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SEC fines non-US entities for unregistered cross-border brokerage and advisory activities

SEC fines non-US entities for unregistered cross-border brokerage and advisory activities To explain a settlement involving a foreign financial institution, its non-US subsidiaries, and the US Securities and Exchange Commission (“SEC”) that reveals an SEC focus on policing the activities of foreign firms that reach into the United States and helps further define the scope of activities that require registration under the federal securities laws.Design/methodology/approachProvides insight into a recent area of focus for SEC regulators and introduces the potential regulatory implications for non-US firms with activities that reach into the United States.FindingsGiven the SEC’s current enforcement focus, it is critical that financial institutions take care to conduct their activities with an understanding of the regulatory requirements associated with the provision of brokerage and advisory services to US clients and customers – including, for many firms, registration as an investment adviser, broker-dealer, or both.Originality/valuePractical regulatory guidance regarding SEC registration requirements that may reach non-US firms from experienced financial services lawyers specializing in asset management. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Investment Compliance Emerald Publishing

SEC fines non-US entities for unregistered cross-border brokerage and advisory activities

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Publisher
Emerald Publishing
Copyright
© Willkie Farr & Gallagher LLP
ISSN
1528-5812
DOI
10.1108/joic-02-2017-0002
Publisher site
See Article on Publisher Site

Abstract

To explain a settlement involving a foreign financial institution, its non-US subsidiaries, and the US Securities and Exchange Commission (“SEC”) that reveals an SEC focus on policing the activities of foreign firms that reach into the United States and helps further define the scope of activities that require registration under the federal securities laws.Design/methodology/approachProvides insight into a recent area of focus for SEC regulators and introduces the potential regulatory implications for non-US firms with activities that reach into the United States.FindingsGiven the SEC’s current enforcement focus, it is critical that financial institutions take care to conduct their activities with an understanding of the regulatory requirements associated with the provision of brokerage and advisory services to US clients and customers – including, for many firms, registration as an investment adviser, broker-dealer, or both.Originality/valuePractical regulatory guidance regarding SEC registration requirements that may reach non-US firms from experienced financial services lawyers specializing in asset management.

Journal

Journal of Investment ComplianceEmerald Publishing

Published: May 2, 2017

Keywords: Registration; Broker-dealer; US Securities and Exchange Commission (SEC); Cross-border activities; Foreign firm; Investment adviser

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