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Investment Advisers

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

Mar 18, 2020

Coronavirus (COVID-19) Exemption for Certain Money Manager (Investment Adviser) Filing and Delivery Requirements

The United States Securities and Exchange Commission (“SEC”) issued an Order this week for those SEC-registered investment advisers (among other advisers set forth in the Order) that are affected by the coronavirus (COVID-19) that provides relief “to filing or delivery obligations, as applicable, for which the original due date is on or after the date of [the] Order but on or prior to April 30, 2020.”» Read More