Corporate and Financial Weekly Digest - December 10, 2010
Mondaq Business Briefing › United States Law Articles in English (2010)
Linked as:
Extract
Corporate and Financial Weekly Digest - December 10, 2010
Edited by Robert L. Kohl and David A. Pentlow BROKER DEALER
SEC Approves FINRA Rule Regarding Verification of Member Assets at Non-Member Financial Institutions New Financial Industry Regulatory Authority Rule 4160 will go into effect February 1 in an effort by FINRA to strengthen its ability to independently verify assets maintained by a FINRA member at a non-member financial institution. FINRA Rule 4160 will prohibit members from continuing to custody or retain record ownership of assets at non-member financial institutions that fail promptly to provide FINRA, upon FINRA's written request, with written verification of the FINRA member's assets maintained at such non-member financial institution. In the Regulatory Notice, FINRA encourages, although does not require, FINRA members to contract with non-member financial institutions maintaining the FINRA member's assets (whether proprietary or customer assets) to require such non-member financial institutions to oblige with verification requests from FINRA. Click here to read FINRA Regulatory Notice 10-61. New California Law Requires Lobbyist Registration for "Placement Agents" Soliciting California State Pension Plans Effective January 1, new legislation in California (Act) will prohibit an individual or entity from acting as a "placement agent" in connection with any potential investment made by a California state public retirement system unless that person is r...See the full content of this document
Sponsored links
