Three Things To Know About New York’s New Overdraft Law

On August 19, 2021, New York state enacted legislation requiring banks to adopt check processing practices intended to minimize non-sufficient funds charges. These new requirements come amid a number of other initiatives aimed at providing relief to economically vulnerable consumers and those adversely impacted by the COVID-19 pandemic, including New York’s relief from overdraft and other fees and proposed federal legislation seeking to address overdraft fees and marketing. New York’s new law, which becomes effective on January 1, 2022, will […]

By | August 13th, 2021 ||

FINRA Clarifies Guidance On Best Execution And Payment For Order Flow

The Financial Industry Regulatory Authority (FINRA) recently issued a Regulatory Notice (Notice) reminding firms of their obligations with respect to best execution and payment for order flow.1

These topics received a great deal of attention in recent months from both regulators and the industry, as heightened levels of trading activity by retail investors impacted broader markets (for example, the GameStop “short squeeze” and other trading patterns in so-called “meme” stocks). Many of these retail investors […]

By | August 10th, 2021 ||

Firm Settles NYSE Arca And NYSE American Charges For Notification Failures On Securities Offerings

An investment banking and broker-dealer firm settled NYSE Arca and NYSE American charges for failing to submit, or submit in a timely manner, notifications in connection with its engagement in the distribution of securities. The firm settled related charges with FINRA for its failure to timely file notifications under SEC regulations prohibiting manipulation of securities offerings (“Regulation M”).

In its Letter of Acceptance, Waiver, and Consent (“AWC”), NYSE Arca found that the firm failed to timely and accurately submit Restricted Period […]

By | August 8th, 2021 ||