AMW LAW PLLC BLOG

NEWS & ANALYSIS

Welcome to AMW Law PLLC’s legal blog, where we break down the complexities of securities laws, rules and regulations for investors and financial professionals alike.

Our posts are organized into four focused categories: Smart Investor Insights offers practical guidance on fraud risks, recovery options, and protecting your investments; Broker Compliance Center provides financial professionals with updates and strategies for staying compliant and defending against regulatory actions; Securities Law Updates highlights key developments from FINRA, the SEC, and the courts that shape the legal landscape; and Our Legal Services gives an inside look at how we help clients pursue and defend securities-related claims.

Whether you're safeguarding your portfolio or your professional standing, our goal is to keep you informed, prepared, and empowered.

FINRA’s Proposed Rule 3290: A New Framework for Outside Activities and Private Securities Transactions

FINRA’s Proposed Rule 3290: A New Framework for Outside Activities and Private Securities Transactions FINRA has proposed a meaningful rewrite of its outside-activities rules. In January 2026, FINRA filed proposed Rule 3290, which would replace current Rule 3270 on outside business activities and Rule 3280 on private securities transactions. The proposal is designed to consolidate the framework, focus firm review on higher-risk investment-related activity, and reduce what FIN

Artur M. Wlazlo

FINRA’s Intraday Margin Rule Change: What Replaces the Pattern Day Trader Framework.

FINRA’s Intraday Margin Rule Change: What Replaces the Pattern Day Trader Framework The SEC has approved a significant change to FINRA Rule 4210, one that could reshape how broker-dealers and active traders think about day trading restrictions and margin risk. For years, the familiar “pattern day trader” framework has governed this area, tying special restrictions to how often a customer day-traded within a five-business-day window. That framework is now on its way out. In

Artur M. Wlazlo

FinCEN’s Record Canaccord Penalty Is a Warning to Broker-Dealers on AML and BSA Compliance.

FinCEN’s Record Canaccord Penalty Is a Warning to Broker-Dealers on AML and BSA Compliance FinCEN’s March 6, 2026, enforcement action against Canaccord Genuity LLC is more than a headline-grabbing penalty. It is a clear statement that anti-money laundering compliance remains a core obligation for broker-dealers, and that failures in this area can draw serious scrutiny not only from FinCEN, but also from the SEC and FINRA. FinCEN assessed an $80 million civil money penalty aga

Artur M. Wlazlo

When Fairness Demands Dismissal: What the Flesche NAC Decision Means for FINRA Respondents

When Fairness Demands Dismissal: What the Flesche NAC Decision Means for FINRA Respondents In most FINRA disciplinary cases, “fairness” is an argument respondents make and regulators acknowledge, but rarely a basis for throwing a case out altogether. That is what makes the National Adjudicatory Council’s 2025 decision in Department of Enforcement v. Paul Eric Flesche , No. 2016049565901r, 2025 FINRA DISCIP. LEXIS 18 (NAC Sep 24, 2025) so striking. After the Securities and Exc

Artur M. Wlazlo

FINRA Rule 8210: FINRA’s New Reminder that Jurisdiction Follows You - Wherever You Are.

FINRA Rule 8210: FINRA’s New Reminder that Jurisdiction Follows You - Wherever You Are. On September 25, 2025, FINRA issued Regulatory Notice 25-11, titled “FINRA Reminds Members and Associated Persons, Wherever Located, of Their Obligation to Comply With Rule 8210.” At first glance, this notice may appear to restate familiar obligations. But for professionals and firms with any international dimension, registered representatives working abroad, dual-licensed entities, or f

Artur M. Wlazlo

Avoiding Unfair FINRA Proceedings: Defending Against FINRA Charges in Delayed Regulatory Proceedings

Avoiding Unfair FINRA Proceedings: Defending Against FINRA Charges in Delayed Regulatory Proceedings Although FINRA disciplinary actions...

Artur M. Wlazlo

FINRA Rule 2010’s Broad Business-Related Scope Affirmed: The Iannazzo Case’s Implications for Personal Misconduct and Professional Consequences.

FINRA Rule 2010’s Broad Business-Related Scope Affirmed: The Iannazzo Case’s Implications for Personal Misconduct and Professional Consequences. Earlier this year, I wrote about the extraordinary flexibility of FINRA Rule 2010 in my article The Expansive Reach of FINRA Rule 2010: Ethical Standards Beyond Securities Transactions . As discussed there, Rule 2010 operates both as a companion to other FINRA rules and as an independent ethical standard capable of reaching misconduc

Artur M. Wlazlo

From Investing to Entertainment: How Gamification of Trading is Reshaping Financial Markets

From Investing to Entertainment: How Gamification of Trading is Reshaping Financial Markets The gamification of securities trading has emerged as a transformative force in financial markets, fundamentally altering how investors, particularly retail traders, make investment decisions and engage with trading platforms. As I see it, gamification operates on two fronts. First, by integrating game-like design features into trading applications, such as interactive visuals, rewards

Artur M. Wlazlo

The Curious Case of XRP: How One Digital Currency Can be Simultaneously Security and Non-Security under SEC v. Ripple Labs

Cryptocurrency: Security and Non-Security under SEC v. Ripple Labs In the evolving landscape of digital assets and cryptocurrencies, whether a particular token qualifies as a security remains a contentious legal issue. The United States District Court’s decision in SEC v. Ripple Labs, Inc. (Case No. 20 Civ. 10832) sheds light on how a single digital asset—XRP—can be deemed both a security and not a security, depending on the context in which it is sold. This seemingly parado

Artur M. Wlazlo

Alpine Securities v FINRA: Narrow Holding Lets FINRA to Live and Fight Another Day.

Alpine Securities v FINRA: Narrow Holding Lets FINRA to Live and Fight Another Day. The United States Court of Appeals for the District of Columbia recently delivered its highly anticipated ruling in the Alpine Securities case, a decision with significant implications for FINRA and the broader framework of securities regulation. Alpine challenged FINRA’s constitutionality on two critical grounds. First, it contended that FINRA’s appointment of hearing officers violates the Ap

Artur M. Wlazlo

Regulation Best Interest: Understanding and Compliance

Regulation Best Interest: Understanding and Compliance The promulgation of the SEC’s Regulation Best Interest (Reg BI) marked a significant moment in the broker-dealer industry, reflecting a transformative shift in how brokers are expected to interact with retail investors. Before Reg BI, broker-dealers operated under a suitability standard, which required them to ensure that any investment recommendation was appropriate for the client's financial situation and goals. However

Artur M. Wlazlo

Lorenzo v. SEC: Scope of Primary Liability for Securities Fraud.

Lorenzo v. SEC: Scope of Primary Liability for Securities Fraud. The Supreme Court's decision in Lorenzo v. SEC addressed significant...

Artur M. Wlazlo

SEC v. Jarkesy: The Radical Reworking of the Administrative State.

SEC v. Jarkesy: The Radical Reworking of the Administrative State. In SEC v. Jarkesy , 603 U.S. ___ (2024), No. 22-859 (June 27, 2024),...

Artur M. Wlazlo

Analysis of Alpine Securities Corporation v. FINRA: Constitutionality of FINRA Hearing Panels in Jeopardy.

Analysis of Alpine Securities Corporation v. FINRA: Constitutionality of FINRA Hearing Panels in Jeopardy. The United States Court of...

Artur M. Wlazlo