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The purpose of this paper is to describe the Financial Industry Regulatory Authority's new rule for IPO allocation and the requirements for compliance with the rule.

The paper provides an overview of the new FINRA Rule 5131, containing, among other things, provisions that prohibit the “spinning” of IPO shares to certain present and prospective investment banking clients. Specifically, the paper outlines the new regulations on “quid pro quo” allocations, “spinning”, “flipping” and IPO pricing and trading practices. The paper also provides detailed guidance to broker‐dealers regarding their obligations under the rule.

The proposed new rule is intended to prevent the following types of conduct: the allocation of IPO shares as consideration or inducement for the payment of excessive compensation for other services provided by the member; the acceptance of market orders of IPO shares prior to the development of a secondary market; the allocation of IPO shares to an executive officer or director of a company on the condition that the officer or director send the company's investment banking business to the member, or as consideration for investment banking services previously rendered; and the imposition of a penalty on registered representatives whose retail customers have “flipped” IPO shares when similar penalties have not been imposed with respect to syndicate members.

The paper provides practical guidance from experienced regulatory lawyers regarding an important proposed change.

The association between motorcycles and sex, and motorcycles and action, is highly gendered and very few action films star women on motorcycles. This chapter examines little-known Australian film, Shame (1988) and the American made-for-television remake Shame (1992) as rare examples of films starring heroic women on motorcycles. The protagonist of both films is a motorbike-riding lawyer (Cadell) who rides into a country town blighted by an endemic rape culture. The film(s) have been largely overlooked in critical discussions about gender and action films. This chapter utilises scholarship about gender and action films, and about the rape revenge genre to explore how Cadell is cast as feminist avenger and agent of change. Rather than being a bombshell or a babe, in the tradition of Ellen Ripley and Sarah Connor, Cadell is a tough action chick who embodies (female) heroism. She, as Sara Ahmed (2017) would describe it, snaps, and that snap prompts viewers to examine misogyny, rape, revenge and shame.

The purpose of the paper is to describe the temporary and permanent exemptions issued by the Securities and Exchange Commission (SEC) to the large trader identification requirements under Rule 13h‐1.

Specifically, the paper provides: an explanation of the definition of a “large trader” as defined under Rule 13h‐1; an overview of the recordkeeping, reporting, and monitoring requirements under Rule 13h‐1; an explanation of the two‐tiered temporary exemption issued by the SEC; and an overview of the permanent exemption adopted by the SEC for certain capital market transactions in connection with determining whether a person is a large trader.

The SEC extended the April 30, 2012 compliance date under Rule 13h‐1 for registered broker‐dealers by 12 months to May 1, 2013; however, broker‐dealers that are either large traders, or have large trader customers that are either broker‐dealers or trade through a “sponsored access” arrangement, must be in compliance by November 30, 2012. The extension affords broker‐dealers additional time to develop, test, and implement recordkeeping and reporting systems required for compliance. Additionally, the SEC issued a permanent exemption for “dribble out” programs or offerings “crossed” on a national securities exchange, which were not originally exempted under the rule. The SEC determined that these transactions should not be counted for the purpose of determining whether a person meets the identifying activity level for a large trader given that the vast majority of primary offerings are excluded under the rule.

The paper provides practical guidance from experienced regulatory lawyers regarding an important proposed change.

The purpose of this paper is to describe the Securities and Exchange Commission's recently proposed new rules to establish a large trading reporting system.

The paper provides an overview of the new Rule 13h‐1, which, if adopted, would require large traders to identify themselves to the SEC and to be issued a “Large Trader Identification Number”. It outlines the proposed definition of a large trader and describes how a large trader would report itself to the SEC and the broker‐dealers it uses to effect trades using a new Form 13H. The paper also provides detailed guidance to broker‐dealers regarding their books and records obligations under the proposed rule.

The proposed new rule and form are intended to provide the SEC with data to facilitate its ability to assess the impact of the trading activity, to reconstruct trading activity following periods of unusual market volatility, and to analyze significant market events for regulatory purposes. Registered broker‐dealers would also be under an obligation to maintain records of transactions effected in accounts identified to it as large trader accounts; electronically report large trader transaction information to the SEC upon request; and monitor compliance with the new rule.

The paper provides practical guidance from experienced securities lawyers regarding an important proposed change.

The purpose of this paper is to provide frequently asked questions and answers in connection with the large trader reporting system.

The paper explains the large trader rule and filing requirements, including the application of the rule to non‐US entities; definitions, including Securities and Exchange Commission's (SEC's) definition of a “large trader”, a “NMS security”, and “person” for purposes of the rule; filing requirements; and the likely impact of broker‐dealers.

Certain broker‐dealers and entities that meet a trading threshold of aggregate transactions in NMS securities that equal or exceed two million shares or $20m during any calendar day, or 20 million shares or $200m during any calendar month, must file a Form 13H with the SEC.

The rule requires attention to an entity's trading levels, and requires making a filing with the SEC upon meeting certain activity levels.

The paper presents practical guidance from experienced financial services lawyers and compliance officers.

The purpose of the paper is to explain Financial Industry Regulatory Authority (“FINRA”) Regulatory Notice 11 11, which requests comment on a concept proposal to further regulate fixed income research reports, including through both substantive regulation and additional disclosure requirements.

The paper explains the background, including the application of FINRA's current research rules to only equity securities; definitions, including FINRA's proposed definition of a “debt security” as other than an “equity security,” a “treasury security”, of a municipal security; proposed standard and requirements, including most of the provisions of NASD Rule 2711; the institutional investor exemption, including an opt‐out provision; both permitted and prohibited communication between fixed‐income research analysts and fixed‐income sales and trading personnel; and the likely impact of the concept proposal on firms and investors.

The proposed rule extends regulatory requirements to fixed‐income research that are similar to those applicable to equity research, while subjecting research distributed solely to institutional investors to a more general “health warning”.

The proposed rule will likely precipitate cultural and business shifts at firms that both provide debt research services and may encourage a shift towards research disseminated solely to institutional investors.

The paper presents practical guidance from experienced financial services lawyers.