange Commission:
The SEC’s 2017 Cybersecurity Alert and New Cyber Unit
- https://www.sec.gov/files/observations-from-cybersecurity-examinations.pdf
- https://www.sec.gov/news/press-release/2017-176
Political Contribution Limitations
Chairman Clayton’s Remarks on Standards of Conduct for Investment Advisers and Broker-Dealers
The Laws That Govern the Securities Industry
SEC’s 2018 Exam Priorities
SEC Open Meeting on Broker-Dealer and Investment Adviser Standards
Comments on Proposed Rule: Regulation Best Interest
- https://www.sec.gov/rules/proposed/2018/34-83062.pdf
- https://www.sec.gov/comments/s7-07-18/s70718.htm
Share Class Selection Disclosure Initiative
Financial Industry Regulatory Authority
National Association of Insurance Commissioners (NAIC)
Certified Financial Planner Board of Standards, Inc. (CFP Board)
The SEC’s 2017 Cybersecurity Alert and New Cyber Unit
- National Association of Insurance Commissioners (NAIC)
- https://www.finra.org/sites/default/files/p602363%20Report%20on%20Cybersecurity%20Practices_0.pdf
Political Contribution Limitations and Disclosures
- http://finra.complinet.com/en/display/display_main.html?rbid=2403&element_id=12555
- http://finra.complinet.com/en/display/display_main.html?rbid=2403&element_id=12556
- http://finra.complinet.com/en/display/display_main.html?rbid=2403&element_id=12555
Report on FINRA Examination Findings
2018 Annual Regulatory and Examination Priorities Letter
Comment Request on Proposed Amendments to the Quantitative Suitability Obligation
Dispute Resolution Statistics
U.S. Department of Labor
Conflict of Interest FAQs – August 2017
Conflict of Interest FAQs – May 2017