The Clients’ Waiver of Their Rights Under Regulation BI of the Securities and Exchange Commission

TAMAR FRANKEL

BU Law emerita professor Tamar Frankel discusses the Securities and Exchange Commission (SEC)’s Regulation Best Interest (BI), which imposes on broker-dealers a commitment to act in the best interests of their clients. Specifically, Frankel addresses the SEC’s treatment of client waivers of the Regulation BI, which goes even further than general fiduciary law to prohibit any waiver of the broker-dealer’s conflicting interests.

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United States v. Ath

Docket: 18-4823

Opinion Date: February 21, 2020

Judge: Roger L. Gregory

Areas of Law: Criminal Law

The Fourth Circuit affirmed defendant's three drug-related convictions. The court held that the evidence was sufficient to support defendant's conviction for conspiracy to possess with intent to distribute and distribute methamphetamine, because the evidence was sufficient for a reasonable jury to find proof beyond a reasonable doubt that defendant knew of the conspiracy and knowingly and voluntarily became a part of it; the evidence was sufficient to support defendant's conviction for use of a communication facility in the commission of a drug felony where a reasonable jury could infer from defendant's actions that he knew he was using the mail to transfer controlled substances; and sufficient evidence supported defendant's conviction for possessing and distributing a controlled substance where a reasonable jury could find beyond a reasonable doubt that defendant knew the package at issue contained methamphetamine. Finally, the court held that the record did not support a finding of willful blindness, because the court could not identify any deliberate actions that defendant took to avoid learning of the conspiracy or the contents of the package that was shipped to his residence.