The U.S. Securities and Exchange Commission (SEC) has announced two settled charges involving alleged violations of Rule 206(4)-2 under the Investment Advisers Act of 1940 (Advisers Act), known as the “Custody Rule.” These...more
Companies in the growing “wealthtech” space often face novel regulatory and legal issues under the federal securities laws. Wealthtech companies blend traditional asset management and brokerage services with new technologies:...more
In a decision with far-ranging implications for federal administrative law, the United States Supreme Court issued its long-awaited ruling in Loper Bright Enterprises v. Raimondo (Loper Bright).1 The Supreme Court’s...more
On May 16, 2024, the U.S. Securities and Exchange Commission (SEC) announced that it had adopted final amendments to its Regulation S-P (the Rule or Amended Rule), which governs “covered financial institutions’” treatment of...more
The firm is pleased to distribute the Q1 2024 edition of All Eyes on AI: Regulatory, Litigation, and Transactional Developments, which closely follows the evolving regulatory landscape for artificial intelligence (AI) in the...more
5/24/2024
/ Antitrust Division ,
Artificial Intelligence ,
Biden Administration ,
Canada ,
EU ,
Executive Orders ,
FCC ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
New Legislation ,
Securities and Exchange Commission (SEC) ,
Technology Sector ,
U.S. Treasury ,
USPTO
Two settlement orders involving claims by investment advisers regarding their use of artificial intelligence (AI), both announced on the same day, underscore the continued focus on advisers' use of AI by the U.S. Securities...more
In this issue, we discuss updates and developments from federal regulators, including those related to the intersection of fintech and artificial intelligence, crypto-asset and central bank digital currencies, and consumer...more
Where will the fintech industry head in 2024? Our fintech and financial services partners make a few predictions below....more
1/16/2024
/ Artificial Intelligence ,
Banking Sector ,
CFTC ,
Cryptoassets ,
Cryptocurrency ,
Financial Institutions ,
Financial Services Industry ,
Financial Transactions ,
FinTech ,
Machine Learning ,
Popular ,
Securities and Exchange Commission (SEC)
In this most recent issue, we discuss a number of updates and developments from federal regulators, including those related to novel banking arrangements, misrepresentations in advertisements and marketing, the intersection...more
The U.S. Securities and Exchange Commission (SEC) recently announced charges against and settlements with two NFT issuers for allegedly conducting illegally unregistered offers and sales of securities in the form of...more
A pair of recent rulings from the Southern District of New York (SDNY) have potentially increased confusion around the regulatory status of crypto asset regulation—but may also provide some interesting signs of what’s to...more
The firm is pleased to distribute the Q2 2023 edition of All Eyes on AI: Regulatory, Litigation, and Transactional Developments, which closely follows the evolving regulatory landscape for artificial intelligence (AI) in the...more
More than two years after the U.S. Securities and Exchange Commission (SEC) introduced a new class of “special purpose broker-dealers” authorized to custody crypto asset securities, the first special purpose broker-dealer...more
In this latest issue of the firm’s Focus on Fintech newsletter, our attorneys discuss the dissolution of Silicon Valley Bank and Signature Bank and the increased scrutiny on banking activity, as well as a number of updates...more
The U.S. Securities and Exchange Commission (SEC) approved a new form of “Cash Management” exemptive order under the Investment Company Act of 1940 (the 1940 Act) on April 3, 2023. The approved order allows the company that...more
With the announcement of charges against and a settlement with two subsidiaries of a prominent crypto exchange, Kraken, the U.S. Securities and Exchange Commission (SEC) appears to have a new target within the blockchain...more
In this latest issue of Wilson Sonsini's Focus on Fintech newsletter, we discuss the FTX bankruptcy and the increased federal regulatory scrutiny of crypto assets, and new rules and innovations in the payments...more
2/1/2023
/ Banking Sector ,
Banks ,
Central Bank Digital Currency (CBDCs) ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Department of Financial Protection and Innovation (DFPI) ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
OCC ,
Securities and Exchange Commission (SEC) ,
U.S. Treasury ,
UK
The staff of the Division of Corporation Finance at the U.S. Securities and Exchange Commission (SEC) recently provided guidance for public companies regarding disclosures pertaining to recent developments in crypto asset...more
In its recent Request for Comment on Certain Information Providers Acting as Investment Advisers (the Request for Comment), the U.S. Securities and Exchange Commission (SEC) asks whether innovative investment indices, model...more
Newly proposed environmental, social, and governance (ESG)-related amendments to Form ADV under the Investment Advisers Act of 1940 (Advisers Act) underscore the need for federally regulated investment advisers to fully...more
In an unprecedented enforcement action, the U.S. Securities and Exchange Commission (SEC) brought insider trading charges against a former Coinbase manager and two others related to buying 25 tokens ahead of Coinbase's...more
The Rule Proposal Would Significantly Broaden the Scope of Systems Required to Register as an Exchange or an ATS The U.S. Securities and Exchange Commission (SEC) has issued a rule proposal (the Proposal) that would...more
The Rule Proposal Would Clarify Which Market Participants Are Engaged in Buying and Selling Securities for Their Own Account "as Part of a Regular Business" and Are Subject to Dealer Registration Requirements....more
The Securities and Exchange Commission ("SEC") recently won a high-profile victory when a federal court held that there is a substantial likelihood that the SEC will prevail at trial in proving that "Grams"—the digital asset...more
The Securities and Exchange Commission’s (“SEC”) mission has three principal components: investor protection; maintaining fair, orderly and efficient markets; and facilitating capital formation.2  The SEC’s regulation of...more