In a sign of continued enforcement activity involving cryptocurrency products and services, the SEC fined Zachary Coburn, the founder of EtherDelta, for operating an unregistered national securities exchange....more
12/3/2018
/ Blockchain ,
Broker-Dealer ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
Enforcement Actions ,
Fines ,
Initial Coin Offering (ICOs) ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Token Sales ,
Trading Platforms ,
Unregistered Securities
In a regulatory first, the Securities and Exchange Commission (SEC) has issued a cease and desist order and imposed a $200,000 fine against a hedge fund that invested in digital assets and its founder. ...more
10/1/2018
/ Bitcoin ,
Cease and Desist Orders ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
Enforcement Actions ,
Financial Instruments ,
Initial Coin Offering (ICOs) ,
Investment Company Act of 1940 ,
Investment Opportunities ,
Regulatory Oversight ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
Token Sales ,
Unregistered Securities ,
Virtual Currency
On July 11, 2018, the Securities and Exchange Commission (SEC) issued a risk alert outlining certain compliance issues identified by its Office of Compliance Inspections and Examinations (OCIE) related to the obligation to...more
8/1/2018
/ Best Execution ,
Fiduciary Duty ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
OCIE ,
Policies and Procedures ,
Regulatory Oversight ,
Regulatory Requirements ,
Risk Alert ,
Securities and Exchange Commission (SEC) ,
Securities Transactions ,
Strict Compliance
On April 18, the Securities and Exchange Commission (SEC) proposed a trio of rules and interpretations designed to enhance the quality and transparency of investors’ relationships with investment advisers (IAs) and...more
5/2/2018
/ Best Interest Standard ,
Broker-Dealer ,
Conflicts of Interest ,
Fiduciary Duty ,
Financial Services Industry ,
Investment Adviser ,
Investment Products ,
Public Comment ,
Regulatory Oversight ,
Regulatory Standards ,
Retail Investors ,
Securities and Exchange Commission (SEC)
On April 12, 2018, the Securities and Exchange Commission (SEC) issued a risk alert outlining certain compliance issues identified by the regulator’s Office of Compliance Inspections and Examinations (OCIE) related to...more
Both the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) recently released their respective 2018 examination priorities, providing a glimpse into their plans for the year to...more
3/2/2018
/ Anti-Money Laundering ,
Capital Raising ,
Cryptocurrency ,
Customer Due Diligence (CDD) ,
Digital Currency ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Markets ,
Initial Coin Offering (ICOs) ,
Investment Funds ,
OCIE ,
Popular ,
Regulatory Agenda ,
Regulatory Oversight ,
SEC Examination Priorities ,
Secondary Markets ,
Securities and Exchange Commission (SEC) ,
Token Sales ,
Virtual Currency
One week after filing a fraud suit against the organizer of the PlexCoin token sale, the SEC issued an enforcement order in connection with a token offering by Munchee and a public statement that shed some additional light on...more
2/8/2018
/ Blockchain ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
Enforcement Actions ,
Financial Markets ,
Initial Coin Offering (ICOs) ,
Popular ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Token Sales ,
Unregistered Securities ,
Virtual Currency
Global Regulators Increasingly Shifting Focus to Cryptocurrency -
After years of allowing cryptocurrency transactions to fly under the radar, financial market regulators are beginning to turn their attention to virtual...more
2/2/2018
/ Bitcoin ,
Cryptocurrency ,
Digital Currency ,
EU ,
Financial Markets ,
Initial Coin Offering (ICOs) ,
Investment Funds ,
New Legislation ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
Securitization ,
Tax Cuts and Jobs Act ,
Tax Reform ,
Token Sales ,
Virtual Currency
Until recently, cryptocurrencies had largely avoided the regulatory spotlight. While financial market regulators monitored the emerging sector, they largely maintained a hands-off approach as it remained on the periphery of...more
2/1/2018
/ Asia ,
Bitcoin ,
Cryptocurrency ,
Digital Currency ,
EU ,
Initial Coin Offering (ICOs) ,
Investment Funds ,
Regulatory Oversight ,
Russia ,
Securities and Exchange Commission (SEC) ,
Token Sales ,
Virtual Currency
