Burr & Forman’s Tom Potter authored article “The Ins and Outs of FINRA Suitability Rule 2111” featured on Law360

July 25, 2012

On July 24, 2012, Nashville Partner Tom Potter and summer associate Emily Dennis authored the article entitled, “The Ins and Outs of FINRA Suitability Rule 2111,” that was published in Law360.

The article explains the new requirements for brokers-debtors in the FINRA Suitability Rule 2111, effective July 9, 2012, that expand prior suitability obligations found in its predecessor, the National Association of Securities Dealers and New York Stock Exchange Rules. Potter outlines these new requirements, including the new ‘reasonable basis’ to believe a recommendation is ‘suitable for the customer.’ This requirement is based on the consideration of customer-specific facts obtained through ‘reasonable diligence’, as well as the new explicit obligations on brokers, including customer-specific obligations and quantitative-suitability obligations.

For the full article, please see the online version, Click here

For more information, please contact Tom Potter.



Legal Disclaimer:
No representation is made that the quality of services to be performed is greater than the quality of legal services performed by other lawyers.

Featured Attorneys

send article

TESTIMONIALS

  • “As a small business owner, I have used Ladd Mark in a variety of capacities over the time that I have known him.  He has helped me through the complex issues of both disposing of and acquiring a business.  At all times during both transactions (and everything that comes up in between), Ladd exemplified the legal competence and professionalism, which I have come to expect from all of my dealings with the staff at Burr Forman. Ladd combines his broad knowledge of legal issues with prompt, courteous service and sincere empathy for a business owner that is truly overwhelmed with the density of transactions.  His communication skills kept me aware of where I stood during transactions.  Ladd has definitely helped me through some difficult situations, and I consider him a friend.”

    -Harold R. “Bubba” Wells, Jr., President of WorkTrux and All About Trucks

  • “Their knowledge of the industry and ability to work with borrower's counsel in a number of difficult situations has been invaluable. The firm is very knowledgeable and brings a wealth of experience across multiple practices and disciplines. This provides a strong one-stop shopping experience when working with the firm.”

    -Chambers 2012

  • "I am an employee of a large bank and responsible for a complex commercial real estate portfolio of problem loans and special assets.  I find Erich to be a most valuable resource and team member.  Erich is totally engaged in evaluating the bank's position related to the debt obligation(s), the collateral securing the debt and, when possible, offering alternative solutions that oftentimes lead to enhanced resolutions benefiting both the customer and the bank.  His proactive problem identification, problem prevention and problem solving skills make him my "go to" legal counsel."

    -Anonymous

  • “We work predominantly with Ed Brown. He has a couple of people alongside him providing support – Kathryn Bouchillon and Harvey Daniels. Both are very good.”

    -Chambers 2012

  • “They handle most of the deals in a timely fashion…Their execution was outstanding...Everything is done on time, there is no hint of under-staffing.”

    -Chambers 2012