On April 8, 2025, then Acting Chairman Mark T. Uyeda of the U.S. Securities and Exchange Commission (“SEC”), highlighted in remarks before the Annual Conference on Federal and State Securities Cooperation two areas where...more
FINRA’s Office of Financial Innovation published a report on “The Metaverse and the Implications for the Securities Industry” to raise awareness among its member firms and the broader securities industry and seek industry...more
The Nutter Securities Enforcement Update is a periodic summary of noteworthy recent securities enforcement activity, settlements, decisions, and charges....more
On August 24, 2023, the United States Court of Appeals for the Second Circuit (the "Court") upheld the District Court's ruling in Kirschner v. JPMorgan Chase Bank, N.A. that notes issued as part of a refinancing transaction...more
With the amended Counter-Espionage Law, China has broadened its definition of “espionage” to give information related to “national security and interests” the same protections already given to state secrets. The amended...more
On April 6, the California Department of Financial Protection and Innovation (DFPI) joined a multi-state settlement with a securities brokerage company stemming from an investigation spearheaded by state securities regulators...more
Crypto Exchange Ends U.S. Operations, Swiss Bank to Expand Crypto Offerings - Late last month, Bittrex, a leading cryptocurrency exchange founded in Seattle, announced it was closing U.S. operations effective April 30,...more
State securities regulators in Alabama, Kentucky, New Jersey and Texas filed coordinated enforcement actions on October 20, 2022, against Slotie NFT d/b/a slotie.com requiring the company to stop selling various Slotie...more
The North American Securities Administrators Association (NASAA), a non-governmental organization that recommends securities regulations for state adoption, has published proposed rules that would limit the ability of...more
Crypto Products Launch in Debit Cards, Payment Gateways, Trading Platforms - This week, two cryptocurrency financial services and trading platforms announced partnerships with traditional financial services companies to...more
The North American Securities Administrators Association (NASAA), an organization of state and provincial securities regulators in the United States, Canada, and Mexico, recently issued an investor advisory warning...more
Regulatory Developments - CFPB Announces Supervision of Nonbanks and Seeks Comment on Risk-Determination Procedures - On April 25, the CFPB announced its intention to supervise nonbanks, including fintechs, whose...more
State securities regulators have long expressed reservations about the use of the expungement remedy. Recently, we have observed a marked increase in the use of alternative (read: aggressive) efforts by states to impact the...more
On April 13, 2022, the Texas State Securities Board and Alabama Securities Commission issued separate emergency cease and desist orders (C&Ds) against Sand Vegas Casino Club and its two co-founders (Respondents). The C&Ds...more
In the non-fungible tokens (NFT) space, many have focused their attention on how the Securities and Exchange Commission (SEC) may view these digital assets. However, state laws are important, as well, as evidenced by recent...more
State securities regulators saw a busy 2021, and 2022 looks to continue in much the same fashion. Some of the more active topics for regulators have included protecting senior investors, stopping fraudulent investment schemes...more
On April 1, 2021, the Texas State Securities Board (TSSB) announced the entry of a Consent Order against an SEC registered investment adviser named Independent Financial Group, LLC (“Independent”). The TSSB’s action may...more
In February 2020, the Massachusetts Securities Division (the “MSD”) adopted a first-in-the-nation state fiduciary duty rule applicable to broker dealers and broker-dealer agents. Now, roughly three months after enforcement...more
The white collar bar “got together” for a virtual discussion on the current landscape of the practice on September 23, 2020. Hosted by Practising Law Institute (PLI), the White Collar Crime 2020: Prosecutors and Regulators...more
A number of New England securities regulators have issued orders or guidance modifying key provisions of their regulations in light of the COVID-19 pandemic. New England securities regulators, in particular, have provided...more
Several State Securities Regulators continue to warn investors of investment scams involving COVID-19. Many states have issued these notices to investor constituents in order to protect both their personal information as well...more
As anticipated, 2020 has seen a number of fiduciary and best interest advice regulations advance at both the federal and state levels. Firms subject to these regulations face challenges in dealing with rules that impose a...more
To date, all state divisions of securities regulators remain open for business. However, in most cases, in-person meetings are temporarily suspended...more
Given the recent recommendations for social distancing in connection with COVID-19 as well as stay-at-home orders that have been implemented in most states, many public companies, including business development companies...more
As financial professionals struggle to adapt during these trying times, securities regulators are also revising their processes and procedures to address the current realities of investor protection in the time of COVID-19...more