An Overview of Which Market Disruption Events to Include for the Most Common Asset Classes under a Medium-Term Note Program -
A movie scene showing a day in the life of a calculation agent would likely not survive the...more
7/1/2025
/ Asset Management ,
Capital Markets ,
Contract Terms ,
ETFs ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Markets ,
Financial Services Industry ,
ISDA ,
NAV ,
Publicly-Traded Companies ,
Regulation Best Interest ,
Risk Management ,
Securities
On February 5, 2025, Robert Cook, President and Chief Executive Officer of the Financial Industry Regulatory Industry, Inc. (“FINRA”), announced that FINRA will not set an effective date for its recent amendments (the...more
On February 7, 2025, the US Securities and Exchange Commission (SEC) provided a temporary exemption from compliance with Rule 13f-2 under the Securities Exchange Act and the associated Form SHO reporting. Originally, the...more
The Investment Company Institute (ICI) has asked the Securities and Exchange Commission (SEC) in a comment letter to delay enforcement of its new short sale disclosure rules (the “Short Sale Final Rules”) until additional...more
This Legal Update summarizes the US Securities and Exchange Commission’s 2025 calendar year filing deadlines and financial statement staleness dates....more
On December 31, 2024, the Financial Industry Regulatory Authority, Inc. (“FINRA”) issued Regulatory Notice 24-18 (“RN 24-18”) to provide updated guidance to members regarding Rules 15c3-1, 15c3-3 and 17a-5 under the...more
On October 21, 2024, the Division of Examinations (“EXAMS” or the “Division”) of the U.S. Securities and Exchange Commission (“SEC”) released its examination priorities (the “2025 Priorities”) for fiscal year 2025 (which...more
Fintech Capital Raising Trends in 2024 -
Global capital raising in the fintech sector rose 19% quarter over quarter, while deal volume declined 16%, signaling that investors remain cautious, according to CB Insights’ State...more
On July 30, 2024, the Federal Deposit Insurance Corporation (FDIC) proposed revisions to the restrictions on brokered deposits (the “Proposal”). The Proposal is intended to strengthen the restrictions to reflect the FDIC’s...more
A number of trade associations (The Business Roundtable, the American Investment Council, The Center for Capital Markets Competitiveness of the US Chamber of Commerce, the Investment Company Institute, the Managed Funds...more
The Division of Examinations (the “Division”) of the Securities and Exchange Commission (“SEC”) recently issued a Risk Alert (the “Risk Alert”) to SEC-registered broker-dealers providing insight and additional information...more
On June 27, 2024, the Financial Industry Regulatory Authority, Inc. (“FINRA”) issued Regulatory Notice 24- 09 (the “Notice”) reminding member firms that FINRA’s rules and the securities laws apply to the use of artificial...more
7/1/2024
/ Artificial Intelligence ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Services Industry ,
Innovative Technology ,
Investment Funds ,
Policies and Procedures ,
Regulatory Oversight ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
In recent remarks, Securities and Exchange Commission Commissioner Lizarraga called on the SEC to move forward to implement the rulemaking mandate in Section 956 of the Dodd-Frank Act. The Commissioner was speaking at an...more
During his remarks at a meeting of the International Bar Association’s Asset Management Industry Conference on Global Challenges and Opportunities in Boston, Commissioner Uyeda commented on investment research and the...more
Commissioner Uyeda spoke at the Securities and Exchange Commission’s 30th Annual Institute for Securities Market Growth and Development. Commissioner Uyeda focused on the need to root out bad actors and promote transparent...more
Several days ago, FINRA released guidance updating its Frequently Asked Questions relating to Rule 2210 on Advertising and Public Communications to address Artificial Intelligence. This follows after FINRA has consistently...more
The Securities and Exchange Commission announced an upcoming meeting of its Investor Advisory Committee, which will be held on June 6, 2024. The agenda includes a number of interesting topics....more
Following the financial sector disruptions in 2023, financial institutions turned first to covered bonds for funding and the covered bond market demonstrated its resilience. Just as the covered bond market remained available...more
On February 5, 2024, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules – SEC Rules 3a5-4 and 3a44-2 (collectively, the “Final Rules”) – to further define the phrase “as part of a regular business” used in...more
2/23/2024
/ Broker-Dealer ,
Financial Markets ,
Financial Services Industry ,
Liquidity ,
New Rules ,
Regulatory Reform ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934 ,
Securities Exchanges ,
Securities Regulation ,
Securities Traders ,
Securities Transactions
The Financial Industry Regulatory Authority, Inc. (“FINRA”) announced via Regulatory Notice 24-02 (the “Notice”) the effective dates and other important timeframes for new FINRA Rules 3110.18 (Remote Inspections Pilot...more
New Topics and Content Highlight FINRA’s Increased Focus on Cybersecurity, Crypto Assets, Artificial Intelligence, Market Integrity, Off-Channel Communications and Other Key Risk Areas -
On January 9, 2024, the Financial...more
1/18/2024
/ Annual Reports ,
Artificial Intelligence ,
BSA/AML ,
Cryptoassets ,
Cybersecurity ,
Financial Crimes ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
Machine Learning ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC)
The Financial Stability Oversight Council recently released its annual report. Not surprisingly, this year’s report reviewed the banking failures in the early part of the year. In discussing the “vulnerabilities in the...more
On October 16, 2023, the Division of Examinations of the U.S. Securities and Exchange Commission (the “Division” and the “SEC,” respectively) announced its examination priorities for 2024. While the Division typically...more
10/24/2023
/ Cryptoassets ,
Environmental Social & Governance (ESG) ,
ETFs ,
Financial Markets ,
Financial Services Industry ,
Investment Adviser ,
Market Participants ,
Registered Investment Advisors ,
Regulation Best Interest ,
Regulatory Agenda ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC)
On August 23, 2023, the U.S. Securities and Exchange Commission (“SEC”) adopted amendments (the “Amendments”) to Rule 15b9-1 (“Rule 15b9-1”) under the Securities Exchange Act of 1934 (the “Exchange Act”) that generally...more
Just weeks after the novel securities analysis in SEC v. Ripple Labs was handed down by Judge Analisa Torres, a different judge in the Southern District of New York has distinguished the approach taken in Ripple and argued...more