On January 16, the Securities and Exchange Commission (SEC) announced an $18 million settlement order (Order) with J.P. Morgan Securities LLC (JPMS) that finds that the language of release agreements JPMS entered into with...more
On October 16, 2023, the U.S. Securities and Exchange Commission (“SEC”) Division of Examinations (the “Division”) released its annual Examination Priorities for fiscal year 2024 (the (“Report”), marking the first time the...more
10/26/2023
/ Anti-Money Laundering ,
Artificial Intelligence ,
Broker-Dealer ,
Conflicts of Interest ,
Cryptoassets ,
Customer Protection Rule ,
Cybersecurity ,
Disclosure ,
Emerging Technology Companies ,
Information Security ,
Investment Adviser ,
Regulation Best Interest ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC)
On July 13, Judge Analisa Torres, district judge for the United States District Court for the Southern District of New York, issued a substantial order (the Order) on cross motions for summary judgment in the U.S. Securities...more
On February 15, 2023, the U.S. Securities and Exchange Commission (SEC) released a proposed rule change (the Proposed Rule) redesignating the “custody rule” (i.e., Rule 206(4)-2 of the Investment Advisers Act of 1940, as...more
On February 7, 2023, the U.S. Securities and Exchange Commission (“SEC”) Division of Examinations (the “Division”) released its annual Priorities Report1 for upcoming examinations of registered investment advisers...more
2/17/2023
/ Anti-Money Laundering ,
Broker-Dealer ,
Conflicts of Interest ,
Cryptoassets ,
Customer Protection Rule ,
Cyber Crimes ,
Cybersecurity ,
Emerging Technologies ,
Environmental Social & Governance (ESG) ,
Fiduciary Duty ,
Investment Adviser ,
Marketing ,
Popular ,
Portfolio Managers ,
Private Funds ,
Registered Investment Advisors ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC)
Takeaways:
•‘Forward Contracts’ on securities that (1) cannot be legally transferred, or (2) are subject to transfer restrictions at the time of contract, may now be considered ‘security-based swaps’ and subject to the...more
While we would be remiss not to laud the SEC’s statement as a step in the right direction, the shortcomings are inescapable.
On Dec. 23, 2020, the SEC published a statement proposing a framework for broker-dealers to...more
What You Need To Know:
•The SEC proposes to exempt two types of Finders from broker-dealer registration pursuant if they satisfy certain conditions.
•Tier I Finders may provide potential investors’ contact information to...more
10/20/2020
/ Broker-Dealer ,
Capital Investments ,
Disclosure ,
Exemptions ,
Finders ,
Hedge Funds ,
Investors ,
Private Equity Funds ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Third Party Funding ,
Unregistered Brokers ,
Venture Capital ,
Written Agreements
The Financial Industry Regulatory Authority’s new request for digital assets activities adds more confusion to the regulatory environment.
The United States Financial Industry Regulatory Authority, or FINRA, has once again...more
Examining COMP’s ability to pass the Howey test for being qualified as investment contracts and to be considered a security.
Innovation springs eternal in the digital asset ecosystem, and with Compound’s launch of its...more
What You Need To Know;
• The Form CRS must be filed with the SEC by June 30, 2020, at the latest.
• All investment advisers, broker-dealers, or dual registrants that service retail investors may now file the Form CRS with the...more
What You Need To Know:
-The implementation date for Reg. BI and Form CRS remains June 30, 2020.
-The SEC’s initial compliance review will be focused on “good-faith efforts.” Firms should make good faith efforts to implement...more