After lingering on the periphery of financial markets for the past several years, cryptocurrency has finally started to move into the mainstream. While the explosion in Bitcoin’s value dominated the news headlines,...more
1/2/2018
/ Bitcoin ,
Blockchain ,
CBOE ,
Chicago Mercantile Exchange (CME) ,
Cryptocurrency ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
Initial Coin Offering (ICOs) ,
Popular ,
Securities and Exchange Commission (SEC) ,
Virtual Currency
The effect of Bitcoin on securities markets and enhanced measures related to retail investors were the focus at the October meeting of the Securities and Exchange Commission’s (SEC) Investor Advisory Committee (Committee)....more
12/5/2017
/ Blockchain ,
Disclosure Requirements ,
Distributed Ledger Technology (DLT) ,
Financial Markets ,
Fixing America’s Surface Transportation Act (FAST Act) ,
Investment ,
Investment Funds ,
Popular ,
Regulation S-K ,
Regulatory Oversight ,
Retail Investors ,
Securities and Exchange Commission (SEC)
On Sept. 14, 2017, the Securities and Exchange Commission (the “SEC”) issued a risk alert outlining certain compliance issues identified by the regulator’s Office of Compliance Inspections and Examinations (“OCIE”) related to...more
On July 25, the SEC released an investigative report warning that “virtual” organizations’ offers and sales of digital assets may be subject to the requirements of the Securities Act of 1933 and the Securities Exchange Act of...more
On August 7, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) released a Risk Alert summarizing the results of its second cybersecurity preparedness examination. The...more
On July 6, the Securities and Exchange Commission (SEC) reached a settlement with respondent Paramount Group Real Estate Advisor LLC (Respondent) regarding certain alleged violations of the Investment Advisers Act of 1940, as...more
The Securities and Exchange Commission’s (SEC) Division of Investment Management recently modified its “Frequently Asked Questions on Form ADV and IARD,” adding several new topics and updating one existing item....more
On May 3, the Securities and Exchange Commission (SEC) released proposed amendments to certain rules under the Investment Advisers Act of 1940 (the Advisers Act) to reflect the impact of the Fixing America’s Surface...more
SEC Offers Guidance on ‘Fast-Growing Trend’ of Robo-Advisers -
As technology and robo-advisers become increasingly common options for asset managers and investors alike, the SEC is taking a closer look at some of the...more
OCIE Highlights Frequent Topics for Compliance Deficiencies for Investment Advisers -
On Feb. 7, 2017, the Securities and Exchange Commission’s (SEC’s) Office of Compliance Inspections and Examinations (“OCIE”) published...more
3/2/2017
/ Books & Records ,
Chief Compliance Officers ,
Covered Agreement ,
Custody Rule ,
Cyber Attacks ,
Cybersecurity ,
Data Breach ,
Data Protection ,
Enforcement Actions ,
Ethics ,
EU ,
Filing Requirements ,
Financial Institutions ,
Financial Services Industry ,
Form ADV ,
Insurance Industry ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
NYDFS ,
OCIE ,
Registered Investment Companies (RICs) ,
Regulatory Oversight ,
Reinsurance ,
Risk Alert ,
Rule 204-2 ,
Securities and Exchange Commission (SEC) ,
Strict Compliance
Private Fund Advisers, Robo-Advisers, ETFs Among SEC, FINRA Exam Priorities for 2017 -
As the new year begins, U.S. regulators highlighted the areas – some new and some familiar – which will be the focus of their...more
2/2/2017
/ Bail-In Provisions ,
Bank Recovery and Resolution Directive (BRRD) ,
Banks ,
Benefit Plan Sponsors ,
Cybersecurity ,
Department of Financial Services ,
Employee Retirement Income Security Act (ERISA) ,
ETFs ,
EU ,
Financial Industry Regulatory Authority (FINRA) ,
Insurance Industry ,
Investment Adviser ,
NYDFS ,
Private Funds ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC)
As 2017 begins, financial markets and the regulators that oversee them are facing significant uncertainty. When President-elect Donald Trump assumes the Oval Office on Jan. 20, all indications suggest that it will mark a...more
1/5/2017
/ Accredited Investors ,
Administrative Appointments ,
Administrative Resignation ,
Banking Sector ,
Community Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
Dodd-Frank ,
Federal Reserve ,
Fiduciary Rule ,
Financial Institutions ,
Global Economy ,
Interest Rates ,
Lending ,
Presidential Elections ,
Private Equity Funds ,
Securities and Exchange Commission (SEC) ,
Trump Administration ,
Unemployment ,
Volcker Rule