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Nov 19, 2020

Credential Stuffing: Cyber Intrusions Into Client Accounts of Broker/Dealers and Investment Advisors

In the “old days” ( some 10-20 years ago), persons intent on obtaining unauthorized disclosures of the personal identifiable information (“PII”) of clients of broker/dealers and/or investment advisors would use so-called “brute force” attacks, randomly trying to guess a password or combination of passwords in order to gain access.» Read More

Nov 05, 2020

The European Stock Markets: Still at Sixes and Sevens

Western Europe is home to 57 stock exchanges (according to Wikipedia as of October 9, 2020) located in 36 countries, including Spain with five exchanges and Germany with six. Of these 57 exchanges, five are considered major platforms for trading securities, namely:

  1. Euronext, which is a Pan-Europe exchange covering markets in Belgium, France, Ireland, the Netherlands, and Portugal
  2. The London Stock Exchange, which has global listings
  3. The Deutsche Boerse, which handles the Frankfurt Stock Exchange/Xetra
  4. The SIX Swiss Exchange
  5. Nasdaq Nordic, which comprises Scandinavian, Baltic, and Caucasian stock exchanges

The five major exchanges trade securities with a market capitalization of over $1 trillion (U.S.).» Read More

Sep 08, 2020

SEC Seeks to Increase the Security of the Data on the Consolidated Audit Trail National Market System

In 2005, the Securities and Exchange Commission (“SEC”) established the National Market System (“NMS”), governed by SEC Regulation NMS, “…to modernize and strengthen …[the trading system] for equity securities.” Its aim was to encourage competition both among the several trading markets and among individual orders, SEC Release No.» Read More

Jul 16, 2019

Research Reports by Broker/Dealers – FINRA Catches Up

As described in my February 28, 2019, article, “Broker/Dealer Research Reports – Mutual Funds, ETFs, and Business Development Companies,” the U.S. Securities and Exchange Commission (“SEC”) adopted new Rule 139b on November 30, 2018, to allow broker/dealers to issue “covered investment fund research reports” with respect to mutual funds, exchange-traded funds (“ETFs”), business development funds, and certain other pooled investment vehicles (such as unit investment trusts, commodity funds, and currency funds).» Read More

Mar 08, 2019

Broker/Dealer Research Reports – Mutual Funds, ETFs, and Business Development Companies

Congress passed the Fair Access to Investment Research Act of 2017 directing the SEC to adopt a rule that would provide a comparable safe harbor for the publication of research reports on “covered investment funds” by unaffiliated broker/dealers so long as certain conditions are met. » Read More