Securities Enforcement. Investigations. Regulation.
Independent analysis of the laws, regulations, investigations, and enforcement actions shaping modern financial markets.
BRAEDEN ANDERSON
RECOGNITION AND LEADERSHIP
Braeden is one of the top securities lawyers in the country and was recognized by Best Lawyers: Ones to Watch® in America in the Financial Services Regulation Law and Securities Regulation categories. This honor is awarded to only the top 2% of attorneys in the United States and is based on a comprehensive peer-review survey.
Braeden helped lead Gesmer Updegrove to recognition in The Legal 500 United States for Corporate Investigations & White Collar Crime, Tier 3, and Finance: Fintech, Tier 4.
Braeden is active in the U.S. securities enforcement community through Securities Docket, where he has served on the 2025 and 2026 Advisory Boards and contributed video commentary through the Weekly Update.
Braeden was named the #1 United States author in FinTech in Mondaq’s Spring 2025 Thought Leadership Awards, reflecting the national reach and influence of his writing on fintech, securities regulation, and digital asset policy.
Cross-Border Enforcement: Understanding FINRA Rule 8210 Abroad
In this video we unpack how FINRA asserts its investigative authority beyond U.S. borders through Rule 8210. Cross-border business is common, and many foreign individuals and firms are surprised to learn they can still be pulled into a FINRA inquiry.
Navigating the Regulatory Filing Landscape: Form BD, NMA, and CMA Explained
In today’s video, embedded below, we will examine three critical regulatory filings that broker-dealer applicants and existing members must understand: Form BD, the New Member Application (NMA) under FINRA Rule 1013, and the Continuing Membership Application (CMA) under Rule 1017.
FINRA Proposes Modernization of Rules Governing Member Firm Workplaces
On April 14, 2025, the Financial Industry Regulatory Authority (FINRA) issued Regulatory Notice 25-07, requesting comment on whether and how its rules, guidance, and processes governing the organization and supervision of member firm workplaces should be modernized to reflect significant shifts in industry operations. The comment deadline has been extended to July 14, 2025.
FINRA Finalizes SLATE Rule 6540: The Definitive Guide to Securities Lending Transparency Requirements (Effective 2026)
On April 2, 2026, FINRA Rule 6540 under the new SLATE (Securities Lending and Transparency Engine) Rule 6500 Series will take effect, ushering in a new era of regulatory transparency in the securities lending market. Mandated by SEC Rule 10c-1a under the Securities Exchange Act of 1934, FINRA’s new framework sets out detailed reporting and public dissemination requirements for securities loans and their modifications. These changes represent a significant expansion in regulatory oversight and transparency and will affect broker-dealers, agent lenders, institutional investors, and other market participants engaged in securities lending. This guide outlines the obligations, timeline, mechanics, legal challenges, and implications of Rule 6540 in a comprehensive manner, providing all the information market participants need to comply and strategize under the new regime.
FINRA's $25K Rule Is on the Chopping Block: What a Lower PDT Threshold Could Mean for Retail Trading
The Financial Industry Regulatory Authority (FINRA) is reportedly preparing a seismic change to its pattern day trading (PDT) rule—a rule that, since 2001, has required investors to maintain a minimum $25,000 account balance to engage in more than three margin-based day trades in a rolling five-day period. Under a draft proposal is reportedly under internal review, that threshold may soon drop to just $2,000.