News & Analysis as of

Enforcement Actions Registration Requirement Broker-Dealer

McDermott Will & Schulte

CFTC Staff Letter 25-14: What Is a “U.S. Person”?

On May 21, 2025, the Commodity Futures Trading Commission’s (CFTC) Market Participants Division and Division of Market Oversight jointly issued Staff Letter 25-14 in response to a request from SCB Limited, a Bahamas-based...more

Carlton Fields

SEC Deep-Sixes Its Expanded “Dealer” Definition

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Last year, the Securities and Exchange Commission amended its definition of “dealer” to require broker-dealer registration by some persons or entities previously considered securities “traders” not subject to such...more

ArentFox Schiff

SEC Cracks Down on Unregistered Broker-Dealers

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StraightPath Venture Partners, LLC and PMAC Consulting have recently reached settlements with the US Securities and Exchange Commission (SEC) following SEC enforcement actions against them....more

Jenner & Block

Client Alert: Court Adopts SEC's New Unregistered Dealer Theory, Creates Risk of Disgorgement and Penalties for Anyone Trading...

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A broad array of financial market participants—mutual funds, private funds, insurers, pension funds, family offices, individuals, and more—may be at risk after the Securities and Exchange Commission (SEC) secured summary...more

BCLP

A Time of Transition for the CFTC

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Over the past year, the Commodity Futures Trading Commission continued moving its focus away from practices like spoofing, instead bringing high-profile actions in the crypto space and reaching significant settlements with...more

Conn Kavanaugh

Failure to Register With FINRA as a Broker-Dealer Can Cost Mergers and Acquisitions Brokers Dearly

Conn Kavanaugh on

Conn Kavanaugh attorneys Andrew R. Dennington and Julie M. Muller recently secured a significant win for their client before the U.S. First Circuit Court of Appeals. The First Circuit affirmed that summary judgment properly...more

JAMS

The SEC’s Proposed Exemptive Order for Finders in Private Placements: An Uncertain Future for Regulatory Certainty - Perspectives...

JAMS on

At age 79, Paul Anka, the crooner and songwriter, is more relevant than ever. In 2020, he appeared on Season 4 of “The Masked Singer,” enjoyed a popular resurgence courtesy of TikTok, reworked his anthem “My Way” for the...more

Katten Muchin Rosenman LLP

Bridging The Week - February 2020

Last week, a commissioner at the Securities and Exchange Commission proposed a rule that would provide a bright line when a digital asset initially issued to raise funds to help develop a new network might later be regarded...more

Jones Day

Recent SEC Action Reminds Non-US Broker-Dealers of Obligations under U.S. Securities Laws - Compliance with U.S. securities laws...

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In September 2019, the Securities and Exchange Commission ("SEC") charged a non-U.S. financial services firm for providing brokerage services to investors in the United States without being registered as a broker-dealer or...more

Stinson - Corporate & Securities Law Blog

SEC Brings Actions Against Fifteen Unregistered Brokers for Their Participation in an Illegal Offering of Microcap Securities

The SEC charged fifteen individuals with acting as unregistered brokers or aiding-and-abetting such activity in connection with Intertech Solutions, Inc.’s fraudulent and unregistered securities offerings....more

Perkins Coie

The SEC and Digital Assets—A Busy Year End

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The end of the year has been a very busy time for the SEC in the digital asset space. From speeches to the issuance of joint statements to enforcement actions, there are many things to highlight, discuss and consider. This...more

Proskauer - The Capital Commitment

SEC Extends Registration Requirements for Investment Companies and Broker Dealers to ICO/Crypto Firms

Fund managers take note – after over a year of warning, this month the SEC announced a pair of settlement orders with respect to registration requirements for a fund and broker dealer operating in the crypto and digital...more

Jones Day

Texas Enforcement Sweep Finds Widespread Fraud in Cryptocurrency Offerings

Jones Day on

The surge in cryptocurrency activity has led to an increase in attention from enforcement authorities at both the state and national levels. The Texas State Securities Board launched an investigation into cryptocurrency...more

White and Williams LLP

SEC Issues Guidance to Cryptocurrency Exchanges

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On March 7, 2018, the US Securities and Exchange Commission (SEC) issued additional guidance with respect to digital assets trading platforms, affirming that platforms that offer trading of cryptocurrencies that are...more

Carlton Fields

SEC Sanctions Unregistered EB-5 Investments Broker

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We previously warned that some individuals involved with arranging EB-5 investments may be required to register as broker-dealers (see "Immigrant Investor Program Raises SEC Broker Registration Issues" in the Summer 2014...more

Dorsey & Whitney LLP

SEC acts against Private Equity Firm for Acting as an Unregistered Broker

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On June 1, 2016, the SEC issued a press release that announced a Maryland-based private equity fund advisory firm and its owner have agreed to pay more than $3.1 million to settle charges that they engaged in brokerage...more

Katten Muchin Rosenman LLP

SEC Enforcement Action Highlights Need for Private Equity Firms to Consider Broker-Dealer Registration

A recent SEC enforcement action against a private equity firm highlights issues identified in a recent speech by the Director of the Securities and Exchange Commission's (SEC) Division of Enforcement as well as an issue...more

Stinson - Corporate & Securities Law Blog

Crowdfunders and Crowdfunding Service Providers Beware

If you are planning to move into the crowdfunding consulting or platform area make sure you are familiar with the SEC broker-dealer rules, which require registration before performing broker-dealer services. If you plan on...more

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