Comments on the Law

Comments on Rulemaking and Legislation

It is essential for New York securities lawyers, with a pulse on Wall Street, to get involved in the rulemaking process to help their clients, which is just what Jenice Malecki has done. By both working with regulators directly, commenting on legislation, speaking with regulators on panels at conferences and seminars, as well as working with whistleblowers and commenting on SEC rulemaking, FINRA Rulemaking, and legislation, Ms. Malecki wants to make a difference.

• Malecki Goes to Washington
• Malecki Law Amicus Briefs
• Malecki Comments Cited by SEC
• Comments by Ms. Malecki
• Comments by PIABA, While Ms. Malecki was on the Board of Directors and Secretary of that Organization

Malecki Goes to Washington

In March 2014, 2015, 2019 and coming up in 2022, Ms. Malecki, a seasoned New York securities lawyer, visited and will again visit Washington DC to gain additional support for the Investor Choice Act of 2013, and other legislation, including RIA issues, issues with brokers and IRAs not being captured as fiduciaries under ERISA, the DOL’s continuing consideration of changes to the definition of investment advice and the Investor Justice Act. Ms. Malecki has met with the United States House of Representatives Floor, meeting with the offices of the following Honorable Members of Congress: Rep. John Dingell, Rep. Blaine Luetkemeyer, and Rep. Stephen Lynch. She also met with the offices of United States Senate members, including Sen. Charles Schumer and Sen. Kirsten E. Gillibrand to ask them to introduce similar legislation in the Senate.

The Investor Choice Act of 2013 was a narrow bill designed to give investors a choice of going either to arbitration or court to have their claims for unscrupulous brokerage practices heard. Many times, elderly people, and their retirement assets are the subject of arbitration cases, and currently, although many worked a lifetime to amass these assets, paying taxes all along, their access to the United States justice system has been blocked. Ms. Malecki, a true securities lawyer from New York fought to raise momentum for this legislation.

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Malecki Law Amicus Briefs

Starr v. Fuoco Group LLP et al (N.Y. 2016) – Malecki Law appeared as the securities lawyers in New York on behalf of the Public Investor Arbitration Bar Association (PIABA) to the New York Court of Appeals seeking a grant of certiorari review of the New York Supreme Court, First Department's holding that financial advisors cannot be held to answer for extra-contractual causes of action because they are not "professionals" within the meaning of N.Y. C.P.L.R. § 214 .

Malecki Law was on the brief to the Supreme Court of New York, Appellate Division, First Department. The brief stated that the lower court's decision to compel a second arbitration proceeding to enforce discovery violations in the first arbitration proceeding should be affirmed.

Malecki Law has also worked on these Amicus Briefs: CITIGROUP GLOBAL MARKETS INC. v. GHAZI ABDULLAH ABBAR et. al.

(Jenice L. Malecki, Esq. appeared on behalf of PIABA) The brief stated that Appellees were customers of the FINRA member, within the definition of the FINRA Rules. The Second Circuit ultimately held that Appellees were not customers and were not entitled to FINRA arbitration. UBS Financial Services v. West Virginia Univ. Hosp., Inc.

(Jenice L. Malecki, Esq. appeared on behalf of PIABA) the brief stated that WVHUS was a customer within the definition of the FINRA Rules. The Second Circuit agreed, holding that WVUH, which issued bonds that UBS advised, was a customer of UBS and could arbitrate its dispute with UBS in a FINRA arbitration. See UBS Financial Services v. West Virginia Univ. Hosp., Inc., 660 F.3d 643 (2d Cir. 2011). Municipal Workers Compensation Fund, Inc. v. Morgan Keegan & Company, Inc.

The brief stated that two arbitrators who failed to fully disclose ties to the respondent were biased, and the Court should vacate the arbitration award.

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Comments on the Law - Part 2

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