201505.17
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0

SEC approves amendments to arbitration codes

May 27, 2015 – SEC Approves Amendments to Arbitration Codes to Revise the Definitions of Non-Public and Public Arbitrator (Regulatory Notice 15-18) ffective June 26, 2015, the SEC approved amendments to the definitions of non-public arbitrator and public arbitrator in the Customer and Industry Codes of Arbitration Procedure. The amended definitions provide, among other matters,…

201505.13
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0

National Adjudicatory Council revises sanctions guidelines

May 13, 2015 – The National Adjudicatory Council (NAC) Revises the Sanction Guidelines Related to Misrepresentations and Suitability effective immediately The NAC has revised the Sanction Guidelines related to misrepresentations and suitability. Specifically, the revisions: modify the guidelines related to fraud to advise adjudicators to strongly consider barring an individual respondent for intentional or reckless…

201504.28
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0

Cypress Semiconductor was liable for the attorney’s fees

April 28, 2015 – The Sixth Appellate District of California found that plaintiff Cypress Semiconductor was liable for the attorney’s fees of defendant Maxim Integrated Products, Inc. under the Uniform Trade Secrets Act (California Civil Code Section 3426 et seq.) because its claim that Maxim’s hiring of its former employees constituted a bad faith claim…

201502.03
0
0

FINRA issues report on cyber security

February 3, 2015, the Financial Industry Regulatory Authority (FINRA) issued a new report on cyber security, which details practices that firms can tailor to their business model as they strengthen their cyber security efforts.  The top 3 threats identified in the 2011 and 2014 surveys are: hackers penetrating firm systems; insiders compromising firm or client…

201501.06
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FINRA observes shortcomings in 5 key areas

January 6, 2015, FINRA notes that it observes shortcomings in five key areas of broker-dealer activity. alignment of firms’ interests with those of their customers; standards of ethical behavior; development of strong supervisory and risk management systems; development, marketing and sale of novel products and services; and management of conflicts of interest.

201410.19
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California licensee loan activity for 2013

October, 2014 – The Department of Business Oversight released the 2013 Report of California Finance Lender License activity shows that licensee made $7.9B on $59.5B of commercial loans, and $3.57B on $18.5B of consumer loans with the average commercial loan being $106,650, and the average consumer loan $43,521.  Real estate secured 87.3% of consumer loans.