SEC Approves FINRA Rule Intended to Prevent Financial Exploitation of Senior Citizens
- May 15, 2017
- William Heyman
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As the American economy shifted away from defined company pension plans and towards individualized private investment plans, such as 401(k) plans, an increasing amount of financial responsibility has been placed on the individual. An array of brokers, financial planning, and…
Fiduciary Rule Stalled, Implementation Not Expected until June 2017
- May 10, 2017
- William Heyman
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We last considered the state of the Department of Labor’s fiduciary rule in late February 2017. At the time, analysts and commentators will still assessing the impact President Trump’s February 3, 2017, memorandum would have on the rule. The memorandum…
FINRA Announces NAC Revisions to Sanction Guidelines
- May 3, 2017
- William Heyman
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The Financial Industry Regulatory Authority (FINRA) is an independent regulatory body in charge of overseeing the practices and activities of covered financial firms, brokers, and other parties. National Adjudicatory Council (NAC) is FINRA’s main appellate tribunal. NAC is comprised of…
Bank Employees Faced Pressure to Utilize Unscrupulous Sales Tactics or Face Discipline, Termination at Wells Fargo and TD Bank
- March 23, 2017
- William Heyman
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Due to changes in global financial markets, retail banking firms such as TD Bank, Wells Fargo, and others have faced pressure from shareholders to find new sources of revenue. A number of banks have apparently met this call by emphasizing…
Recent FINRA Decisions Shows FINRA Hearing Can Lead to Fines, Expulsion
- March 13, 2017
- William Heyman
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In Dept. of Enforcement v. Red River Securities, LLC and Keith Hardwick, a complaint was raised due to the sale of certain joint venture interests in oil and gas operations. A threshold question in the matter was whether the joint…
Wells Fargo Settles Second TCPA Lawsuit in Six Months Showing Dangers of Misguided Marketing Efforts
- March 2, 2017
- William Heyman
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Businesses that engage directly with the public have a number of duties and legal responsibilities that must be met. When the new customer and client outreach efforts concern certain financial products, regulatory oversight will be even more stringent. However, even…
Where Does the Fiduciary Rule Currently Stand in its Implementation?
- February 21, 2017
- William Heyman
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Up until just several weeks ago, it appeared as if the Department of Labor’s fiduciary rule was on track to be implemented into law. However, since the inauguration of President Donald J. Trump, a new approach regarding government regulations has…
US Supreme Court Set to Rule on NLRB Class Action Arbitration Waiver Dispute
- January 26, 2017
- William Heyman
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Increasingly, arbitration clauses buried in the fine print of contracts and agreements are an issue of concern and legal challenges. A related issue concerns the use of class action waivers in these agreements. A class action waiver of this type…
How Can I Start a Business in Maryland?
- January 16, 2017
- William Heyman
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Today, the opportunities to access a broader market provided by the Internet allows for the potential that a small to mid-sized business could take off nationally or even internationally. In addition to online opportunities, economic conditions in Maryland and throughout…
Will Maryland Take My Estate’s Property if I Don’t Have a Will or my Will Is Challenged and Found Invalid?
- January 9, 2017
- William Heyman
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Many prudent and forward-thinking individuals will engage in comprehensive estate planning to plan for potential future incapacity, their eventual passing, and an array of other inevitable life events. While this type of planning can be difficult, it is necessary for…