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Regulatory Requirements Broker-Dealer

WilmerHale

PCAOB Delays Implementation of QC 1000 Until December 2026

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The Public Company Accounting Oversight Board (PCAOB) announced yesterday that the effective date for QC 1000, A Firm’s System of Quality Control, would be delayed until December 15, 2026, though audit firms may elect to...more

Bradley Arant Boult Cummings LLP

SEC Targets Broker-Dealers for Reg BI Violations

On August 11, 2025, the U.S. Securities and Exchange Commission (SEC) brought two settled administrative proceedings against a broker-dealer and one of its registered representatives for violations of Regulation Best Interest...more

Mayer Brown Free Writings + Perspectives

SEC Staff Issues Guidance on Rule 15c3-3a and Treasury Clearing

On August 6, 2025, the Staff of the Division of Trading and Markets of the Securities and Exchange Commission (SEC) released an updated set of Frequently Asked Questions (FAQs) addressing the application of Rule 15c3-3a to...more

Katten Muchin Rosenman LLP

SEC Approves In-Kind Creation and Redemption for Crypto Exchange-Traded Products

The US Securities and Exchange Commission (SEC) approved the use of in-kind creation and redemption mechanisms for cryptocurrency exchange-traded product (ETP) shares on July 29.1 This move aligns crypto-based ETPs with...more

Seward & Kissel LLP

SEC No-Action Relief Clears Operational Hurdles for Broker-Dealers Handling ETFs with Foreign Holdings

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Who may be interested: Exchange-Traded Funds, Broker-Dealers, Registered Investment Companies, Registered Investment Advisers, Compliance Staff, Boards of Directors - Quick Take: The Securities and Exchange Commission (the...more

The Volkov Law Group

Interactive Brokers Settles with OFAC for $11.8 Million for Violations of Multiple Sanctions Programs

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The U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced on July 15, 2025, that Interactive Brokers LLC (“IB”)—a globally active electronic brokerage firm headquartered in Greenwich,...more

Alston & Bird

SEC Withdraws Proposed Cyber-Related Rule Applicable to Broker-Dealers And Signals SolarWinds Settlement on the Horizon

Alston & Bird on

The Securities and Exchange Commission (SEC) recently announced the withdrawal of several Biden-era regulations, including a proposed rule that would have required a broad range of platforms and financial intermediaries (such...more

Katten Muchin Rosenman LLP

Financial Markets and Funds Quick Take | Issue 40

Katten's Financial Markets and Funds Quick Take is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds....more

Bradley Arant Boult Cummings LLP

SEC Enforcement in the Second Quarter of 2025

In May 2025, we summarized the U.S. Securities and Exchange Commission’s (SEC) Division of Enforcement activity during the first quarter of the new presidential administration. With the second quarter now concluded, and Paul...more

Eversheds Sutherland (US) LLP

Dual registrant regulatory roundup - July 2025

Welcome to the Regulatory Roundup. Each month, Eversheds Sutherland Investment Services attorneys review significant regulatory developments (including notable rulemakings and guidance from securities regulators) from the...more

Sheppard Mullin Richter & Hampton LLP

SEC Revisits ‘Finder’ Exemption: Potential Impacts for Small Businesses and the Capital Markets

The U.S. Securities and Exchange Commission (SEC) is once again considering a proposal that could exempt certain individuals—known as “finders”—from broker registration requirements when helping small businesses raise...more

Stinson LLP

SEC Withdraws Proposed Rules Affecting Investment Advisors, Funds and Broker-Dealers

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On June 12, 2025, the Securities and Exchange Commission (SEC) withdrew 14 outstanding proposed regulations issued during the Biden Administration. These withdrawals underscore a dramatic priority shift away from regulation...more

Morrison & Foerster LLP

U.S. SEC Extends Compliance Deadline for Recent Amendments to the Customer Protection Rule

On June 25, 2025, the U.S. Securities and Exchange Commission (SEC) voted to extend the compliance deadline for recent amendments to Exchange Act Rule 15c3-3 (the “Customer Protection Rule”) to June 30, 2026. The amendments,...more

King & Spalding

FINRA Proposes Amendments to The Gifts Rule

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On June 11, 2025, FINRA proposed amendments to Rule 3220 (Influencing or Rewarding Employees of Others) (the “Gifts Rule”) that would raise the annual gift limit per recipient to $250 from $100, as well as codifying...more

Paul Hastings LLP

SEC Withdraws 14 Pending Rule Proposals

Paul Hastings LLP on

On June 12, the Securities and Exchange Commission (SEC) formally withdrew 14 proposed rules for investment advisers, broker-dealers and public companies, many of which had been pending for several years. Should the SEC...more

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

McGuireWoods LLP

With Compliance Date for Reg S-P Amendments Looming, Is Your Firm Ready Yet?

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Welcome to “SERC’ling Up,” your resource for staying ahead in today’s fast-evolving financial landscape. This newsletter delivers perspectives on the latest enforcement trends, regulatory updates and high-stakes developments...more

Seward & Kissel LLP

What We Have Here Is a Success to Communicate: SEC Releases FAQs for BDs and Transfer Agents Relating to Crypto Asset Activities...

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On May 15, 2025, the staff of the Division of Trading and Markets (the “Staff”) of the Securities and Exchange Commission (“Commission”) released responses to frequently asked questions (“FAQs”) relating to crypto assets and...more

K&L Gates LLP

United States: SEC’s Division of Trading and Markets Issues Crypto Asset-Related FAQs (And Withdraws Previous Guidance)

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On 15 May 2025, the US Securities and Exchange Commission’s Division of Trading and Markets (Division) released Frequently Asked Questions (FAQs) clarifying how certain broker-dealer and transfer agency rules relate to crypto...more

Skadden, Arps, Slate, Meagher & Flom LLP

House Bill on Digital Asset Market Structure Would Significantly Change SEC’s Jurisdiction

On May 5, 2025, several House committees jointly released a discussion draft of a bill to establish a regulatory framework for digital assets. Notably, this proposed Act would clarify the jurisdictional boundaries between the...more

Morgan Lewis

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

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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

Latham & Watkins LLP

SEC Staff Withdraws Statement on Broker-Dealer Custody of Digital Asset Securities and Issues Crypto FAQs

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The Staff’s most recent actions continue to set the stage for notice-and-comment rulemaking long-awaited by the digital asset industry....more

Gordon Rees Scully Mansukhani

Recent SEC AML Enforcement Against Securities Firms Engaged in Cannabis Sector

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

Morrison & Foerster LLP

Charting a New Course for Digital Asset Securities

On May 15, 2025, the Division of Trading and Markets (the “Division”) of the U.S. Securities and Exchange Commission (SEC) and the Office of General Counsel of the Financial Industry Regulatory Authority, Inc. (FINRA)...more

Mayer Brown Free Writings + Perspectives

SEC Division of Trading and Markets Releases FAQs on Crypto Asset Activities and Distributed Ledger Technology; 2019 Joint Staff...

On May 15, 2025, the staff of the Securities and Exchange Commission (“SEC”) Division of Trading and Markets (the “Staff”) published responses to certain frequently asked questions (“FAQs”) relating to crypto asset activities...more

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