In what has become a typical announcement, the Securities and Exchange Commission (SEC) announced yesterday that it has filed three more actions against persons who acted as unregistered broker-dealers in violation of Section 15(a)(1) of the Securities Exchange Act of 1934.  While reviewing these cases, I observed the SEC announced yet another case this morning.

FINRA member Firms are required by June 30, 2020, to comply with Regulation BI. Regulation BI is a rulemaking package that one regulator described as a “once-every-several decades” rule.[1]  Regulation BI mandates four essential obligations which will transform the way retail broker-dealers (“BDs”) do business in the United States.  These include the Disclosure obligation, Care