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Equal Pay, Minimum Wage, and the Newest Colorado Employment Laws

| June 06, 2019 | Articles

By Larry Lee Colorado lawmakers have had a busy legislative session. Six new employment laws were enacted in the state addressing equal gender pay, criminal history inquiries, felony convictions for wage violations, local government rule for minimum wage, garnishments and a study of a family and medical leave insurance program. Here’s the highlights and effective… Read more »

SEC Adopts Regulation Best Interest: New Standards for Broker-Dealers

| June 05, 2019 | Articles

By Dave Thayer Doing business has become riskier for broker-dealers giving investment advice. On June 5, 2019, the Securities and Exchange Commission (SEC) adopted “Regulation Best Interest” which in a nutshell says that broker-dealers cannot put their own pocketbooks ahead of their clients’ “best interest.” For years, broker-dealers were viewed as purveyors of investment products… Read more »

SEC proposes new public company disclosure rules

| June 05, 2019 | Articles

By Dave Thayer On May 3, 2019, the Securities and Exchange Commission proposed amendments to improve and streamline financial disclosures relating to business acquisitions and dispositions. The proposed amendments are primarily to rules contained in Article 11 of Regulation S-X, but include changes to other related rules and disclosures, such as Form 8-K. The SEC… Read more »

New SEC Rules Modify and Simplify Regulation S-K

| May 06, 2019 | Articles

By Reid A. Godbolt The Securities and Exchange Commission (“SEC”) recently adopted amendments (available at https://www.sec.gov/rules/proposed/2017/33-10425.pdf) to its Regulation S-K and related rules and forms in seeking to modernize and simplify disclosure requirements for public companies, investment advisers and investment companies. The amendments are intended to improve the readability and navigability of disclosure documents and… Read more »

Annuities Sellers Beware: Advice May Trigger Enforcement

| April 25, 2019 | Articles

By Paul L. Vorndran Selling an annuity while advising investors about their securities investments will subject you to enforcement action by the Colorado Securities Commissioner. In the summer of 2018, the Colorado Securities Commissioner (Commissioner) adopted a rule which provides that an insurance agent who receives commissions from the sale of insurance products, where the… Read more »

ETF Recommendations Under Scrutiny

| April 19, 2019 | Articles

(Originally published December 1, 2015) By Paul L. Vorndran Regulators have been warning investors about investing in Exchange-Traded Funds (ETFs), a unit investment trust or open-end investment company whose shares represent an interest in a portfolio of securities that track an underlying benchmark or index.  In June 2009, those warnings were directed to broker-dealers and… Read more »

Colorado Rejects Williamson “Presumption”

| April 16, 2019 | Articles

(Originally published December 1, 2015) By Paul L. Vorndran A panel of the Colorado Court of Appeals issued an opinion giving the Colorado Securities Commissioner a victory in a long standing effort to regulate joint ventures and general partnerships. In Rome v. HEI Resources, Inc. et al, 2014 CA 160, the Court first held that there is… Read more »

Colorado Investment Adviser Revoked for Non-Securities Transactions

| April 11, 2019 | Articles

(Originally published December 1, 2015) By Paul L. Vorndran As a cautionary tale, Colorado licensed investment advisers should be mindful that non-securities transactions with their clients will be scrutinized by the Colorado Divisions of Securities. In December 2013, Secure Retirement Group, Inc. doing business as Secure Financial Group, Inc. and its principal, David L. Gonzales,… Read more »