Pete Michaels

Aug 29, 2023 | natlawreview.com | Pete Michaels

In a widely anticipated decision, the Massachusetts Supreme Judicial Court unanimously upheld the Massachusetts Fiduciary Duty Rule, which imposes a fiduciary duty standard on Massachusetts broker-dealers. The high Court’s ruling reversed a 2022 trial court decision in favor of Robinhood Financial LLC (“Robinhood”), finding that the Secretary of the Commonwealth (“Secretary”) did not have the authority to adopt the rule. See our discussion of the trial court’s decision here.

Aug 11, 2023 | mondaq.com | David Adams |Steve Ganis |Kari Harris |Pete Michaels

The US Securities and Exchange Commission ("SEC") recently proposed rules for conflicts of interest in the use of predictive data analytics or similar technologies ("PDA-like technologies") by broker-dealers and investment advisers (the "PDA Conflicts Rules" or "proposed rules"). The proposed rules would generally require broker-dealers and investment advisers to "eliminate or neutralize the effects" of conflicts associated with the use of covered technologies in investor interactions.

Aug 10, 2023 | lexology.com | David Adams |Steve Ganis |Kari Harris |Pete Michaels |Talia S. Primor

The US Securities and Exchange Commission (“SEC”) recently proposed rules for conflicts of interest in the use of predictive data analytics or similar technologies (“PDA-like technologies”) by broker-dealers and investment advisers (the “PDA Conflicts Rules” or “proposed rules”). The proposed rules would generally require broker-dealers and investment advisers to “eliminate or neutralize the effects” of conflicts associated with the use of covered technologies in investor interactions.

Jul 31, 2023 | mondaq.com | Steve Ganis |Kari Harris |Pete Michaels |Talia S. Primor

The US Securities and Exchange Commission ("SEC") published two new rule proposals this week and has finalized two rulemakings this month, indicating that its aggressive rulemaking agenda is on track, if not ahead of schedule. Last month, the SEC set timelines for proposing 18 new rulemakings in the planning stage and finalizing 37 existing rulemaking proposals. Many rulemakings targeted a fall 2023 release date.

Jul 27, 2023 | lexology.com | David Adams |Steve Ganis |Kari Harris |Pete Michaels |Talia S. Primor

The US Securities and Exchange Commission (“SEC”) published two new rule proposals this week and has finalized two rulemakings this month, indicating that its aggressive rulemaking agenda is on track, if not ahead of schedule. Last month, the SEC set timelines for proposing 18 new rulemakings in the planning stage and finalizing 37 existing rulemaking proposals. Many rulemakings targeted a fall 2023 release date.