JPMorgan, Ex-Broker Agree to Non-Solicit Truce in TRO Battle

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Less than a week after it filed for a temporary restraining order against a broker who jumped to Morgan Stanley, JPMorgan Chase & Co. and the broker have agreed to a stipulated injunction, according to a court filing earlier this week.
As part of the order, Brett A. Jacobson agreed that he would not solicit the bank’s clients, although he is allowed to process account transfer requests that they initiate or do business with them after they transfer, according to a Thursday court filing.
The order also requires Jacobson to return within three days to JP Morgan all documents pertaining to its clients, including copies, handwritten notes, and digitized versions. Jacobson, an 18-year industry veteran and private client advisor who had worked from a Chase bank branch in New York City, moved on April 28 to Morgan Stanley in Melville, New York.
See the full story at AdvisorHub.
SECLaw.com is the online source of securities law new, tips and commentary. Online since 1995 it is the recognized leader in the area, so much so that other attorneys have been reduced to using “seclaw” in their website names in an effort to gain from the site’s popularity.
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JPMorgan, Ex-Broker Agree to Non-Solicit Truce in TRO Battle

Mellissa Campbell Duru Named Division of Corporation Finance’s Deputy Director for Legal and Regulatory Policy
The Securities and Exchange Commission today announced that Mellissa Campbell Duru has been named Deputy Director for Legal and Regulatory Policy in the Division of Corporation Finance. Ms. Duru most recently was a Special Counsel at Covington &…

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Mellissa Campbell Duru Named Division of Corporation Finance’s Deputy Director for Legal and Regulatory Policy

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The Securities and Exchange Commission today announced that Mellissa Campbell Duru has been named Deputy Director for Legal and Regulatory Policy in the Division of Corporation Finance. Ms. Duru most recently was a Special Counsel at Covington &…
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Have a securities law question? Call New York Securities Lawyers at 212-509-6544.
* This article was originally published here
SECLaw.com is the online source of securities law new, tips and commentary. Online since 1995 it is the recognized leader in the area, so much so that other attorneys have been reduced to using “seclaw” in their website names in an effort to gain from the site’s popularity.
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https://www.seclaw.com/mellissa-campbell-duru-named-division-of-corporation-finances-deputy-director-for-legal-and-regulatory-policy/

State AGs Oppose SEC Rule Regulating Cryptocurrency

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On May 8, 12 states led by Arkansas Attorney General Tim Griffin sent a letter to the Securities and Exchange Commission (SEC), opposing its recently proposed rule to give the commission the authority to regulate non-securities, including cryptocurrencies.
While the current rules give the SEC the authority to regulate investment advisors who hold a client’s fund or securities, the proposed rule would expand the SEC’s jurisdiction to any client assets under the investment advisor’s control. In the letter, the state AGs argue that the SEC does not have the legal authority to regulate assets other than securities, raising federalism concerns since the proposed rule may impose federal regulations on state-chartered trust companies and bank entities. The AGs contend that instead of imposing this rule, the SEC should wait for Congress to decide how to best regulate cryptocurrencies.
Read the full article at Troutman Pepper’s website

SEC Wrong on Crypto
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State AGs Oppose SEC Rule Regulating Cryptocurrency

HSBC Securities and Scotia Capital Fined $15M and $7.5M Respectively by SEC for Recordkeeping Failures

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On May 11, 2023, the SEC charged HSBC Securities (USA) Inc. and Scotia Capital (USA) Inc. for their employees’ longstanding and widespread failures to preserve and maintain electronic communications. To settle the charges, HSBC and Scotia admitted that their conduct violated recordkeeping provisions of the federal securities laws and agreed to pay penalties of $15 million and $7.5 million, respectively.
Off-Channel Communications at HSBC Securities and Scotia Capital
The SEC’s investigation of HSBC Securities and Scotia Capital, both registered broker-dealers, found that both firms had a pervasive and long-standing practice of off-channel communications. The firms admitted that their employees communicated about securities business matters on their personal devices, using messaging platforms such as WhatsApp. Neither firm maintained or preserved the vast majority of these communications, in violation of the federal securities laws.
The SEC’s Orders
The failings of HSBC Securities and Scotia Capital involved employees at multiple levels of authority, including supervisors and senior executives. Both firms cooperated with the SEC’s investigation by self-reporting the recordkeeping failures after gathering communications from the personal devices of a sample of their personnel.
The SEC charged both firms with violating certain recordkeeping provisions of the Securities Exchange Act of 1934 and failing to reasonably supervise to prevent and detect those violations. Along with the financial penalties, each firm was censured and ordered to cease and desist from committing violations of the relevant recordkeeping provisions.
Compliance Consultants and Settlements
HSBC Securities and Scotia Capital also agreed to retain compliance consultants to conduct comprehensive reviews of their policies and procedures related to the retention of electronic communications found on personal devices and their respective frameworks for addressing non-compliance by their employees with those policies and procedures.
Separately, the Commodity Futures Trading Commission announced settlements with the firms for related conduct.
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Have a securities law question? Call New York Securities Lawyers at 212-509-6544.
SECLaw.com is the online source of securities law new, tips and commentary. Online since 1995 it is the recognized leader in the area, so much so that other attorneys have been reduced to using “seclaw” in their website names in an effort to gain from the site’s popularity.
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HSBC Securities and Scotia Capital Fined $15M and $7.5M Respectively by SEC for Recordkeeping Failures

