On March 2, 2020, Robinhood’s trading platform failed to open for trading–the single purpose for which it was created–free trading. As we have come to learn, the failure was the result of a programming error that did not account for the leap year in February. Broker-dealers such as Robinhood Financial are governed by the U.S.Continue reading “Investment Losses Resulting From Robinhood’s Website and App Failures?”
Tag Archives: broker-dealer
Massachusetts Fiduciary Rule and Regulation Best Interest
Earlier today, on February 21, 2020, the Massachusetts Securities Division (“MASD”) adopted amendments to its regulations in an effort to hold broker-dealers and agents to a fiduciary standard when dealing with their customers (the “Massachusetts Rule”). While I personally believe that the rule will ultimately be overturned based on federal preemption, in an effort toContinue reading “Massachusetts Fiduciary Rule and Regulation Best Interest”
Logistical Wrinkles Relating to Form CRS
The rules and form implementing Form CRS became effective on September 10, 2019, and investment advisers and broker-dealers are currently in the early stages of preparing and developing internal procedures to comply with the rule and the form. By June 30, 2020, investment advisers registered with the U.S. Securities and Exchange Commission and broker-dealers willContinue reading “Logistical Wrinkles Relating to Form CRS”