While some of the crypto developments we have reported on in this edition of Cabinet News & Views have had a distinctively partisan bent to them, the departure of Gary Gensler from the Securities & Exchange Commission...more
Effective January 30, the Securities & Exchange Commission ("SEC") rescinded the Staff Accounting Bulleting ("SAB") that has made engaging in crypto-related activities so perilous over the last couple of years, SAB-121,...more
On January 23, President Trump issued an Executive Order and accompanying Fact Sheet intending to promote “United States leadership in digital assets and financial technology while protecting economic liberty.” Entitled...more
The Securities Exchange Commission ("SEC") has, in furtherance of its whistleblower program, taken actions recently that have led to lenders updating the confidentiality sections of credit agreements to allow for the...more
The Securities Exchange Commission ("SEC") has, in furtherance of its whistleblower program, taken actions recently that have led to lenders updating the confidentiality sections of credit agreements to allow for the...more
As February already begins to wind down and all of us are wondering what we might have missed so far this year, here is a round-up of additional regulatory activities in financial services...more
2/23/2024
/ Bank Merger Act ,
Banks ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debit and Credit Card Transactions ,
ECOA ,
FDIC ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
New Guidance ,
NRSRO ,
OCC ,
Securities and Exchange Commission (SEC) ,
Supervisory Highlights
The financial services regulatory agencies have rolled into 2024 as busy as ever. This list hits on some quick takes of developments in the last month; a summit, a meeting and a symposium involving hot topics such as...more
1/26/2024
/ Artificial Intelligence ,
CFTC ,
ETFs ,
FDIC ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Inflation Adjustments ,
Machine Learning ,
OCC ,
Regulatory Agenda ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Special Purpose Acquisition Companies (SPACs)
On July 12, Senator Kirsten Gillibrand, a Democratic senator from New York who sits on the Senate Banking Committee, and Senator Cynthia Lummis, a Republican senator from Wyoming who sits on the Agriculture Committee, joined...more
8/2/2023
/ Bitcoin ,
CFTC ,
Cryptocurrency ,
Digital Assets ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinCEN ,
FinTech ,
Investment ,
Legislative Agendas ,
Office of Foreign Assets Control (OFAC) ,
Proposed Legislation ,
Regulatory Agenda ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC)
Spurred by the prevalent use of predictive data analytics by broker-dealers and investment advisers to direct their recommendations to investors and to ensure that investor interests remain paramount, the Securities and...more
7/28/2023
/ Artificial Intelligence ,
Broker-Dealer ,
Comment Period ,
Conflicts of Interest ,
Financial Regulatory Reform ,
Financial Services Industry ,
Innovative Technology ,
Investment Management ,
Machine Learning ,
Predictive Analytics ,
Proposed Rules ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
The Securities and Exchange Commission (“SEC”) has admonished companies to report material cybersecurity incidents in their public filings since 2011, but this week the SEC announced a new rule actually requiring disclosure...more
7/28/2023
/ Corporate Governance ,
Cyber Attacks ,
Cybersecurity ,
Data Breach ,
Disclosure Requirements ,
Financial Services Industry ,
Form 10-K ,
Form 8-K ,
Publicly-Traded Companies ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
In response to changes in business practices, regulations and laws eventually change, too. During the past few years derivatives markets are witnessing this change as it applies to trading facilities as well as to entities...more
3/3/2023
/ CFTC ,
Commodity Trading Advisors (CTAs) ,
Decentralized Autonomous Organization (DAO) ,
Decentralized Finance (DeFi) ,
Derivatives ,
Designated Contract Markets (DCMs) ,
Digital Assets ,
Dodd-Frank ,
European Securities and Markets Authority (ESMA) ,
Financial Markets ,
Securities and Exchange Commission (SEC) ,
Swap Dealers ,
Swap Execution Facilities ,
Swaps
The Consumer Financial Protection Bureau (“CFPB”) announced a proposed consent order on December 1 intended to address a scam engaged in by a company called Loan Doctor, as well as by the company’s founder, Edgar Radjabli....more
Earlier this week, U.S. Sens. Kirsten Gillibrand (D-N.Y.) and Cynthia Lummis (R-Wyo.) introduced the first comprehensive legislation to establish a regulatory framework for digital assets to promote innovation, delineate...more
6/10/2022
/ Blockchain ,
CFTC ,
Cryptocurrency ,
Digital Assets ,
Distributed Ledger Technology (DLT) ,
FERC ,
Financial Regulatory Reform ,
Financial Services Industry ,
IRS ,
Proposed Legislation ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC) ,
Smart Contracts ,
Stablecoins
The Securities and Exchange Commission ("SEC") has renamed and expanded a unit within its Division of Enforcement to address protection of investors in crypto markets. The “Crypto Assets and Cyber Unit,” which also has...more
5/6/2022
/ Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Currency ,
Financial Instruments ,
Financial Regulatory Reform ,
Investment Opportunities ,
Non-Fungible Tokens (NFTs) ,
Regulatory Agenda ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
Securities Regulation