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Broker-Dealer: A Fiduciary By Any Other Name?, William Alan Nelson II 2015 George Washington University School of Law

Broker-Dealer: A Fiduciary By Any Other Name?, William Alan Nelson Ii

William Alan Nelson II

Broker-dealers, unlike investment advisers, are not regulated as fiduciaries when providing investment advice, even though broker-dealers are holding themselves out as financial advisors and offering virtually identical services to investors. The lack of consistent regulation of financial service providers arises from the structure in which advice historically has been delivered. Financial services regulation since the Great Depression has developed along roughly dual tracks: laws governing the sale of financial products, which may or may not require that the products be suitable for the customer, and laws governing investment advice, which impose a fiduciary requirement on the adviser to act solely ...


Take It Or Leave It: Unconscionability Of Mandatory Pre-Dispute Arbitration Agreements In The Securities Industry, William Alan Nelson II 2015 George Washington University School of Law

Take It Or Leave It: Unconscionability Of Mandatory Pre-Dispute Arbitration Agreements In The Securities Industry, William Alan Nelson Ii

William Alan Nelson II

The pervasive use of mandatory pre-dispute arbitration agreements in the securities industry is a relatively new phenomenon. However, research reflects that an overwhelming majority of retail brokerage and investment advisory agreements include language requiring that all disputes between the customer and the broker-dealer / investment adviser be resolved through arbitration – most often with Financial Industry Regulatory Authority (FINRA) Dispute Resolution. Thus, only in rare instances can an investor open either a brokerage or investment advisory account without agreeing to submit to mandatory pre-dispute arbitration.

The enclosed article is the first to focus on the fairness of mandatory pre-dispute arbitration agreements through ...


Regulating Electricity-Market Manipulation: A Proposal For A New Regulatory Regime To Proscribe All Forms Of Manipulation, Matthew Evans 2015 University of Michigan Law School

Regulating Electricity-Market Manipulation: A Proposal For A New Regulatory Regime To Proscribe All Forms Of Manipulation, Matthew Evans

Michigan Law Review

Congress broadly authorized the Federal Energy Regulatory Commission (“FERC”) to protect consumers of electricity from all forms of manipulation in the electricity markets, but the regulations that FERC passed are not nearly so expansive. As written, FERC’s Anti-Manipulation Rule covers only instances of manipulation involving fraud. This narrow scope is problematic, however, because electricity markets can also be manipulated by nonfraudulent activity. Thus, in order to reach all forms of manipulation, FERC is forced to interpret and apply its Anti-Manipulation Rule in ways that strain the plain language and accepted understanding of the rule and therefore constitute an improper ...


Making A Mark: Taking A Glance At Trademarks And Graphic Infringement, Heather S. Ray 2015 California Western School of Law

Making A Mark: Taking A Glance At Trademarks And Graphic Infringement, Heather S. Ray

Heather S Ray

No abstract provided.


Innovations In Mobile Broadband Pricing, Daniel A. Lyons 2015 Boston College Law School

Innovations In Mobile Broadband Pricing, Daniel A. Lyons

Boston College Law School Faculty Papers

The FCC’s net neutrality rules sought to limit interference by broadband service providers in markets for Internet-based content and applications. But to do so, the Commission significantly reduced the amount of innovation possible in the broadband service market. Within limits, broadband providers were permitted to offer different plans that vary the quantity of service available to customers, as well as the quality of that service. But they generally could not vary the service itself: with limited exceptions, broadband providers were generally required to offer customers access to all lawful Internet traffic, or none at all.

This paper explores the ...


On Duopoly And Compensation Games In The Credit Rating Industry, Robert J. Rhee 2015 Northwestern University School of Law

On Duopoly And Compensation Games In The Credit Rating Industry, Robert J. Rhee

Northwestern University Law Review

No abstract provided.


