SEC’s Division of Investment Management Issues Guidance Update on Advertisements and Social Media
David C. Boch,Barry N. Hurwitz,Erica L. Zong Evenson, April 3, 2013
On March 15, 2013, the Securities and Exchange Commission’s Division of Investment Management issued its first IM Guidance Update (the “Guidance Update”). According to the Commission’s press release, the Commission envisions a series of guidance updates that are designed to...

FINRA Issues Guidance Narrowing the Scope of its New Suitability Rule
David C. Boch,W. Hardy Callcott,Christina N. Davilas,John R. Snyder,Michael R. Weissmann, December 22, 2012
FINRA recently issued Regulatory Notice 12-55 (“RN 12-55”), expressing new views on discrete but significant aspects of the suitability rule, FINRA Rule 2111, that went into effect in July 2012.

First Circuit Affirms Customer Suitability Obligations Under FINRA Rules
Matthew C. Applebaum,David C. Boch,W. Hardy Callcott,Paul M. Tyrrell, September 26, 2012
In Cody v. SEC, the First Circuit upheld the decision of the SEC affirming the finding that a registered representative violated the FINRA suitability rule when he knowingly recommended a product he did not fully understand. The decision in Cody underscores a representative’s individual duty...