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• Countdown on Regulation B: New Challenges for Banks ( February 2005 )
  

  The Securities and Exchange Commission recently issued proposed Regulation B to implement the bank exemptions from securities broker regulation provided by the Gramm-Leach-Bliley Act in 1999. Regulation B supercedes the SEC's final interim rules adopted in 2001 which were put on hold after banks, banking regulators, and members of Congress objected that those rules would disrupt traditional banking activities contrary to the intent of Congress.

• SEC's Proposed Regulation B: Complex but More Flexible--What Bankers Need to Know to Comment and Eventually Comply ( July 2004 )
  

  The Securities and Exchange Commission's newly proposed Regulation B includes highly detailed provisions that build on the framework created in the SEC's Interim Final Regulations issued in 2001. The Interim Regulations never took effect due to complaints from banks, banking regulators and members of Congress who criticized the regulations as unduly burdensome and inconsistent with the intent of Congress to avoid disrupting traditional banking activities.

• SEC Issues New Interpretation on Expense Sharing ( May 2004 )
  

  It is common practice for broker-dealers to enter into expense sharing agreements with their parent companies or affiliates whereby the parent company or affiliate performs administrative functions, as well as providing space, facilities, equipment and other services in exchange for service fees. In recent months, there has been concern expressed by the NASD and the NYSE that some broker-dealers may be incorrectly omitting expenses and liabilities subject to these agreements on the broker-dealer's books and records, resulting in inaccurate disclosure of the broker-dealer's performance and financial condition.

• SEC Adopts Final Rule Relating to Analyst Certification ( April 2003 )
  

  In an effort to promote the integrity of research reports and investor confidence in those reports, on February 20, 2003, the SEC adopted final rules relating to certification of broker-dealer research reports. New Regulation Analyst Certification requires research analysts to certify in research reports for which they are responsible that the views expressed in the report accurately reflect the analyst's personal views and to disclose whether or not the analyst received compensation or other payments in connection with his or her specific recommendations or views.

• Sarbanes-Oxley Should Not Preclude All Broker-Assisted Cashless Option Exercises by Insiders ( August 2002 )
  

  Although some law firms have advised public issuers to suspend broker-assisted cashless stock option exercises for executive officers and directors in light of Section 402 of the Sarbanes-Oxley Act, we believe, subject to certain limitations, that such suspension is not necessary.

• Common Scenarios of Stockbroker Misconduct ( July 2000 )
  

  1. Unsuitable Recommendations. Because stockbrokers serve in a fiduciary capacity, they are obligated to.

• Yours and Your Broker's Responsibilities ( July 2000 )
  

  A. Your Broker's Responsibility to You In most states, when a securities broker "hangs out his shingle" he .