In August, Rachel Naor and Michael Lundholm published an article in the Journal of the Litigation Section of the California Lawyers Association on the key distinctions between California state and federal privilege law. The article focuses on three distinct areas where California and federal courts take different approaches to the application of the attorney client privilege. The article can be found here.
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FINRA Escalates Unit Investment Trust Short Term Trading Enforcement
With FINRA announcing its largest enforcement settlement of 2020 last Wednesday with Stifel, Nicolaus & Co. for short term trading of Unit Investment Trusts (“UITs”), now is a good time to catch up with recent FINRA enforcement activity and the progress of one of its enforcement priorities over the last several years.
First, some recent history. The Stifel settlement appears to be the culmination of a four-year long push by FINRA to rein in firms it views as engaging in unsuitable short-term trading of UITs and other long-term investments.