News & Analysis as of August 18, 2025

Broker-Dealer

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A repository for the most well-read content on JD Supra at any given time, along with occasional roundups of popular content by specific topic. Also stop by for monthly recaps of hot articles for the previous... more +

Top 5 SEC Enforcement Developments for May 2025

Morrison & Foerster LLP on 6/25/2025

On May 14, 2025, Deputy Enforcement Director Antonia Apps told those gathered at an anti‑money laundering conference in Washington, D.C. to expect a more measured approach from SEC Enforcement. That may include, she...more

SEC Chairman Decrypts the Regulatory Future of Crypto Asset Markets

Vinson & Elkins LLP on 6/12/2025

On May 12, 2025, the Chairman of the Securities and Exchange Commission (the “SEC” or the “Commission”), Paul Atkins, announced his plan to “develop a rational regulatory framework for crypto asset markets” during his keynote...more

SEC Issues FAQs on Broker-Dealer Crypto Asset Activities, Transfer Agent Blockchain Use

Morgan Lewis on 5/28/2025

The Staff of the Division of Trading and Markets of the US Securities and Exchange Commission issued on May 15, 2025 responses to Frequently Asked Questions Relating to Crypto Asset Activities and Distributed Ledger...more

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

The SEC’s Crypto Task Force Charts a New Course

Latham & Watkins LLP on 2/11/2025

Commissioner Hester Peirce outlined 10 priorities for the Crypto Task Force, aiming for regulatory clarity while promoting innovation in digital asset markets....more

FINRA Sanctions Broker-Dealer for Failure to Supervise Recommendations of Structured Notes

Mayer Brown Free Writings + Perspectives on 10/9/2024

A broker-dealer failed to reasonably supervise its registered representatives when making recommendations of certain variable rate structured products (“VRSPs”), including fixed to floating rate steepeners and other variable...more

Five Issues for Wealthtech Companies to Consider Under the U.S. Securities Laws

Wilson Sonsini Goodrich & Rosati on 7/25/2024

Companies in the growing “wealthtech” space often face novel regulatory and legal issues under the federal securities laws. Wealthtech companies blend traditional asset management and brokerage services with new technologies:...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

SEC Lists Crypto and Information Security Among its 2024 Examination Priorities

White & Case LLP on 11/7/2023

On October 16, 2023, the US Securities and Exchange Commission ("SEC") Division of Examinations ("Examination Division") announced its 2024 Examination Priorities. Registrants should ensure that policies, procedures, and...more

SEC Stirs Its Pot of Cybersecurity Preparedness and Response Proposals

Carlton Fields on 6/14/2023

The SEC remains laser-focused on cybersecurity, with the agency recently reopening the comment period on a sweeping rule for investment advisers and investment companies. In addition, the SEC issued proposed enhancements to...more

SEC Returns Spotlight to Cybersecurity Disclosure Enforcement

King & Spalding on 7/15/2021

On June 15, the Securities and Exchange Commission announced a settlement with First American Financial Corporation for what the SEC found were inadequate disclosure controls and procedural violations, revealed in connection...more

SEC Adopts New Regulatory Framework For Registered Fund Derivative Investments

Goodwin on 11/25/2020

On October 28, the Securities and Exchange Commission (the “SEC”) adopted Rule 18f-4 (the “Rule”) under the Investment Company Act of 1940 (the “1940 Act”) and amended related rules designed to provide a modernized,...more

Investment Management Update - October 2019

Troutman Pepper Locke on 10/23/2019

SEC Adopts ETF Rule - On September 25, 2019, the Securities and Exchange Commission (SEC) unanimously adopted Rule 6c-11 under the 1940 Act to modernize the regulation of exchange-traded funds by establishing a clear and...more

On Cybersecurity, Grab the Low-Hanging Fruit

Carlton Fields on 7/19/2019

SEC Tells Firms to Stop Missing the Basics on Cybersecurity - The SEC’s Office of Compliance Inspections and Examinations (OCIE) reported in a recent Risk Alert that many investment advisers and broker-dealers are failing to...more

The Guide to Social Media and the Securities Laws

Broker-Dealer Compliance + Regulation on 8/15/2017

The growing use of social media has created challenges for federal securities regulators, who must enforce antifraud rules that were written at a time when the prevailing technology was the newspaper. This Guide...more

The SEC OCIE Announces Increased Scrutiny of Broker-Dealers’ and Investment Advisers’ Cybersecurity Programs

BakerHostetler on 9/29/2015

On September 15, 2015, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) issued a National Exam Program Risk Alert (2015 Risk Alert) to provide broker-dealers and investment...more

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