SEC relief streamlines noncustodial settlement of digital asset trades, but broker-dealer custody is still off-limits.
On September 25, 2020, the US Securities and Exchange Commission (SEC) issued a no-action letter (the...more
The US OCC allows banks, with certain restrictions, to hold assets in reserve for stablecoin issuers.
On September 21, 2020, the US Office of the Comptroller of the Currency (OCC) issued Interpretive Letter #1172 (the...more
As COVID-19 continues to disrupt routine operations, OCIE reminds broker-dealers and investment advisers of their ongoing obligations.
On August 12, 2020, the US Securities and Exchange Commission (SEC) Office of...more
The SEC proposes a welcome and significant increase in the 13F reporting threshold from US$100 million to US$3.5 billion.
On July 10, 2020, the US Securities and Exchange Commission (SEC) released a proposed rule amendment...more
The milestone fund structure portends a reduced role for broker-dealers, who may be sidelined by innovators unwilling to wait for regulators.
On July 6, 2020, asset management firm Arca announced that the US Securities and...more
The guidance highlights certain issues identified by FINRA regarding member firm communications to retail investors in private placement offerings.
On July 1, 2020, the Financial Industry Regulatory Authority (FINRA)...more
While the findings are not new or surprising, they do serve as a reminder of the regulator’s focus on advisers’ fiduciary and supervisory duties.
On June 23, 2020, the Securities and Exchange Commission’s (SEC’s) Office of...more
In anticipation of LIBOR discontinuation, the SEC will begin examining transition progress.
Nearly a year after the US Securities and Exchange Commission’s (SEC’s) release of a Staff Statement on LIBOR Transition, the...more
In the wake of COVID-19, the SEC and FINRA are taking steps to support markets and market participants.
The US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority, Inc. (FINRA) continue...more
SEC’s motion for a preliminary injunction is granted, prohibiting delivery of Telegram tokens to purchasers.
On March 24, the Court in the Southern District of New York sided with the SEC and granted an injunction...more
SEC Commissioner Peirce has proposed a three-year safe harbor for qualifying token projects, but regulatory clarity remains elusive.
SEC Commissioner Hester Peirce has been a perennial advocate of innovation in the...more
The amendments expand certain exemptions and provide additional guidance under Rules 5130 and 5131 with respect to equity IPO allocations.
On December 19, 2019, the Financial Industry Regulatory Authority (FINRA) issued...more
1/22/2020
/ Amended Rules ,
Broker-Dealer ,
Charitable Organizations ,
Corporate Issuers ,
Exemptions ,
Financial Industry Regulatory Authority (FINRA) ,
Foreign Investment Entities (FIEs) ,
Guidance Update ,
Initial Public Offering (IPO) ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Sovereign-Controlled Companies ,
Special Purpose Entities
It was a year filled with tantalizing tidbits and many loose ends.
2019 marked the 10th year since blockchain technology was released into the wild by its still unknown inventor, Satoshi Nakamoto, who mined the first bitcoin...more
1/9/2020
/ Bitcoin ,
Blockchain ,
Chain of Custody ,
Cryptocurrency ,
Digital Assets ,
Distributed Ledger Technology (DLT) ,
Enforcement ,
Enforcement Actions ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Transactions ,
Initial Coin Offering (ICOs) ,
No-Action Letters ,
Popular ,
Regulatory Agenda ,
Regulatory Standards ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Tokens ,
Token Sales ,
Unregistered Securities
The US agency has used a no-action letter to enable a sandbox-like approach to blockchain-based trade settlements.
In what may be the first regulator-approved application of blockchain technology for the settlement of US...more
As the agency pursues and prevents offerings of tokens it deems unregistered securities, further issues emerge.
The recent wave of US Securities and Exchange Commission (SEC) enforcement actions relating to initial coin...more
The extension benefits market participants in the US seeking to comply with EU MiFID II research rules, but significant issues remain.
Key Points:
..The no-action relief has been extended for three additional years from...more
In line with its previous guidance, FINRA has granted broker-dealer (but not custodian) status to a digital asset platform.
In a follow-up to the July 2019 SEC and FINRA joint staff statement (Joint Statement) clarifying...more
SEC issues cease-and-desist orders for unregistered token presales and anti-touting violations.
Not content to let the dog days of summer slip by, the US Securities and Exchange Commission (SEC) recently issued two...more
8/27/2019
/ Accredited Investors ,
Blockchain ,
Cease and Desist Orders ,
Civil Monetary Penalty ,
Cryptocurrency ,
Initial Coin Offering (ICOs) ,
Market Participants ,
Private Placements ,
Regulation D ,
Regulation S ,
Safe Harbors ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Unregistered Securities
The global shift away from LIBOR presents a complex, time-sensitive, multifaceted set of challenges and tasks for the investment management industry.
In a statement published on July 12, 2019, the US Securities and...more
The SEC issues second no-action letter for a digital token, but will “utility” token offerings reach the next level?
Gamers, rejoice! In only its second no-action letter to date for digital tokens, the SEC cleared the way...more
7/30/2019
/ Anti-Money Laundering ,
BSA/AML ,
Digital Currency ,
Ether Tokens ,
Ethereum ,
Gaming ,
Howey ,
No-Action Letters ,
Popular ,
Regulation D ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Utility Tokens
The regulators attempt to clarify their position on the possible custody of digital assets by broker-dealers, but questions remain.
The SEC and FINRA recently released a joint staff statement (Joint Statement) addressing...more
The SEC’s Regulation Best Interest has important implications for institutionally focused broker-dealers and investment bankers.
On June 5, 2019, the US Securities and Exchange Commission (SEC) adopted Regulation Best...more
7/8/2019
/ Best Interest Standard ,
Broker-Dealer ,
Conflicts of Interest ,
Duty of Care ,
Fiduciary Duty ,
Financial Services Industry ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Regulation BI ,
Retail Investors ,
Securities and Exchange Commission (SEC)