On March 19, 2025, the SEC made two significant updates to the Marketing Rule's FAQ page. DWT discussed the SEC's recently adopted Marketing Rule (Rule 206(4)-1 under the Investment Advisers Act of 1940) in our 2024 post, and...more
The Commodity Futures Trading Commission (CFTC) released its final guidance regarding Designated Contract Markets' (DCMs) listing of voluntary carbon credit (VCC) derivative contracts for trading, marking a pivotal...more
11/18/2024
/ Carbon Taxes ,
CFTC ,
Compliance ,
Contract Terms ,
Department of Justice (DOJ) ,
Environmental Social & Governance (ESG) ,
Greenhouse Gas Emissions ,
Market Manipulation ,
Popular ,
Private Sector ,
Securities and Exchange Commission (SEC) ,
Settlement ,
Tax Credits
After two decades and three proposed rulemakings on whether investment advisers should have anti-money laundering (AML) and countering the financing of terrorism (CFT) program requirements and attempting to identify the...more
10/8/2024
/ AML/CFT ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Broker-Dealer ,
Corporate Counsel ,
Exempt Reporting Advisers (ERAs) ,
Final Rules ,
FinCEN ,
Investment Adviser ,
Risk Assessment ,
Securities and Exchange Commission (SEC) ,
Suspicious Activity Reports (SARs)
The U.S. Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), and the Exchanges were active across a host of regulatory issues impacting fintech companies and broker-dealers during...more
10/2/2024
/ Analytics ,
Anti-Money Laundering ,
Books & Records ,
Broker-Dealer ,
Civil Monetary Penalty ,
Compliance ,
Customer Identification Program (CIP) ,
Cyber Incident Reporting ,
Disciplinary Proceedings ,
Enforcement Actions ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
FinTech ,
Influencers ,
Investment Advisers Act of 1940 ,
MSRB ,
Recordkeeping Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934
The U.S. District Court for the Southern District of New York has dealt a significant blow to the cybersecurity enforcement efforts of the U.S. Securities and Exchange Commission (SEC or Commission). In its July 18, 2024,...more
7/25/2024
/ Audits ,
Chief Information Security Officer (CISO) ,
Cybersecurity ,
Internal Controls ,
NIST ,
Public Statements ,
Scienter ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Securities Violations ,
SolarWinds
On June 17, 2024, the CFTC's Division of Enforcement announced that it had reached a settlement with Trafigura Trading LLC ("Trafigura") over allegations that the firm manipulated oil derivatives prices while discouraging...more
7/2/2024
/ Anti-Bribery ,
Carve Out Provisions ,
CFTC ,
DOJ Strike Force ,
Employment Discrimination ,
Enforcement ,
Foreign Corrupt Practices Act (FCPA) ,
Harassment ,
Market Manipulation ,
Misappropriation ,
Non-Disclosure Agreement ,
Professional Regulators ,
Securities and Exchange Commission (SEC) ,
Special Investigators ,
Trading Platforms ,
Whistleblower Protection Policies
The use of artificial intelligence and machine learning technology solutions ("AI") is becoming increasingly common in all industries, including the registered investment adviser ("RIA") space. A recent survey by AI platform...more
5/6/2024
/ Artificial Intelligence ,
Automation Systems ,
Broker-Dealer ,
Compliance ,
Disclosure Requirements ,
Enforcement ,
Fraud ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Management ,
Machine Learning ,
Portfolio Managers ,
Securities and Exchange Commission (SEC)
As we move further away from the one-year anniversary of the compliance date for the SEC's new Marketing Rule 206(4)(1) under the Investment Advisers Act of 1940 (the "Marketing Rule"), Registered Investment Advisers ("RIAs")...more
Like many other industries, Registered Investment Advisers ("RIAs") have dealt with significant regulatory, technological, and systemic change in recent years. Compared to FINRA-regulated entities, RIAs often face these...more
1/19/2024
/ Compliance ,
Conflicts of Interest ,
Cryptoassets ,
Cryptocurrency ,
Cybersecurity ,
Disclosure Requirements ,
Enforcement Actions ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Marketing ,
Policies and Procedures ,
Private Funds ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934
On May 3, 2023, the Commission announced that it adopted amendments to two rules enhancing disclosure requirements for share repurchases and private fund reporting. First, the Commission adopted amendments to the rules on...more