New Podcast: Will There Be A Post-Pandemic Securities Litigation Wave?

When markets are volatile, history has shown us that there is often an increase in securities litigation,  In this week’s episode, Oyster’s General Counsel Patrick M. Dennis and Director Evan Rosser talk about past litigation trends in volatile markets and what they see coming as the pandemic continues to wreak havoc on the national economy and individual investments. Oyster… READ MORE

SEC Adopts Reg BI

The SEC Adopts Regulation Best Interest (Reg BI) and Additional Rules and Interpretations that Address Relationships Between Retail Investors and Investment Professionals Regulation Best Interest On June 5, 2019, the SEC adopted a new rule, referred to as Regulation Best Interest (“Reg BI”), that establishes an express best interest obligation applicable to broker-dealers (“BDs”) when… READ MORE

Reg BI Coming Soon, FINRA Annual Conference Speakers Suggest

Conference panel speakers at the FINRA Annual Conference suggested that the final rule on Regulation Best Interest, or “Reg BI,” may be adopted as early as the week of June 3rd, 2019 (the vote has been scheduled for June 5, 2019). Comments by regulators and others on the panel discussing FINRA’s suitability rule 2111 and… READ MORE

Digital Assets – Are You Ready?

The securities and futures industries have a long history of creating, distributing, and trading new and innovative products and asset classes. Innovation is not without risk and successful firms have typically introduced disciplined processes to achieve compliance within existing regulations, even when there are gray areas. For broker-dealers, the suitability rule (2111) is the guiding… READ MORE

Alert – The SEC Division of Investment Management Issues Robo Advisor Guidance Update

Regulators are taking a close look at electronic investment advice. After specifically mentioning the topic in the SEC’s  2017 Exam Priorities Letter, last week the SEC Division of Investment Management issued a Guidance Update covering: Disclosures to be made about the robo-advisor and the services offered Advisor’s obligation to obtain client information necessary to providing… READ MORE

Variable Annuity Suitability – Are Your Representatives Making Suitable Product Recommendations?

What’s Happening: Variable annuities offer a number of complex features and options, which can be confusing for both investors and the financial professionals who offer them for sale. Among those features and options are fees, expenses and other charges that can vary depending upon how the product is designed. Examples include: sales charges, which may… READ MORE