Financial Industry Regulatory and Litigation Issues

 

Regulatory Compliance
Registration Issues		 Industry Arbitrations
ADV and other Disclosure Filings

Regulatory Compliance

Cosgrove Law, LLC assists its clients in developing effective compliance and training programs. Our attorneys also regularly advise clients in investigations and formal proceedings by federal and state financial regulators and self-regulatory organizations. David B. Cosgrove formerly served as the Missouri Commissioner of Securities, where he supervised attorneys, investigators and auditors investigating and prosecuting administrative, civil and criminal violations of Missouri’s securities laws. While Commissioner, Mr. Cosgrove was responsible for identifying practices or industry sectors appropriate for enforcement measures. He also supervised the Securities Division’s registration and audit sections. Additionally, Mr. Cosgrove interfaced on a daily basis with the SEC, NASD (now FINRA), NASAA (North American Securities Administrators Association) and various other state and federal enforcement agencies. In addition, prior to joining Cosgrove Law, LLC, Sheila Carroll served as a Securities Investigator in the Missouri Secretary of State’s Securities Division. During her time as a Securities Investigator, Ms. Carroll worked closely with the Securities Divisions’ Enforcement and Audit sections and was active in the NASAA as well as the Missouri State Investigators Association (MSIA). Ms. Carroll was also formerly an Investigator in the Missouri Attorney General’s Consumer Protection Division and a member of the legal departments of large broker-dealers and investment advisers.

Our attorneys and staff also have extensive research and investigation experience with compliance and auditing procedures, including but not limited to legal issues relating to:

  • The Securities Act of 1933
  • The Securities Exchange Act of 1934
  • The Investment Company Act of 1940
  • The Investment Advisers Act of 1940
  • The Commodity Exchange Act
  • The Financial Industry Regulatory Authority
  • The National Futures Association
  • Various State Securities Laws
  • The Employee Retirement Income Security Act of 1974 (ERISA)

Registration Issues

Cosgrove Law, LLC has experience with a whole host of investment adviser and broker state registration matters, including but not limited to:

  • Conversions from SEC registration to state registration
  • MC400 applications and hearings
  • Guidance to assist in the preparation for state audits
  • Annual and as-needed ADV updates and reviews
  • General state registration information requests
  • State registration inquiries for Investment Advisers and Investment Adviser Representatives

David B. Cosgrove and his Paralegal, Sheila Carroll, are former members of the North American Securities Administrators Association (NASAA) and current members of SIFMA, Compliance & Legal. With a background in state regulation and a continued presence in the compliance and regulatory community, Mr. Cosgrove and his partners and staff are able to provide a unique perspective when providing clients with registration guidance and advice.

Industry Arbitrations

Financial institutions almost always incorporate into their letters of agreement mandatory arbitration provisions providing that the client must resolve all disputes with the company through arbitration. Consequently, individual investors may be limited to an arbitration forum when seeking to recover for financial wrongdoing. Attorneys handling securities cases must therefore be familiar with the intricacies of the arbitration process, whether it be through FINRA, JAMS, AAA or some other arbitration forum. The attorneys of Cosgrove Law, LLC; David B. Cosgrove and Kurt J. Schafers, are well-versed in the financial industry arbitration process and regularly represent investors in arbitral forums.

ADV and Other Disclosure Filings

The recent economic crisis sparked major changes in disclosure requirements for public companies with securities traded on the nation’s stock exchanges. Cosgrove Law, LLC has extensive experience advising companies on their complex disclosure and compliance requirements, including preparing and reviewing annual, quarterly and other reports filed with the SEC and states, assisting companies in maintaining compliance with both state and federal securities laws and reporting requirements, and helping companies sta up to date on the intricate stock exchange requirements.