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. Arbaugh

Docket: 18-4575

Opinion Date: February 20, 2020

Judge: G. Steven Agee

Areas of Law: Criminal Law

Defendant appealed his sentence for engaging in illicit sexual conduct with a minor in a foreign country. The court held that the district court did not err in applying a two-level enhancement under USSG 2G1.3(b)(2) based on undue influence resulting from the age disparity between defendant and his victim. The court also held that the district court adequately explained the basis for defendant's terms of imprisonment and supervised release, and that defendant's 276-month term of imprisonment was substantively reasonable. However, the court held that the district court procedurally erred by failing to explain the reasons for imposing four computer-related special conditions of release. Accordingly, the court affirmed the judgment and sentence except for the challenged conditions, vacating and remanding for partial resentencing.