Dutch Medical Supplier Philips to Pay More Than $62 Million to Settle FCPA Charges

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The Securities and Exchange Commission today announced that Amsterdam-based Koninklijke Philips N.V. will pay more than $62 million to resolve charges that it violated the Foreign Corrupt Practices Act (FCPA) with respect to conduct related to its sales…
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Have a securities law question? Call New York Securities Lawyers at 212-509-6544.

Mark J. Astarita, Esq. is a securities lawyer who represents investors, financial professionals and firms in litigation, arbitration and regulatory matters across the country. He is a partner in the national securities law firm of Sallah Astarita & Cox, LLC and can be reached by email at mja@sallahlaw.com or by phone at 212-509-6544.

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Mark J. Astarita, Esq. is a securities lawyer who represents investors, financial professionals and firms in litigation, arbitration and regulatory matters across the country. He is a partner in the national securities law firm of Sallah Astarita & Cox, LLC and can be reached by email at mja@sallahlaw.com or by phone at 212-509-6544.

Follow us on Twitter, Facebook and The Securities Law Blog .

SECLaw.com is the online source of securities law new, tips and commentary. Online since 1995 it is the recognized leader in the area, so much so that other attorneys have been reduced to using “seclaw” in their website names in an effort to gain from the site’s popularity.
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Dutch Medical Supplier Philips to Pay More Than $62 Million to Settle FCPA Charges

Musk Wants to Stop his ‘Twitter Sitter’ Agreement

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He tried once before and was denied, but Elon Musk has asked a federal appeals court in New York to throw out his 2018 agreement with US regulators requiring a Tesla Inc. lawyer to screen all his company-related Twitter posts, calling it an illegal limitation on his free-speech rights.

Musk, Tesla’s chief executive officer and now the owner of Twitter Inc., has claimed that the agreement with the US Securities and Exchange Commission violates the First Amendment to the Constitution and that the SEC is harassing him.

The requirement “chills Mr. Musk’s speech,” limiting his ability to make statements about Tesla that don’t violate any securities laws, Ellyde R. Thompson, an attorney representing the Tesla CEO, told the panel.

Last year, US District Judge Lewis Liman refused to release Musk from the deal and end his “Twitter Sitter” requirement, saying the CEO was “simply bemoaning that he felt like he had to agree to it at the time” and now “wishes that he had not.” Liman also denied Musk’s effort to block an SEC subpoena seeking information on his tweets.

Full Article is at Fortune’s website.SECLaw.com is the online source of securities law new, tips and commentary. Online since 1995 it is the recognized leader in the area, so much so that other attorneys have been reduced to using “seclaw” in their website names in an effort to gain from the site’s popularity.
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Musk Wants to Stop his ‘Twitter Sitter’ Agreement

SEC Charges Red Rock Secured, Three Executives in Fraud Scheme Targeting Retirement Accounts

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The Securities and Exchange Commission today announced charges against El Segundo, California-based Red Rock Secured LLC, its CEO, Sean Kelly, and two of its former Senior Account Executives, Anthony Spencer and Jeffrey Ward, in connection with a…
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* This article was originally published here
SECLaw.com is the online source of securities law new, tips and commentary. Online since 1995 it is the recognized leader in the area, so much so that other attorneys have been reduced to using “seclaw” in their website names in an effort to gain from the site’s popularity.
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SEC Charges Red Rock Secured, Three Executives in Fraud Scheme Targeting Retirement Accounts

SEC Charges 10 Microcap Companies with Securities Offering Registration Violations

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The Securities and Exchange Commission today announced charges against 10 microcap companies for offering and selling securities in unregistered offerings that failed to comply with Regulation A, which provides a limited exemption from registration under…
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Have a securities law question? Call New York Securities Lawyers at 212-509-6544.
* This article was originally published here
SECLaw.com is the online source of securities law new, tips and commentary. Online since 1995 it is the recognized leader in the area, so much so that other attorneys have been reduced to using “seclaw” in their website names in an effort to gain from the site’s popularity.
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SEC Charges 10 Microcap Companies with Securities Offering Registration Violations