Popular, Financial Services Industry, Broker-Dealer

Recent SEC AML Enforcement Against Securities Firms Engaged in Cannabis Sector

Gordon Rees Scully Mansukhani on 5/22/2025

The evolving regulatory landscape for marijuana-related businesses poses unique compliance challenges for firms in the securities industry. The Financial Crimes Enforcement Network (“FinCEN”) continues to enforce its 2014...more

Dashing Through Cybersecurity Regulations in the Financial Services Sector in 2024

Ropes & Gray LLP on 12/12/2024

Throughout 2024, financial sector regulators sharpened their focus on data protection and cybersecurity issues impacting financial institutions and the public. Key federal agencies like the Securities and Exchange Commission...more

FINRA Publishes Metaverse Report and Requests Industry Comments

Goodwin on 10/28/2024

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

Fintech in Brief: Recent SEC Enforcement Activity on the Custody Rule: Clues for the Focus of Anticipated Rules on Safekeeping...

Wilson Sonsini Goodrich & Rosati on 9/12/2024

The U.S. Securities and Exchange Commission (SEC) has announced two settled charges involving alleged violations of Rule 206(4)-2 under the Investment Advisers Act of 1940 (Advisers Act), known as the “Custody Rule.” These...more

FinCEN Issues Proposed Rulemaking Aimed at Strengthening and Modernizing AML Programs Across Multiple Industries

Ballard Spahr LLP on 7/16/2024

On July 3, the Financial Crimes Enforcement Network (FinCEN) published a notice of proposed rulemaking (NPRM) as part of a broader initiative to “strengthen, modernize, and improve” financial institutions’ anti-money...more

Weekly Blockchain Blog - May 2024 #2

BakerHostetler on 5/13/2024

Crypto and Web3 Firms Announce Fintech Integrations - A major U.S. fintech firm recently announced a product integration with MoonPay, a Web3 infrastructure company, “that allows MoonPay users in the U.S. to seamlessly buy...more

Ruling for SEC Clears Path for Continued Litigation in SEC v. Coinbase

Latham & Watkins LLP on 4/18/2024

The decision, which addresses a broad range of market activity by Coinbase relating to 13 third-party tokens, could have significant implications for market participants. On March 27, 2024, Judge Katherine Failla of the US...more

SEC Issues First AI-Related Civil Penalties and Warns Against “AI Washing”

Bilzin Sumberg on 3/22/2024

The Securities and Exchange Commission on Monday, March 18, 2024, entered into settlements with Delphia (USA) and Global Predictions, which agreed to pay civil penalties totaling $225,000 and $175,000, for “AI...more

Fintech Firms Launch New Products; Crypto Guidance Published by CFTC, EBA, UAE; OFAC Adds Public Keys to SDN List; CFTC, NY AG...

BakerHostetler on 6/5/2023

Crypto Firms Announce New Product Launches in Custody, Stablecoins, Wallets - According to a recent press release, Prometheum Capital has received the first-ever approval from the Financial Industry Regulation Authority...more

The SEC Expands Focus on Cybersecurity Risk to Include Registered Advisers, Broker‑Dealers, and other Market Participants

Morrison & Foerster LLP on 4/14/2023

Last month, the SEC took a big step toward strengthening the cybersecurity of financial systems by proposing regulations that, taken together, will require registered investments advisers, broker‑dealers, and all national...more

SEC Proposes Three New Cybersecurity Rules To Enhance Consumer Protection And Market Security

Pietragallo Gordon Alfano Bosick & Raspanti,... on 4/12/2023

On March 15, 2023, the United States Securities and Exchange Commission (SEC) took a major step towards strengthening cybersecurity in the financial sector by proposing three new rules. These rules aim to improve privacy,...more

SEC Issues Multiple Cybersecurity Rule Proposals

Baker Donelson on 3/29/2023

The Securities and Exchange Commission (SEC) continued its focus on cybersecurity regulations this month by announcing three new proposed rules and re-opening the comment period on an additional proposed rule from last year....more

SEC Focus on Cybersecurity Begins to Take Shape

Goodwin on 2/15/2022

The U.S. Securities and Exchange Commission is implementing a campaign to overhaul the agency’s expectations around cybersecurity and cyber incident reporting for the financial services industry and corporate America...more

SEC Publishes Sample Climate Change Comment Letter

Goodwin on 9/24/2021

In This Issue. The U.S. Securities and Exchange Commission (SEC) published a sample comment letter on climate change disclosures; the Financial Industry Regulatory Authority (FINRA) is conducting a review of brokerage firm...more

Financial Firms Launch New Crypto Products, NFTs Trending, Crypto Exchange Acquires Broker-Dealer, SEC, DOJ, IRS and CFTC Actions...

BakerHostetler on 4/5/2021

US Institutional Financial Firms, and Fintech Startups, Launch Crypto Products - A major U.S. financial services corporation announced this week that it would begin to settle transactions over the Ethereum Network in USD Coin...more

SEC Finalizes Reforms Under Investment Advisers Act

Goodwin on 1/7/2021

In this Issue. The Securities and Exchange Commission (SEC) finalized reforms under the Investment Advisers Act to modernize rules that govern investment adviser advertisements and payments to solicitors, and published a risk...more

Interactive Brokers LLC Submits to SEC, FINRA, and CFTC Penalties Totalling $38 Over Widespread AML Failures

Mintz - Securities & Capital Markets... on 8/24/2020

Interactive Brokers LLC (“Interactive Brokers”) recently settled with three separate regulatory entities for a total of $38 million, without admitting or denying the findings. According to the SEC, Interactive Brokers failed...more

SEC’s Examination Function Warns Its Registrants of Risks Associated with Dangerous Malware

Akin Gump Strauss Hauer & Feld LLP on 7/16/2020

- In the age of broad corporate teleworking brought on by COVID-19, OCIE of the SEC has observed during recent examinations that investment advisers, broker-dealers and investment companies are subject to an increased threat...more

Financial Services Weekly Roundup: The Supreme Court Strikes Back On Single Director Leadership Structures

Goodwin on 7/6/2020

In This Issue. The U.S. Supreme Court struck down the single director leadership structure of the Consumer Financial Protection Bureau (CFPB) in a ruling that could have far-reaching implications for the CFPB and other...more

Financial Services Weekly News: FDIC Releases Guide To Connect Fintechs With Banks

Goodwin on 2/27/2020

In This Issue. The Federal Deposit Insurance Corporation (FDIC) released a new guide to help financial technology companies and others partner with banks; the Financial Industry Regulatory Authority (FINRA) announced that it...more

When It Comes To Sanctions, What Does “Relevant Disciplinary History” Mean To FINRA, And Does It Vary Depending On The Size Of The...

UB Greensfelder LLP on 1/6/2020

The day after Christmas, FINRA issued a press release announcing that five big firms – Citigroup, J.P. Morgan Chase, LPL, Morgan Stanley and Merrill Lynch – had each entered into a settlement, collectively agreeing to pay a...more

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