Clarification of the Custody Rule and Standing Letters of Instruction

By Thomas H. Bilodeau, III, David Glod and Scott A. Stokes on March 10, 2017

Many investment adviser clients seek to facilitate payments and disbursements to third parties through a standing letter of instruction or other asset transfer authorization established with a qualified custodian (an “SLOI”). Often, the SLOI will allow the qualified custodian to accept the investment adviser’s instructions to move money to third parties on the client’s behalf. This authority is limited to the terms of the SLOI and may generally be revoked by the client at any time.

Read the full article >

FINRA Proposes Revamp of Securities Exam Regime

By Thomas H. Bilodeau, III on March 9, 2017

The Financial Industry Regulatory Authority (the “FINRA”) announced yesterday that it has filed a proposal with the Securities and Exchange Commission (the “SEC”) to streamline competency exams and facilitate opportunities for professionals seeking to enter or re-enter the securities industry.

Read the full article >

Highlights of the SEC Forum on Small Business Capital Formation

By Thomas H. Bilodeau, III on January 26, 2017

The 35th Annual Securities and Exchange Commission Government-Business Forum on Small Business Capital Formation was held on November 17, 2016 at SEC Headquarters in Washington, D.C. A panel of learned practitioners and securities law experts held a discussion on the state of the union of small business capital formation moderated by the Director of the SEC Division of Corporation Finance and the Chief of the Office of Office of Small Business Policy SEC Division of Corporation Finance. The then current SEC Commissioners also were in attendance.

Read the full article >

The Importance of Retaining Specialized Local Counsel for Real Estate Transactions

By Danielle Justo and Sarah M. Wegman on January 3, 2017

It is incredibly common for out-of-state attorneys (and even local attorneys with limited real estate experience) to conclude transactions which create or exacerbate serious title defects, which the attorney and her clients mistakenly believe, often for many years, have been properly performed. There are several reasons for this, but the most common is the quagmire of the dual-recording system in Massachusetts.

Read the full article >

New Minimum Wage Requirement to Take Effect on January 1, 2017

By J. Allen Holland and Atakelti Desta on December 19, 2016

The Massachusetts minimum-wage rises from $10 per hour to $11 per hour on January 1. Even those employers who do not normally hire lower wage or hourly employees should be aware of this change.

Read the full article >