December 8, 2022

Volume XII, Number 342

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Broker-Lite: FINRA Built It, But Will They Come?

On August 18, 2016, the US Securities and Exchange Commission (SEC) approved a new Financial Industry Regulatory Authority (FINRA) rule series intended as a “lite” framework for the registration and regulation of brokers that limit their activities to certain capital raising and private placements, mergers and acquisitions (M&A) advisory, and related corporate financing.

Under the new framework, contained in a new FINRA rule series, a broker that qualifies as a capital acquisition broker (CAB), as defined below, can elect to be regulated under the new rules (CAB Rules). Both current and prospective FINRA members may opt in to the CAB Rules. FINRA will announce the CAB Rules’ effective date in a forthcoming regulatory notice.

Read the full White Paper >>

Copyright © 2022 by Morgan, Lewis & Bockius LLP. All Rights Reserved.National Law Review, Volume VI, Number 245
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About this Author

Steven Stone, Morgan Lewis, Securities lawyer
Partner

Steven W. Stone is a securities lawyer who counsels clients on regulations governing broker-dealers, investment advisers and bank fiduciaries, and pooled investment vehicles. Head of the firm’s financial institutions practice, Steve counsels most of the largest and most prominent US broker-dealers, investment banks, investment advisers, and mutual fund organizations. He regularly represents clients before the US Securities and Exchange Commission (SEC), both in seeking regulatory relief and assisting clients in enforcement or examination matters.

202-739-5453
Ignacio Sandoval, Morgan Lewis, Securities lawyer
Associate

A member of the firm’s securities industry practice, Ignacio A. Sandoval advises broker-dealers on matters relating to their obligations under federal securities laws and self-regulatory organization rules. Prior to joining Morgan Lewis, he was a special counsel in the Office of Chief Counsel in the SEC’s Division of Trading and Markets. Ignacio’s SEC experience includes matters involving domestic and foreign broker-dealer registration matters, anti-money laundering obligations, alternative trading systems, and high-frequency traders.

202-739-5201
Kyle D. Whitehead, Morgan Lewis,securities lawyer
Associate

Kyle D. Whitehead is a securities lawyer who advises broker-dealers, investment advisers, and investment companies on regulatory compliance and transactional matters arising under federal and state securities laws and related US Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA), and other self-regulatory organization (SRO) rules and regulations. Prior to joining Morgan Lewis, Kyle was an associate in a nationally recognized financial services regulatory practice, where he concentrated on federal and state securities law and state...

202.739.5717
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