On November 17, the Securities and Exchange Commission adopted amendments to Regulation S-T to permit the use of electronic signatures in executing documents submitted electronically to the SEC through EDGAR.
Continue Reading SEC Adopts Amendments Permitting Use of Electronic Signatures for EDGAR Filings
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FINRA Proposes Rule Change to Temporarily Amend Certain Timing, Method of Service and Other Procedural Requirements in FINRA Rules
By Susan Light, Michael T. Foley & Jack A. West on
Posted in Broker-Dealer
On May 8, the Financial Industry Regulatory Authority (FINRA) filed with the Securities and Exchange Commission proposed amendments to various FINRA Rules to provide FINRA with temporary relief from certain timing, method of service and other procedural requirements during the period in which FINRA’s operations are impacted by the COVID-19 outbreak in order to protect…
SEC Staff Issues Statement Regarding Authentication Documentation Retention Requirements in Light of COVID-19 Concerns
By Susan Light, Michael T. Foley & Jack A. West on
Posted in Broker-Dealer
On March 24, the Securities and Exchange Commission, on behalf of the staffs of the Division of Corporation Finance, the Division of Investment Management and the Division of Trading and Markets issued an announcement with respect to the authentication document retention requirements of Rule 302(b) of Regulation S-T in light of health, transportation and other logistical issues raised by the spread of COVID-19. Rule 302(b) requires that each signatory manually sign a signature page or other document authenticating his or her signature that appears in typed form within the electronic filing with the SEC.
Continue Reading SEC Staff Issues Statement Regarding Authentication Documentation Retention Requirements in Light of COVID-19 Concerns
SEC Approves FINRA Rule Change to Permit the Use of Electronic Signatures for Discretionary Accounts
By Michael T. Foley & Gregory A. Uffner on
Posted in Broker-Dealer
The Securities and Exchange Commission has approved a proposed rule change to amend Financial Industry Regulatory Authority (FINRA) Rule 4512 (Customer Account Information) (the “Amended Rule”). For discretionary accounts, member firms are currently required to maintain a record of the dated, manual signature of each named, natural person authorized to exercise discretion in such accounts. The Amended Rule will allow for the use of electronic signatures in connection with discretionary accounts.
Continue Reading SEC Approves FINRA Rule Change to Permit the Use of Electronic Signatures for Discretionary Accounts