Forfeiting Federalism: The Faustian Pact With Big Tobacco, Ryan Dreveskracht 2015 University of Washington - Seattle Campus

Forfeiting Federalism: The Faustian Pact With Big Tobacco, Ryan Dreveskracht

Ryan Dreveskracht

This article discusses the effects of the largest legal settlement in United States history: the so-called Master Settlement Agreement, or “MSA.” Part I discusses the settlement generally, and its intended effect on the U.S. tobacco market. Parts II through IV discuss the unintended consequences of the settlement. Specifically, Part II considers how states got into their current disarray, and how a perceived state windfall of billions of dollars ended up putting states on what by all accounts now appears to be very real risk of insolvency. Part III examines how the major tobacco companies are using the states’ dire ...


Reforming The Regulation Of Community, Tanya D. Marsh 2015 Wake Forest University

Reforming The Regulation Of Community, Tanya D. Marsh

Indiana Law Journal

The regulatory framework for financial institutions in the United States imposes significant costs on community banks without providing benefits to consumers or the economy that justify those costs. The Dodd-Frank Wall Street Reform and Consumer Protection Act builds on decades of “one-size-fits-all” regulation of financial institutions, an ill-conceived regulatory strategy that puts community banks at a competitive disadvantage as compared with their larger, more complex competitors. The imposition of regulatory burdens on community banks without attendant benefits ultimately harms both consumers and the economy by (1) forcing community banks to consolidate or go out of business, furthering the concentration of ...


4th And 205: How A Rush Of Global Comments Blocked The Sec’S First Attempted Punt Of Attorney-Client Privilege Under Sarbanes-Oxley, John Paul Lucci 2014 Touro College Jacob D. Fuchsberg Law Center

4th And 205: How A Rush Of Global Comments Blocked The Sec’S First Attempted Punt Of Attorney-Client Privilege Under Sarbanes-Oxley, John Paul Lucci

Touro Law Review

No abstract provided.


Acciones Colectivas Vs Cláusula De Arbitraje, Jorge E. De Hoyos Walther 2014 SelectedWorks

Acciones Colectivas Vs Cláusula De Arbitraje, Jorge E. De Hoyos Walther

Jorge E De Hoyos Walther

Análisis de la resolución de la Suprema Corte de Justicia que permite la procedencia una accione colectiva, aun cuando las partes se hayan sometido al arbitraje.


Attorney Liability In Lien Enforcement: The Untapped Potential Of The Fair Debt Collection Practices Act, Adam Deutsch 2014 SelectedWorks

Attorney Liability In Lien Enforcement: The Untapped Potential Of The Fair Debt Collection Practices Act, Adam Deutsch

Adam Deutsch

Consumer debt in the United States is valued at $11.4 trillion and an estimated 77 million individual consumers have a debt in default collection status. Debt collection is a fast growing industry troubled by unscrupulous behavior by collectors. In the second half of 2013 the Consumer Finance Protection Bureau received more than 30,000 complaints of abusive behavior by debt collectors. The Fair Debt Collection Practices Act enacted by Congress in 1977 provides guidelines to limit abusive collection practices and created a private right of action for consumer victims. This article explores the powerfully broad but underutilized strict liability ...


Meaningful Involvement In Collections: Should Ethics Or The Fdcpa Govern?, Jeffrey S. Peters 2014 Pace University School of Law

Meaningful Involvement In Collections: Should Ethics Or The Fdcpa Govern?, Jeffrey S. Peters

Pace Law Review

This Note will explain and analyze the Fair Debt Collection Practices Act (FDCPA) and its case law. It will also discuss the interplay between the FDCPA case law and its ethical overtones. To understand the basis of this issue, Part II of this Note will begin by briefly developing the history and background of the FDCPA and discuss specific sections of the law designed to protect debtors from abusive debt collection practices. Notably, these sections relate to the prevention of improper practices for misleading debtors, and are the focus of the lawsuits that this Note will discuss. Accordingly, Part III ...


