The Securities and Exchange Commission (the "SEC" or "Commission") has adopted new rules that further define the phrase "part of a regular business" for purposes of determining whether a person is a "dealer" or "government...more
2/28/2024
/ Dealers ,
Financial Industry Regulatory Authority (FINRA) ,
Investment Adviser ,
New Rules ,
Registration Requirement ,
Securities and Exchange Commission (SEC) ,
Securities Dealers ,
Securities Exchange Act ,
Securities Exchange Act of 1934 ,
Securities Regulation ,
Securities Traders ,
Securities Transactions
The SEC's Proposal -
On March 28, 2022, the SEC released a rulemaking proposal (the "Proposal") for new rules to clarify the meaning of certain terms in the statutory definitions of "dealer" and "government securities...more
4/5/2022
/ Proposed Rules ,
Registration Statement ,
Regulatory Agenda ,
Regulatory Reform ,
Regulatory Standards ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Securities Dealers ,
Securities Exchange Act ,
Securities Regulation ,
Securities Traders
On August 5, 2020, FINRA published Regulatory Notice 20-26, summarizing the results of a survey FINRA conducted of a representative cross-section of member firms, including firms with significant trading volumes or positions...more
On October 28, 2019, the SEC's Division of Trading and Markets granted no-action relief for a limited period of time to Paxos Trust Company, LLC from registration as a clearing agency under Section 17A(b)(1) of the Securities...more
On October 11, 2019, the heads of the U.S. Commodity Futures Trading Commission ("CFTC"), the U.S. Securities and Exchange Commission ("SEC"), and the Financial Crimes Enforcement Network ("FinCEN"), issued a joint statement...more
10/23/2019
/ AML/CFT ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Broker-Dealer ,
CFTC ,
Cryptocurrency ,
Digital Assets ,
Financial Institutions ,
FinCEN ,
Joint Statements ,
Money Services Business ,
New Guidance ,
Securities and Exchange Commission (SEC) ,
Suspicious Activity Reports (SARs)
This week New York legislatively circumvented one of the few judicial constraints on New York's Martin Act and Executive Law, restoring a six-year statute of limitations for claims under these broad statutes.
On August 25,...more
9/3/2019
/ Credit Suisse ,
Enforcement Authority ,
Financial Institutions ,
Governor Cuomo ,
Martin Act ,
New Legislation ,
Proof of Intent ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
State Attorneys General ,
Statute of Limitations
The Situation: In a recently released joint statement ("Statement"), the Staffs of the U.S. Securities and Exchange Commission's ("SEC") Division of Trading and Markets, and the Financial Industry Regulatory Authority...more
8/5/2019
/ Blockchain ,
Broker-Dealer ,
Customer Protection Rule ,
Digital Assets ,
Digital Securities ,
Distributed Ledger Technology (DLT) ,
Financial Industry Regulatory Authority (FINRA) ,
Investor Protection ,
Joint Policy Statements ,
Rule 15c3-3 ,
Securities and Exchange Commission (SEC) ,
SIPA
The Situation: The Staffs of the Divisions of Corporation Finance, Investment Management and Trading and Markets ("Divisions") of the U.S. Securities and Exchange Commission ("SEC") and its Office of the Chief Accountant...more
7/19/2019
/ Banking Sector ,
Broker-Dealer ,
Corporate Counsel ,
Disclosure Requirements ,
Investment ,
Investment Adviser ,
ISDA ,
Joint Statements ,
Libor ,
Market Participants ,
New Guidance ,
Registration Statement ,
Secured Overnight Funding Rate (SOFR) ,
Securities and Exchange Commission (SEC) ,
Working Groups
The D.C. Circuit’s decision is significant because certain SEC statutes require a finding of willfulness.
The U.S. Court of Appeals for the District of Columbia Circuit ("D.C. Circuit") is raising the bar on "willful"...more
5/15/2019
/ Anti-Fraud Provisions ,
Conflicts of Interest ,
Disclosure Requirements ,
Form ADV ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Negligence ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Settlement Agreements ,
Statutory Requirements ,
Strict Liability ,
Willful Violations
The Situation: The Director of the U.S. Securities and Exchange Commission's Division of Corporate Finance, William Hinman, has weighed in on when digital assets will be characterized as securities.
The Result: In...more
6/26/2018
/ Bitcoin ,
Cryptocurrency ,
Digital Assets ,
Ether ,
Goods or Services ,
Howey ,
Initial Coin Offering (ICOs) ,
Investment Adviser ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Token Sales