Potential Competitive Effects Of Vertical Mergers: A How-To Guide For Practitioners, Steven C. Salop, Daniel P. Culley 2014 Georgetown University Law Center

Potential Competitive Effects Of Vertical Mergers: A How-To Guide For Practitioners, Steven C. Salop, Daniel P. Culley

Georgetown Law Faculty Publications and Other Works

The purpose of this short article is to aid practitioners in analyzing the competitive effects of vertical and complementary product mergers. It is also intended to assist the agencies if and when they undertake revision of the 1984 U.S. Vertical Merger Guidelines. Those Guidelines are out of date and do not reflect current enforcement or economic thinking about the potential competitive effects of vertical mergers. Nor do they provide the tools needed to carry out a modern competitive effects analysis. This article is intended to partially fill the gap by summarizing the various potential competitive harms and benefits that ...


The Unexamined Life In The Era Of Big Data: Toward A Udaap For Data, Sean Brian 2014 SelectedWorks

The Unexamined Life In The Era Of Big Data: Toward A Udaap For Data, Sean Brian

Sean Brian

No abstract provided.


Class Actions Suits Vs. Arbitration Clause (Mexico), Jorge E. De Hoyos Walther 2014 Universidad Autonoma de Baja California

Class Actions Suits Vs. Arbitration Clause (Mexico), Jorge E. De Hoyos Walther

Jorge E De Hoyos Walther

On September 24, 2014, the Mexican Supreme Court (SCJN) issued a landmark decision in the world of arbitration and class action suits. In summary, SCJN upheld that it is possible to file a class action suit, even though an arbitration clause is included in the agreement that governs the business relationship


Broker-Dealers And Investment Advisers: A Behaviorial-Economics Analysis Of Competing Suggestions For Reform, Polina Demina 2014 University of Michigan Law School

Broker-Dealers And Investment Advisers: A Behaviorial-Economics Analysis Of Competing Suggestions For Reform, Polina Demina

Michigan Law Review

For the average investor trying to save for retirement or a child’s college fund, the world of investing has become increasingly complex. These retail investors must turn more frequently to financial intermediaries, such as broker-dealers and investment advisers, to get sound investment advice. Such intermediaries perform different duties for their clients, however. The investment adviser owes his client a fiduciary duty of care and therefore must provide financial advice that is in the client’s best interests, while the broker-dealer must merely provide advice that is suitable to the client’s interests—a lower standard than the fiduciary duty ...


Who's Swallowing The "Bitter Pill"?: Reforming Write-Offs In The State Of Washington, Lauren M. Martin 2014 Seattle University School of Law

Who's Swallowing The "Bitter Pill"?: Reforming Write-Offs In The State Of Washington, Lauren M. Martin

Seattle University Law Review

Washington’s application of the collateral source rule permits recovery for medical expenses that were never incurred and have no relationship to their market value. This application is set forth in Hayes v. Wieber Enterprises, Inc., where the plaintiff sued a restaurant for injuries she sustained from falling down the restaurant’s basement stairs. Why should the collateral source rule compel the defendant in Hayes to pay the original amount billed, $5,800, when the physician accepted $3,300 as payment in full? Is not $3,300 the reasonable or market value of the medical services provided to the plaintiff ...


The Cost Of Protectionism: Should The Law Favor Producers Or Consumers?, Robert W. McGee 2014 Seton Hall University

The Cost Of Protectionism: Should The Law Favor Producers Or Consumers?, Robert W. Mcgee

Georgia Journal of International & Comparative Law

No abstract provided.


Summary Of State, Dept. Of Bus. And Industry V. Check City P’Ship, 130 Nev. Adv. Op. 90, Daven Cameron 2014 Nevada Law Journal

Summary Of State, Dept. Of Bus. And Industry V. Check City P’Ship, 130 Nev. Adv. Op. 90, Daven Cameron

Nevada Supreme Court Summaries

The Court interpreted NRS 605A.425 and concluded that the statute unambiguously provides that a borrower’s deferred deposit loan is to be capped at 25 percent of the borrower’s expected gross monthly income. This cap includes both principal and any interest or fees charged.


Mutual Pharmaceutical Co. V. Bartlett: A Need For “Explicit” Congressional Action And State Tort Law Reform, Kara A. Ritter 2014 California Western School of Law

Mutual Pharmaceutical Co. V. Bartlett: A Need For “Explicit” Congressional Action And State Tort Law Reform, Kara A. Ritter

Kara A Ritter

No abstract provided.


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